London, September 29, 2023 – Baton Systems (“Baton”), the global fintech leader pioneering post-trade processing with distributed ledger technology (DLT), proudly announces its latest industry recognition as it clinches the prestigious “Best FX Settlement Innovation“ award at the Euromoney Foreign Exchange Awards 2023.
This accolade follows Baton Systems’ having previously secured the “Best FX Settlement and Risk Mitigation Solution” at the FX Markets Asia FX Awards 2023.
The “Best FX Settlement Innovation” award from Euromoney spotlights Baton’s pioneering Core-FX solution. Already live and in production, Core-FX enables wholesale FX market participants to benefit from riskless and on-demand settlements for any currency whilst automating netting and virtually eliminating operational overhead. The entire settlement process is fully transparent and completed within 5 minutes or so, allowing for highly efficient re-use of currency balances intraday. Notably, HSBC and Wells Fargo recently started to use Core-FX to achieve payment-versus-payment (PvP) settlements for offshore deliverable Chinese Renminbi, a groundbreaking achievement in the world of foreign exchange.
Since its initial rollout, Core-FX has successfully facilitated the netting and secure settlement of trillions of dollars in FX transactions. This latest recognition further underscores Baton Systems’ ability to tackle the complex challenges in the post-trade space, earning the trust of professional market participants.
Arjun Jayaram, Founder and CEO of Baton Systems, commented on this prestigious recognition, saying, “We are thrilled to receive the ‘Best FX Settlement Innovation’ award at the Euromoney Foreign Exchange Awards 2023. This achievement is a testament to our team’s dedication to enhancing transparency and auditability within capital markets. By leveraging distributed ledger technology with true interoperability, we empower firms to significantly reduce settlement risk exposure. We remain steadfast in our commitment to driving innovation within the industry.“