29 June 2022, London – Baton Systems (Baton), the global fintech digitally transforming post-trade processing using distributed ledger technology (DLT), is delighted to announce that it has been awarded Best Settlement Initiative in the FX Markets e-FX Awards 2022.
The award was presented during a ceremony on 28 June 2022. Now in its 20th year, the FX Markets e-FX Awards recognise the dedication, skill and creativity that market participants pour into the growing, changing world of electronic FX trading.
In December 2021, Baton announced its innovative Core-FX™ solution, that uses DLT, had powered the world’s first interbank riskless settlement outside of CLS. This announcement marked a profound change in FX settlements, providing the opportunity to extend access to the benefits of payment versus payment (PvP) settlement across all currencies and counterparties.
Baton’s Core-FX is a proven, scalable and resilient solution designed to help all global FX market participants to effectively eliminate settlement risk and achieve settlement in a matter of minutes with finality, using real assets held in real accounts, without the need for tokens. The solution is now being used by two of the world’s largest financial institutions to net and settle matched FX transactions on-demand, on a PvP basis, every day.
Commenting on the firm’s win, Arjun Jayaram, CEO and Founder of Baton Systems, said: “It’s an honour and privilege to win this award two years in a row. It’s great recognition of the progress we have made and a testament to the hard work and dedication of the entire team.
“What we’re doing is in full production, settling billions of dollars of value every day. Our talented team have operationalised the much touted benefits of blockchain – non-repudiation, transparency and auditability – for capital markets using distributed ledger technology and as a result we’re delivering huge value to our clients. We’re very excited about what the future lies in store for Baton and the market as a whole.”