The world's largest financial institutions are building the bank of 2030 today - they're trusting Baton to help get them there.

History and Roadmap


  • Baton Systems wins “Best Settlement Initiative” for the second year running at the FX-Market e-FX Awards 2022
  • Baton Systems recognised by Harrington Starr as one of The Most Influential Fintech Firms 2022
  • Baton Systems’ wins award for its distributed ledger technology at the Sell-Side Technology Awards 2022
  • LCH SA joins the Baton network, as the CCP connects to the Baton Core-Collateral™ ecosystem.
  • Baton Systems appoints Ronn Baker as Senior Director of North American Sales
  • Baton Systems appoints David Ornstein as the company’s first COO


  • Baton Systems’ technology powers the world’s first interbank riskless settlement outside of CLS
  • Value of settlements facilitated by Baton Systems exceed USD$3.5 Trillion
  • ICE Clear Europe becomes 5th major global CCP on the Baton network – joining LCH, CME, Eurex and SGX
  • Baton Systems signs the July 2021 updated FX Global Code
  • Baton Systems wins award for “Best Settlement Initiative” at FX Markets e-FX Awards 2021
  • Baton Systems appoints Jerome Kemp as President and William (Bill) Coen and J. Christopher Giancarlo as Senior Advisors


  • Opening of Baton System’s London office
  • Baton Systems wins FinTech Start-up of the Year in the Risk Awards 2020


  • First client goes live with Core-Collateral™ solution
  • Baton Systems raises USD$18 million in Series A investment round
  • Baton achieves SOC 2 Type 2 certification
  • Baton Systems voted Best Post-Trade Services Provider of the Year at FX Week e-FX Awards
  • Baton Systems wins Best Distributed-Ledger (DLT) Project at Sell-Side Technology Awards
  • Best Payment and Settlement Provider of the Year at the Central Banking Fintech and Regtech Global Awards
  • Native integration to core market infrastructure providers begins, including CME and EUREX.


  • Baton Systems participates in Bank of England POC to understand how “a renewed RTGS service could support settlement using innovative payment technology, such as DLT”. Find out more click here


  • Opening of Baton’s Chennai, India office
  • First customer deployment of Core-FX™, using shared ledgers and workflows for FX settlement


  • Baton Systems Founded



We are proud to be recognised as a leading industry innovator.

The Baton Executive Team

By hovering over the images, you can find out more about the members of our team, including career history, social links and direct email contact.

CEO & Founder

Arjun Jayaram

Arjun Jayaram is Founder and CEO of Baton Systems. Arjun has deep domain expertise in global payments and settlements of cash and securities for retail and wholesale markets. He  is a member of several working committees on payments and standards, including the Federal Reserve’s Faster Payments Task Force, the Federal Reserve’s Secure Payments Task Force and the ISDA Common Domain Model (CDM) Design Working Group.

Arjun founded Baton Systems with the vision to transform the speed of settlements and bring real time visibility and control to post trade processes in capital markets. Baton has created the network and platform now used by some of the largest global banks – to date the CORE Baton platform has facilitated the settlement of over three trillion USD across both the cleared and OTC markets. Over the years, Arjun has also developed a deep knowledge of settlement finality across multiple jurisdictions.

Prior to Founding Baton Systems, Arjun spent over a decade holding senior leadership positions at several companies in the early stages of their corporate development including Dwolla, a retail payments company, where he served as Vice-President of Technology and he also managed anti-spam at Twitter. Previously, Arjun co-founded Compass Labs, a social media machine learning based ad tech company, which he later sold to Yahoo. 

Arjun holds an MBA in Marketing and Strategic Management from California State University and a BTech from Calicut University. He currently resides in Fremont, California. 

Recent content from Arjun:
Why the post-trade wholesale market infrastructure is broken
Baton Systems’ DLT processes $15bn post trade daily for traditional finance
Baton’s architecture: Why Baton CORE is architected on distributed ledger technology (DLT)
Distributed ledger technology (DLT), Blockchain technologies and market infrastructure

Jerome Kemp

Jerome Kemp was appointed President of Baton Systems in September 2021. Prior to his current tenure, Jerome was an Independent Consultant and Senior Advisor to the company.

