Baton Systems’ Technology Powers the World’s First Interbank Riskless Settlement Outside Of CLS
The world’s first interbank Payment vs Payment (PvP) settlement outside of CLS has been completed using Baton Systems’ Core-FX solution, built on Baton’s proprietary distributed ledger technology (DLT) and governed by the Baton Rulebook.
Standing at the threshold of a new era in FX settlements, two of the world’s largest financial institutions are now using the platform to collaboratively settle FX trades bilaterally on demand using real currencies in real accounts, in less than three minutes, on a PvP basis with legal settlement finality. The solution enables the firms to net in an efficient manner, choose what time to settle and in which currencies, all on a PvP basis - reducing settlement risks and FX processing costs.
This historic move marks the inception of a profound change in FX settlements. All market participants now have the opportunity to radically reduce their settlement exposure and associated risks outside of the CLS framework. All currencies, including emerging market currencies, which are ineligible for PvP settlement in CLS, can now be securely settled using distributed ledger technology that provides extensive flexibility and complete transparency.
Aligned with an enhanced regulatory focus on expanding and extending riskless settlement more broadly across the market, Baton’s innovative PvP solution empowers market participants to take direct control of their settlement cycles, settle multiple times a day, and streamline workflows, resulting in significant improvements to their liquidity, funding, risk and credit management.
The availability of this transformative technology provides a long overdue alternative to a market previously hamstrung by restrictive batch-based processes and limited PvP access at both a participant and currency level.
Arjun Jayaram, CEO and Founder of Baton Systems, commented: “This development is hugely significant for the entire FX market, as it offers firms the opportunity to really address settlement risk - arguably the most critical control issue impacting post-trade today. Today’s announcement demonstrates the tremendous potential this technology presents to FX market participants globally to improve their risk management, intraday liquidity controls and funding profiles. Using proven technology that is readily available today, banks can now take control and completely revolutionise their entire post-trade process from trade-capture through to settlement.”
As part of the implementation both banks have agreed to the Baton Rulebook, a framework designed to provide legal certainty around settlement finality. Baton is engaging with other leading FX trading businesses, as well as regulators globally, to expand market access to fast and riskless PvP settlement protection to a wider universe of participants.
About Baton Systems
Baton Systems is revolutionising the entire front-to-back post-trade process, introducing interoperable and connected digital market infrastructures from trade matching through to settlement. Empowering financial institutions to take control with automated, rules-based workflows, access to real-time information, and on-demand settlement, Baton is redefining what post-trade processing should look like: fully connected, friction-free, flexible and transparent.
Founded in 2016 by Silicon Valley technologists and capital market specialists, Baton’s solutions are now being used by several of the world’s largest financial institutions to facilitate the movement of billions of dollars of cash and securities on a daily basis.
Find out more at www.batonsystems.com
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Baton Systems Media Contacts:
+44 77 323 12855
Director of Marketing, Baton Systems
+44 (0)751 554 3555
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
CSL Behring AG publishes Offer Prospectus on public tender offer for all publicly held shares of Vifor Pharma Ltd.18.1.2022 09:05:00 EET | Press release
Regulatory News: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220117005418/en/ AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR CSL Behring AG, Berne, Switzerland, a wholly-owned subsidiary of global biotechnology leader CSL Limited (ASX: CSL; USOTC: CSLLY), today published the offer prospectus regarding its public tender offer for all publicly held registered shares of Vifor Pharma Ltd. (SIX:VIFN; ISIN:CH0364749348), a global specialty pharmaceutical company with leadership in Iron Deficiency, Nephrology & Cardio-Renal Therapies, as indicated in the pre-announcement of the public tender offer published by CSL Limited on 14 December 2021. The transaction, has been unanimously approved by both companies’ Boards of Directors. The offer price for each registered share of Vifor Pharma Ltd. is USD 179.25 in cash. The public tender offer is subject to the offer conditions set forth in the offer prospectus, which includes the report of
Fujirebio Europe Launches the RoboBlot™ Instrument, a Fully Automated Solution for INNO-LIA® Score Assays18.1.2022 09:00:00 EET | Press release
Fujirebio Europe announced today the commercial launch of the RoboBlot instrument, a closed system for the automated processing of the widely used INNO-LIA Score assays. The instrument is manufactured by Bee Robotics Ltd. and distributed by Fujirebio Europe. The system’s pre-programmed test protocols provide start-to-finish automation of strip-based INNO-LIA Score assays, from sample addition, over strip processing, image capture, to result interpretation and where applicable laboratory information system (LIS) communication. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220117005350/en/ RoboBlot™ - an instrument for fully automated processing of INNO-LIA® tests from sample pipetting to strip reading and LiRAS® interpretation (Photo: Fujirebio) “High throughput testing and more automation are an increasingly pressing need for laboratories. The typical drawbacks of manual testing, such as long hands-on time, inconsistent ass
