IBS Journal September 2015
City of London team set sights on getting SETL and blockchain into the mainstream
A new initiative in the City of London plans to bring SETL and blockchain technology into mainstream use for the payment and settlements infrastructure. Peter Randall, the former CEO and
founder of Chi-X, the pan-European equi- ties trading venue, and Anthony Culligan, a hedge fund investor and CEO and found- er of Roolo, a peer-to-peer bitcoin trading site, have launched the enterprise under a SETL management team. The team plan to use SETL, which is a
high-level programming language based on sets, and blockchain technology for a multi-asset, multi-currency institutional payment and settlements infrastructure. The SETL system will allow market par-
ticipants to move cash and assets directly between each other, which the team claim will ease the immediate and final settle- ment of market transactions. The initiative is run by a SETL manage-
ment team comprising Culligan as CEO, Randall as COO, Nicholas Pennington as CTO, and Francois Barthelemy, as head of corporate strategy. Pennington and Bar- thelemy are also founding members and investors of Roolo respectively. The SETL team believe the current
‘hierarchical’ environment requires inves- tors to employ specialist agents at every stage of the clearing and settlement pro- cess, which they say increases the cost and complexity. By removing the need for multiple
ledgers, single points of failure and pro- cessing bottlenecks, the team say SETL will improve the processing speed and remove multiple cost layers. The team claim bitcoin blockchain is
limited to only seven transactions per sec- ond globally, but the SETL infrastructure has demonstrated speeds of up to 5000 trans- actions per second in tests. They expect it to reach speeds of 100,000 transactions per second in an enterprise environment. The team say this SETL blockchain
solution works with existing regulatory ini- tiatives and will match new requirements
© IBS Intelligence 2015
such as LEI (Legal Entity Identifier) fields. The SETL system has been designed
from the ‘ground up to meet the needs of the finance industry’. The team say it will remove some concerns about the use of blockchain technology for finan- cial markets – such as anonymity, and the ‘limited capacity and speed’ of cur- rent blockchains, which are unable to handle the required volume of financial transactions.
Antony Peyton
www.ibsintelligence.com 23 Peter Randall
UK Financial Services Technology Market Report
Anthony Culligan
This new IBS Intelligence market report explores the key banking players and investigates the major technology drivers and initiatives in the UK financial services industry.
It offers a comprehensive evaluation of the various technologies on the UK mar- ket and their suppliers, including:
• Service bureaux • Domestic system suppliers • International core banking system suppliers
Also featuring in-depth case studies of sig- nificant UK banking IT projects, such as:
• Bath Building Society • Cambridge & Counties Bank • Co-operative Bank • Coutts & Co • Nationwide Building Society
@ibsintelligence Join our group, International Banking Systems
www.ibsintelligence.com | Tel: +44 (0)2075 202 630 Email:
publications@ibsintelligence.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56