Jerome brings over 35 years’ experience in capital markets. Previously, Jerome held the position of Global Head of Futures, Clearing and Collateral at Citi, with his responsibilities expanding in 2018 to cover the bank’s FX Prime Brokerage business. During this time, Jerome built the cleared derivatives business to a position of global leadership. He also spent 18 years at J.P. Morgan, where he rose to Global Co-Head of the Futures and Options and OTC Clearing business.

Jerome was also Chair of the Futures Industry Association Board from 2018 until 2020. He holds a BA from Brandeis University and a Master’s degree from Columbia University’s School of International and Public Affairs.

Recent content from Jerome:
Baton’s Jerome Kemp discusses post-trade opportunities
Rebuilding the broken futures commission merchant paradigm
The Broken FCM Model: Could Distributed Ledger Technology be its Saviour?
The City View with Baton Systems’ Jerome Kemp 
Chief Operating Officer

David Ornstein

David Ornstein is Chief Operating Officer at Baton Systems. He was previously Chief Operating Officer of Global Markets at Barclays Investment Bank, where he guided the business through a period of rapid growth and strategic change. Before Barclays he held roles with Deutsche Bank, where he was COO of U.S. Credit Markets, as well as at Bankers Trust. Most recently, he has been working in an advisory capacity for several growth companies, providing counsel to CEOs and founders actively scaling their businesses.

At Baton, David is focused on enabling the firm to effectively scale as the number of clients expands with market interest in deploying DLT solutions that deliver tangible benefit in post-trade.

David holds a BS from the US Naval Academy at Annapolis, Maryland, and an MBA from the Wharton School at the University of Pennsylvania.

Recent content from David:
7 factors to consider when moving a FinTech from start up to scale up
“The technology in the back office was 30 years old” 
Baton Systems Redefining FX post-trade processing


Global Head of Sales and EMEA

Alex Knight

Alex has more than 25 years of experience in Foreign Exchange, Clearing, Investment Banking, Electronic Trading, Fixed Income and Derivatives. 

An experienced builder of global businesses, Alex joined Baton in 2019 following 18 years at Citi in London, Sydney and Singapore. Having been instrumental in establishing the bank’s FX electronic trading franchise in the early 2000s, Alex became a founding senior member of Citi’s FX Margin Trading Business, for which he became the Global Head in 2012. During his tenure at Citi, Alex also set-up and built Citi’s APAC FX Prime Brokerage business to become a regional market leader and served as a Board Director of CitiGroup Global Markets Singapore until 2015. 

Returning to London, he continued to play a key role in the development of Citi’s global FX Prime Brokerage arm – which had by this time become the largest such business in the world –  most recently holding the position of Global Head of Sales and Client Coverage. 

Prior to joining Citi, Alex began his career selling investment management systems to real money and hedge fund clients.  

Alex holds a BSc from Imperial College, London and an MBA from Nottingham University.

Recent content from Alex:
Best settlement initiative: Baton Systems
The Future of FX Settlement
The opportunity to settle now – Intraday FX swaps
The Full FX Conversation: With Alex Knight, Baton Systems
Head of Business Development and Client Success

Tucker Dona

Tucker is responsible for driving client success and business development for Baton Systems globally.

Tucker brings a wealth of experience in derivatives and relationship management to his role at Baton. Prior to joining the company in 2020, he spent 18 years at J.P.Morgan where the early part of his career was in Liquidity and Credit Default Swaps. Having run part of the bank’s Interest Rate operations during the Global Financial Crisis, Tucker moved to the Clearing side of the business where he spent over a decade overseeing client relationship functions and acting as the main contact in the Americas for a number of CCPs. In this position, Tucker developed a deep understanding of the business working extensively with teams that spanned the entire Clearing operation, including the sales, operations, treasury and risk functions. During this time, Tucker was instrumental in scaling the firm’s Clearing business to support its growth in the light of new regulations, which included the mandatory clearing of a significant number of OTC derivative products. 