Fast Growing RegTech SteelEye Reports 88% Growth In 202118.1.2022 08:01:00 EET | Press release
SteelEye, the compliance technology and data analytics firm, has announced a record year of growth. Revenues increased 88 percent year-on-year in 2021 and the company now has over 120 institutional clients worldwide, with new clients including Oppenheimer Europe Ltd and JonesTrading. SteelEye – which is headquartered in the UK and has offices in London, New York, Paris, Bengaluru, and Braga – has seen increasing demand for its services as financial firms’ regulatory compliance needs have grown across the globe. In response, the business expanded to the United States last year, backed by $17 million funding rounds in 2020, and appointed RegTech veteran Brian Lynch to lead its US operations. Pressure from regulators and the increasing need to improve operational efficiency across the industry have encouraged more firms to replace legacy technologies through platforms like SteelEye. This demand is growing exponentially as remote and hybrid work patterns become the norm – requiring firms t
Faster Air Quality Mapping Thanks to Ricardo’s RapidAir Software18.1.2022 03:01:00 EET | Press release
RapidAir®, developed by the global air quality, energy and environment specialists, is the next generation dispersion modelling and policy support platform that enables users to test the impact of scenarios in minutes, supporting the identification of measures that will reduce traffic emissions and consequently improve public health. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220117005253/en/ RapidAir air quality software (Photo: Business Wire) The ground-breaking air quality dispersion modelling software has already been successfully used across Asia, Europe and the UK, supporting Clean Air Zone evaluations, traffic management measures and wider air quality management activities. In response to requests from clients, including transport and health professionals, Ricardo has developed a cloud-based RapidAir software, complimenting its consultancy offering and making the capabilities of RapidAir more accessible to profess
Megaport Announces Partnership with TD SYNNEX as Leading Network as a Service (NaaS) Vendor Partner18.1.2022 00:00:00 EET | Press release
Megaport Limited (ASX: MP1) ("Megaport"), a global leading Network as a Service (NaaS) provider, today announces a partnership with TD SYNNEX, a global IT distributor and solutions aggregator, to make Megaport’s global, private Software Defined Network (SDN) platform available to TD SYNNEX customers. “Bringing Megaport’s leading Network as a Service platform into the TD SYNNEX portfolio makes it easier for customers to modernize their network connectivity and connect quickly to leading cloud service providers,” said Rodney Foreman, Chief Revenue Officer at Megaport. “TD SYNNEX’s global scale and reach, combined with their expertise in IT solutions, makes them an ideal partner to expand our channel relationships.” "TD SYNNEX is committed to delivering IT solutions to our customers that unlock their growth," said Cheryl Neal, vice president of New Vendor Acquisition, TD SYNNEX. "Adding Megaport’s Network as a Service offerings to our vast portfolio of IT solutions enables our customers t
Tech Mahindra Bets Big on Digitally Transforming Insurance Industry; Acquires Com Tec Co IT Ltd and Invests in Two Leading InsurTech Platforms17.1.2022 17:52:00 EET | Press release
Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services & solutions, today announced 100% acquisition of Com Tec Co IT Ltd (CTC) for €310 million including earnouts and synergy linked payouts. CTC is an IT solutions and service provider serving the insurance and financial services industries with development centres in Latvia and Belarus. The acquisition will enable Tech Mahindra to tap onto the potential industry disruption in the Insurance sector, expand its offerings to high-end digital engineering services for some of the largest insurance, reinsurance and financial services organizations globally and scale its nearshore delivery presence. Tech Mahindra is also investing a cumulative amount of €20 million, in SWFT and Surance, for a 25% ownership in each of these two InsurTech ventures funded by the same founding group as CTC. SWFT is a SaaS-based digital customer engagement platform. It offers multiple functionalities for insur
Toshiba Appoints Andrew McDaniel to Lead Its European Retail Business17.1.2022 16:00:00 EET | Press release
Toshiba Global Commerce Solutions today announced the appointment of technology and business innovator Andrew McDaniel as managing director and senior vice president of Europe effective January 15, 2022. Based in Ireland, McDaniel will assume leadership of all European operations, reporting to Rance Poehler, global president and CEO, Toshiba Global Commerce Solutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220117005027/en/ Andrew McDaniel, Managing Director and Senior Vice President of Europe, Toshiba Global Commerce Solutions (Photo: Business Wire) “Europe is a dynamic market at the forefront of retail innovation, and home to many of our customers and partners,” said Poehler. “With our commitment to retail growth globally, Andrew, with his proven track-record and deep experience in technology solution development and business innovation, is exactly the right person to lead our drive to accelerate digital transformat
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom