Setl Receives Central Securities Depository License from Securities Regulator in France
Setl Receives License from Securities Regulator in France For Central Securities Depository
Setl is based out of the UK where they host their services as a settlement infrastructure provider. As of October 24th, their application for a license to operate a central securities depository system with blockchain technology has been granted by the Autorité des Marchés Financiers. The Autorité des Marchés Financiers is the securities regulator of France.
With this license, the company will now have access to a pan-European system called TARGET2-Securities (T2S). This system was setup with the intention of bringing the European securities settlement infrastructure back together. The company has to apply for the approval to join T2S, though the FT believes that this will be approved within a few weeks. As far as the securities depository, the launch for Setl should be sometime in the early months of 2019.
The settlement solution proposed by Setl was actually introduced about a year ago in October. The product is described as,
“Multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology.” Their system employs the use of a permissioned distributed ledger, recording ownership and transaction records. It should help anyone in the market to exchange both cash and other assets, while “facilitating the immediate and final settlement of market transactions.”
SETL was founded back in 2015 with support from big financial institutions like Citi, who purchased their stake in SETL in February this year. To date, based on details acquired by CrunchBase, they’ve accrued $39 million in funding.
This week, along with the news of the new license, Setl established a new CEO. The former CEO, Peter Randall, was promoted to the president of the firm.