Tucker holds a BSBA in Finance from the University of Delaware and is an avid participant in endurance sports having completed multiple Ironmans, several marathons and longer trail running races.

Recent content from Tucker:
The Benefits of Effective Collateral Management in Cleared Derivatives
Vice President of Engineering

Mohammad Abidi

Mohammad Abidi is responsible for leading the design, architecture, and development of the Baton Systems platform. 

Mohammad has over 20 years of experience as a technologist with a proven track record of innovation and success. He joined Baton in 2016 from Yahoo, where he was Senior Technical Program Manager, working on the Mobile Search Innovation team on scaling the search infrastructure and user engagement experimentation based on user profiles. He worked on predictive analytics based on user signals such as geo-locations on extremely large data sets to support content personalization, ad targeting and insights. Prior to this, he was Director of Engineering at CompassLabs where he managed the design, architecture and development of a data pipeline analyzing public data from Twitter and Facebook at scale  for conversion tracking, analytics and data science. In this role he was recognised with an MVP Award for outstanding customer satisfaction and overall team leadership.

Before joining CompassLabs in 2010, Mohammad led the e-commerce efforts at AIAG, an automotive standards organisation. During his tenure at AIAG, he was an active participant in standards organisations such as WS-I, OASIS, UN/CEFACT and OAGI, helping to define electronic exchange messages for the automotive industry.

He has also held engineering positions at enterprise software companies such as Oracle, Sybase and Peoplesoft. 

Mohammad holds a BS in Electrical Engineering from the University of Texas at Austin and lives in San Ramon, California.

Recent content from Mohammad:
Upgrading legacy post-trade infrastructure: 3 key technology considerations when integrating SaaS
Capital Markets businesses need fast, scalable and extensible post-trade solutions – Why Data Models and Domain Models prove such important components
Senior Director of Product Management

Saurabh Srivastava

Saurabh is Senior Director of Product Management at Baton Systems, responsible for building Baton’s Core suite of products.

Saurabh joined Baton in 2018 from Dell Technologies where he was a Senior Advisor for Cloud Services. His diverse expertise spans more than 20 years, building products which are used by some of the world’s largest organizations.

Saurabh has also held various roles at Deloitte Consulting, PwC Consulting, and IBM Global Business Services, where he delivered innovative strategy and technology solutions for his customers. 

Saurabh holds a Bachelor of Technology degree in Mechanical Engineering from the Indian Institute of Technology, Kanpur and an MBA from IE Business School, Madrid. He currently lives in Fremont, California.

Director of Marketing

Daniella Huggins

Daniella Huggins joined Baton Systems in Spring 2021, bringing a wealth of expertise in marketing and communications for fintech and financial services organisations. She has held senior positions at Velocimetrics and FIX Trading Community, establishing the marketing and PR functions, developing marketing and communications campaigns and earning a reputation as a builder of B2B brands in the fintech sector. Prior to her tenure at these firms, Daniella worked at J.P. Morgan Chase. Daniella is an accomplished communicator, accustomed to articulating the value of technical solutions to technical and non-technical audiences alike.

Daniella has also gained experience on the agency side, and is passionate about enabling organisations to establish and increase their presence, so they can consistently build industry profile and awareness of why what they do matters. Her other specialisms include media relations, thought-leadership content creation, event management and social media marketing.

Daniella holds a BSc in Management and Administrative Studies from Aston University. 

Head of Operations

Sonia Bathija

Sonia Bathija is Head of Operations, India at Baton Systems, responsible for initiating and leading the company’s operations in India.

With almost 25 years of global client experience in product development, Sonia brings to her role a unique combination of leadership skills, risk assessment capabilities and incisive decision making. Prior to joining Baton as Director of Program Management in 2017 she worked at iSOFT, IBA Health and CSC for a combined 13 years. There she led large teams overseeing the strategic release of healthcare products with strict adherence to international guidelines across the UK, Ireland, Scotland, Wales, Australia and New Zealand.

