22 November 2017
visit www.avoka.com

Peter Randall resurfaces with post-trade blockchain startup

27 July 2015  |  13785 views  |  0 Bitcoin

Peter Randall, the former CEO and founder of Chi-X, is once again looking to upset established market mechanisms with the launch of an institutional payment and settlement system based on blockchain technology.

Randall has partnered with Anthony Culligan, an experienced hedge fund investor and CEO and founder of peer-to-peer bitcoin trading venue Roolo, to launch the SETL system, with a view to streamlining post-trade infrastructures.

He says the SETL system will enable market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions. SETL maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting.

Says Randall: ‘With SETL, we aim to do to the post-trade environment, what we did to exchange trading with Chi-X. Clearing and settlement processes are fragmented, cumbersome, costly and in need of technological innovation and simplification. Our aim is to be platform, exchange, currency and asset agnostic. When you have agreed a transaction, SETL will be the way to simultaneously move the consideration and the asset as well as provide a ‘golden record’ of the transaction."

Other members of the SETL team include Nicholas Pennington - formerly of Robert Fleming Securities, JP Morgan, Powe Capital and F&C Partners - as CTO, and Francois Barthelemy - an alumni of Robert Fleming Securities, Morgan Stanley and F&C Partners - as head of corporate strategy.

Culligan says SETL has been designed from ground up to meet the needs of the finance industry and eliminate some of the concerns raised about the use of blockchain technology for financial markets, particularly around issues of anonymity and robustness.

He says: "Understanding how financial markets work has been key to the design process so far. Solutions in the world of finance need to address practical issues such as capital usage, bank liquidity and regulatory permissions. SETL is the product of the decades of financial markets expertise of its founders as well as genuine technical innovation."

The SETL infrastructure has demonstrated speeds of up to 5000 transactions per second in tests, says Culligan, and is expected to reach speeds of 100,000 transactions per second in an enterprise environment.

Culligan and Randall insist that the business case shows solid revenue flows and say that the company is in talks with a number of first tier institutions who are looking to commercialise blockchain technology.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

BNP Paribas explores the blockchain; SocGen advertises bitcoin-related job

BNP Paribas explores the blockchain; SocGen advertises bitcoin-related job

24 July 2015  |  12332 views  |  0 comments | 14 tweets | 16 linkedin
Wall Street eyes the blockchain

Wall Street eyes the blockchain

23 July 2015  |  11053 views  |  0 comments | 24 tweets | 12 linkedin
Standard Chartered innovation chief talks up the blockchain

Standard Chartered innovation chief talks up the blockchain

15 July 2015  |  14365 views  |  0 comments | 23 tweets | 10 linkedin
Swift offers grant for research into the blockchain in securities markets

Swift offers grant for research into the blockchain in securities markets

13 July 2015  |  12507 views  |  0 comments | 21 tweets | 6 linkedin
Blockchain could upend post-trade infrastructure - BNP Paribas analyst

Blockchain could upend post-trade infrastructure - BNP Paribas analyst

06 July 2015  |  11857 views  |  0 comments | 18 tweets | 15 linkedin
Citi builds blockchains

Citi builds blockchains

02 July 2015  |  11225 views  |  2 comments | 24 tweets | 12 linkedin
Nasdaq calls in Chain for blockchain project

Nasdaq calls in Chain for blockchain project

24 June 2015  |  5574 views  |  0 comments | 10 tweets | 6 linkedin
Barclays bets on blockchain and startups to re-invent finance

Barclays bets on blockchain and startups to re-invent finance

22 June 2015  |  21104 views  |  0 comments | 40 tweets | 16 linkedin
Niederauer backs 'smart securities' startup Symbiont

Niederauer backs 'smart securities' startup Symbiont

09 June 2015  |  6190 views  |  0 comments | 4 tweets | 12 linkedin
LHV Bank uses blockchain tech to issue receivables claims

LHV Bank uses blockchain tech to issue receivables claims

09 June 2015  |  17829 views  |  0 comments | 27 tweets | 16 linkedin
Blockchain-based financial contract platform Mirror secures $8.8m

Blockchain-based financial contract platform Mirror secures $8.8m

03 June 2015  |  6275 views  |  0 comments | 11 tweets | 3 linkedin
Overstock looks to issue Bitcoin-style stocks

Overstock looks to issue Bitcoin-style stocks

29 April 2015  |  6247 views  |  0 comments | 3 tweets | 3 linkedin
BNY Mellon experiments with bitcoin

BNY Mellon experiments with bitcoin

10 April 2015  |  11398 views  |  0 comments | 14 tweets | 9 linkedin
UBS to investigate blockchain technology in new London innovation lab

UBS to investigate blockchain technology in new London innovation lab

02 April 2015  |  24858 views  |  0 comments | 36 tweets | 20 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.solutions.lexisnexis.comvisit https://www.niceactimize.com

Top topics

Most viewed Most shared
Ripple boss predicts central bank adoption of blockchainRipple boss predicts central bank adoption...
20281 views comments | 32 tweets | 35 linkedin
AmEx partners Ripple and Santander for blockchain-enabled cross-border paymentsAmEx partners Ripple and Santander for blo...
12167 views comments | 15 tweets | 42 linkedin
UK cryptocurrency exchange startup launches debit card for spending bitcoinUK cryptocurrency exchange startup launche...
9822 views comments | 26 tweets | 38 linkedin
Barclays warns of unprecedented online fraud this ChristmasBarclays warns of unprecedented online fra...
9729 views comments | 16 tweets | 33 linkedin
Sepa instant payments goes liveSepa instant payments goes live
8068 views comments | 41 tweets | 71 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job