SETL, the institutional payment and settlement infrastructure based on blockchain technology, has named Sir David Walker as Chairman.
Sir David is a former executive director of the Bank of England and has served as the chairman of Barclays, Morgan Stanley International, the Securities and Investment Board and as deputy chairman of Lloyds TSB. He is also a senior member of the influential G30 group which considers and promotes advancements in international payments and settlements.
He said: “Blockchain is an important advance in settlement technology and SETL has a compelling proposition for its deployment. By simplifying the process of payments and settlement SETL should be able to deliver significant operational efficiencies which will benefit all market participants and, most importantly, reduce costs borne by savers and investors.”
SETL also appointed Professor Philip Bond as head of its Cryptography and Cyber Security committee. He is visiting Professor in the Departments of Engineering Mathematics and Computer Science at Bristol University, specialising in cryptography. He is also a Visiting Fellow in the Oxford Industrial and Applied Mathematics Centre (OCIAM) at the University of Oxford. He has degrees in Physics, Applied Non-Linear Analysis, Finance and Pure Mathematics. Professionally, and almost anti-climactically, he has worked as an arbitrage trader at a number of city institutions.
SETL says Professor Bond will draw together the leading expertise in cryptography and computer security to form an advisory committee which will assist in the design and implementation of the cryptographic methods to enhance the privacy, security and robustness of its technology.
Both appointments are to commence when SETL has completed its fundraising. This will be managed by Caroline Silver at the specialist investment bank Moelis & Company. Silver recently advised on the US$2.2 billion sale of London Metal Exchange and on $8.2 billion sale of NYSE Euronext.