Sonia began her career at NIIT Technologies in their Technology Innovation Centre, where she helped develop RAD tools that optimised time to deliver turnkey projects and increased profitability across India, Singapore, the USA and Japan.

The recipient of Awards of Excellence from both NIIT and CSC for her contribution to business, in 2021 Sonia was also honoured with the prestigious Indian Achievers’ Award.

Sonia holds a Bachelor’s degree in Computer Science from the Ethiraj College for Women.

Head of Engineering

Ananth Ramakrishnan

Ananth Ramakrishnan is Baton Systems’ Head of Engineering, with responsibility for the design and delivery of Baton’s platform and associated services. 

Ananth joined Baton in 2016, bringing almost 20 years’ experience in designing and developing software products, ranging from back-end services, APIs and web front-ends to desktop applications. His experience has spanned a variety of industry sectors, including Finance, Manufacturing and Sports and he is accustomed to building and leading teams and mentoring them through product releases.

Ananth holds a BSc in Mathematics from the University of Madras and a Master’s degree in Computational Linguistics from Anna University, Chennai. He is the author of several publications pertaining to research conducted during his time in Anna University.

Recent content from Ananth:
Idempotency: How non-sequential messaging empowers the massive traffic flows required by post-trade systems
Director of Client Success

Aaron Ayusa

Aaron Ayusa is Director of Client Success at Baton Systems, working closely with Baton’s customers to help solve FX-related issues and develop FX solutions.

An acknowledged expert in the areas of FX settlement and automation, Aaron joined Baton in 2021 following eleven years at Credit Suisse, having worked in both the Singapore and New York office. He was most recently AVP, Cash Products and Metrics Analysis. In this role, he oversaw various global FX initiatives and process improvements through robotics and technology. Prior to this, Aaron held the roles of Senior Analyst for Prime Swaps and Senior Analyst for FX Operations.

Aaron began his career as a Corporate Finance Analyst. He holds Bachelor’s degrees in Applied Economics and Commerce from De La Salle University, Manila.

Recent content from Aaron:
Using technology to overcome the operational challenges of FX settlement netting
Post-trade operational risk challenges and how Baton is enabling firms to overcome them
Senior Director of North American Sales

Ronn Baker

Ronn Baker joined Baton Systems in March 2022 as Senior Director of North American Sales. 

Ronn brings over 15 years of capital markets experience. He joined from Wells Fargo where he was most recently Director of FX Sales and Innovation and Digital Digital Strategy, spearheading the implementation of distributed ledger technologies (DLT), cryptocurrencies and digital assets for the FX trading and Capital Markets division. Prior to this, Ronn spent seven years as Director of FX Sales with responsibility for trading and cross border payment solutions and services, increasing FX portfolio revenue by 260%.

In his previous role in eCommerce Sales, Ronn was responsible for the migration of 325 clients to Wells Fargo’s eCommerce platform over a period of 18 months. During this period he added $7 million to the bank’s annual revenue and oversaw growth of 163% in correspondent banking acquisitions.

Prior to joining Well Fargo in 2007, Ronn held a number of consulting roles, where, among other projects, he delivered savings of $6 million for a major network communications organisation and $3 million for a large electronics company. During this time he oversaw and managed a client base of over 75 companies and 11,000 users.        

Ronn began his career in Sales and Marketing in Latin America, covering 7 different countries across the region and increasing company revenue by $5 million across 2.5 years. Ronn speaks fluent Spanish and is active within his local Hispanic community. 

Ronn holds a degree in Mathematical Statistics and Probability from North Carolina State University. An avid sports person who enjoys running, hiking and kettlebells, his hobbies also include reading and beekeeping

Recent content from Ronn:
Addressing the challenges of intraday liquidity management

The Baton Senior Advisors

Below you can find out full career history of our team of Senior Advisors.

