Basel III Pioneer Joins Baton Systems
Posted by Colin Lambert. Last updated: September 7, 2021
Former secretary general of the Basel Committee on Banking Supervision, William (Bill) Coen, has joined the Baton Systems as a senior advisor. He is the second senior hire by Baton from the regulatory world after the firm named former CFTC chair Christopher Giancarlo was also named a senior advisor in April.
Coen’s appointment comes as Baton scales to support what it says is growing demand for secure technology-led solutions to mitigate operational and settlement risk, reduce capital usage and address intraday funding requirements. He has a 35-year career in financial regulation, which included serving with the board of governors of the Federal Reserve System and a 20-year tenure at the Bank for International Settlements (BIS) in Basel, Switzerland. While serving as secretary general and chairman of the Basel Committee’s policy development group, Coen spearheaded the Basel III post-crisis reforms.
Baton says its secure network is now being used by a number of large financial institutions (including G-SIBs) to facilitate the movement of billions of dollars of cash and securities on a daily basis. It adds that Coen’s experience will support the company’s accelerated growth plans and the delivery of robust, zero-friction processes across additional payment and settlement workflows.
“Baton’s innovative application of DLT is proving transformational,” says Coen. “As a former regulator, it is pleasing to see this secure technology enable banks to reduce settlement risk, while increasing transparency and auditability. I’ve spent the vast proportion of my career developing prudential standards, it’s great to now be involved with a company that is enabling all firms to safely settle their FX trades.”
Arjun Jayaram, CEO and founder of Baton Systems adds, “[Bill’s] familiarity with the regulatory requirements impacting risk management, capital adequacy and funding regulations is second to none. Being at the helm of a rapidly maturing business that is serving clients challenged by these very requirements, in an environment with increasing FX trading volumes and unrelenting cost constraints, Bill’s counsel has already proved invaluable as we embark on the next stage of our journey.”