J. Christopher (“Chris”) Giancarlo is a Senior Advisor at Baton Systems

J. Christopher Giancarlo

J. Christopher (“Chris”) Giancarlo is a Senior Advisor at Baton Systems. He is the former and 13th Chairman of the United States Commodity Futures Trading Commission (CFTC). Giancarlo was first nominated as a CFTC Commissioner by President Barack Obama and unanimously confirmed in June 2014. He was subsequently nominated as CFTC Chairman by President Donald Trump and again unanimously confirmed in August 2017. He departed the CFTC in July 2019 following the expiration of his five-year term.

Giancarlo is Senior Counsel to the international law firm Willkie Farr & Gallagher.  He is also a co-founder of the Digital Dollar Project to advance the consideration of a U.S. central bank digital currency.  In addition, Giancarlo serves as Chairman of the Board of Common Securitization Solutions LLC, a joint venture between Fannie Mae and Freddie Mac, and on the Advisory Board of the Chamber of Digital Commerce. Giancarlo also serves as an independent director of the American Financial Exchange, the sponsor of Ameribor and Ameribor Futures.

Before entering public service, Giancarlo served as Executive Vice President of financial services firm GFI Group Inc., leading its initial public offering, and as Executive Vice President and U.S. Counsel of Fenics Software. He also served as Chairman of the French American Academy. Previously, he practiced law in New York and London as a partner in the law firms of Brown Raysman Millstein Felder & Steiner and Giancarlo & Gleiberman, and as an associate with Curtis, Mallet-Prevost, Colt & Mosle.

Bill, Senior Advisor for Baton Systems

Bill Coen

Bill Coen served as Secretary General of the Basel Committee on Banking Supervision from 2014 to 2019. The Basel Committee is the international group of central bankers and banking supervisors responsible for setting global bank regulatory standards.

As Secretary General, Bill directed the work of the Basel Committee and managed its Secretariat. He chaired the Basel Committee’s Policy Development Group, which developed and recommended the “Basel III” post-crisis reforms for endorsement by the Basel Committee and its governing body. He also chaired the Committee’s Task Force on Corporate Governance and the Coherence and Calibration Task Force. Prior to his appointment as Secretary General, Bill served as Deputy Secretary General. Appointed to that role in 2007, his responsibilities focused on the Committee’s response to the global financial crisis, including coordinating the various Basel III policy initiatives.

Bill joined the Basel Committee’s Secretariat in 1999 from the Board of Governors of the Federal Reserve System in Washington DC. Before joining the Federal Reserve, he was a bank examiner for the US Office of the Comptroller of the Currency. Bill began his career as a credit officer of a New York City-based bank.

Bill serves on the board of directors of China Construction Bank, a global systemically important bank, and is a Senior Advisor for Baton Systems, a Silicon Valley-based fintech firm that provides payment and settlement solutions for financial institutions. He chairs the IFRS Foundation’s Advisory Council, which provides a forum for the IFRS Foundation and the International Accounting Standards Board (IASB) to consult a wide range of interested parties affected by the work of the Foundation and IASB. Bill serves as Vice Chair of Reference Point, a US-based financial services consultancy, and is a member of the board of directors for the Toronto Leadership Centre, an international organization that promotes financial stability and financial inclusion globally by providing practical training to financial sector regulators and supervisors, particularly in emerging markets and low-income countries. Bill is also the Chief Regulatory Advisor for Suade Labs, a London-based regtech firm, and a member of the Bretton Woods Committee. He is a native of New York City and received his Master of Business Administration degree from Fordham University (1991) and Bachelor of Science degree from Manhattan College (1984).


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We are growing quickly because of strong, global demand for our solutions. Our customers include Global Tier 1 banks. We are an award-winning technology company, with diversity, innovation and excellence at our heart.

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Baton's COO, David Ornstein, discusses how to scale a growing FinTech

Learn more about the process of moving a fintech from a start-up to a scale-up including essential product, engineering, and operational considerations.