Jerome Kemp, former Global Head of Futures, Clearing, and FXPB at Citigroup, appointed President of fast-growing fintech Baton Systems

Press Release

September 28, 20214 Minutes

Former Chair of FIA Board joins to grow “new global standard for payments and settlements”.

September 28th 2021, London – Baton Systems (“Baton”), the fintech transforming asset movements and settlements with solutions based on distributed ledger technology, has announced the appointment of Jerome Kemp as the company’s President.

Kemp joins the rapidly-growing business at a crucial time as demand for fully digital market infrastructures across the entire post-trade process accelerates. He brings 35 years’ experience in scaling businesses in the cleared derivatives space, with a track record of driving innovation to deliver transformational impact.

Prior to joining Baton, Kemp was Global Head of Futures, OTC Clearing, and FX Prime Brokerage at Citi, where he built the cleared derivatives business to a position of global leadership. Kemp was also Chair of the Futures Industry Association (FIA) Board from 2018 to 2020, where he earned a reputation as a visionary and thought leader in how the market’s infrastructure needs to be transformed to keep pace with the evolving needs of global market participants.

Kemp will lead Baton’s growth across markets, leveraging valuable international experience gained in senior leadership positions held in Paris, London and Tokyo during his career. In addition to his most recent role at Citi, Kemp previously spent 18 years at J.P. Morgan, where he rose to Global Co-Head of the Futures and Options and OTC Clearing business.

Kemp will work closely with Baton Founder and CEO, Arjun Jayaram, in his new role.

“I’m delighted that Jerome is taking up this leadership role at such a crucial time for Baton. Having a practitioner with Jerome’s exceptional calibre, wealth of experience and vision helping to drive Baton forward will prove invaluable as we scale to meet market needs – it will ensure we continue to place our clients at the very core of all we do. I look forward to working with Jerome to accelerate our growth plans globally.”
Arjun Jayaram, Founder and CEO of Baton Systems

Kemp’s appointment follows the news earlier this month that former Basel Committee Secretary General, William Coen, had joined Baton as a Senior Advisor.

“Baton is delivering today what I believe will become the new global standard for payments and settlements – it’s hugely exciting and I am proud and humbled to have been asked by Arjun to step into this leadership role. Today, post-trade processing is slow, opaque, restrictive, and costly. Baton is revolutionising the entire front to back process, from trade matching through to settlement – allowing settlement participants to take control with automated workflows, access to real-time information, and on-demand settlement. Baton is ultimately defining the infrastructure that will underpin the markets of tomorrow.”
Jerome Kemp, President of Baton Systems

Baton’s solutions are 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. Baton enables transparent, flexible and friction-free post-trade processing, addressing the significant challenges posed by the prevalence of the industry’s existing server-based infrastructures that result in prolonged settlement exposure, high funding costs and significant liquidity challenges.


Former Basel Committee Secretary General Joins Baton Systems to Support Expansion

Press Release

September 7, 20213 Minutes

Spearhead of Basel III reforms, William Coen, joins Baton’s Senior Advisory Board, as company scales to meet industry demand for effective risk mitigation.

Fremont CA and London, September 7th, 2021 – Baton Systems (“Baton”), the market solution transforming asset movements and settlements, has announced that William (Bill) Coen, former Secretary General of the Basel Committee on Banking Supervision, has joined the firm as a Senior Advisor. 

Coen’s appointment comes as Baton scales to support growing demand for secure technology-led solutions to mitigate operational and settlement risk, reduce capital usage and address intraday funding requirements.

Coen’s deep and comprehensive understanding of prudential standards were developed over 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.

The secure Baton 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. 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.

“I’m really pleased to be on-board. Baton’s innovative application of DLT is proving transformational. 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.”
William Coen – Senior Advisor, Baton Systems

Kemp’s appointment follows the news earlier this month that former Basel Committee Secretary General, William Coen, had joined Baton as a Senior Advisor.

“I’m delighted to welcome Bill to Baton, his 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.”
Arjun Jayaram, Founder & CEO of Baton Systems

Coen’s appointment to the Baton Senior Advisory Board adds to an impressive line-up of industry leaders following the recent appointments of former CFTC chairman, Christopher Giancarlo, and Citi’s former Global Head of Futures, OTC Clearing, and FX Prime Brokerage, Jerome Kemp, in the past ten months.


Baton Systems Integrates with LCH to Deliver End-to-end Automation of the Collateral Workflow

Press Release

May 6, 20213 Minutes

Baton Systems has integrated with LCH, a leading global clearing house, to automate the end-to-end collateral workflow for derivatives participants.

Fremont, CA; May 6, 2021 – Baton Systems (“Baton”), a provider of post-trade solutions for financial markets, has integrated with LCH, a leading global clearing house, to automate the end-to-end collateral workflow for derivatives participants. J.P. Morgan will be the first of Baton’s clients to manage their collateral at LCH using the Baton platform. The partnership expands Baton’s network of central counterparties (CCPs) that now includes several of the world’s largest exchange operators.

Baton’s shared permissioned ledger integrates with existing collateral and cash systems of external providers, including CCPs and custodians, to enable real-time visibility and accelerated movement of assets.

“Baton’s integration with LCH is a significant milestone in our aim to have a comprehensive global coverage of CCPs on the platform,” said Anthony Fraser, Head of Global Clearing Operations and Cost & Commission Services at J.P. Morgan. “This will bring further efficiency in our collateral management process and will provide greater real-time visibility of our margin and collateral holdings.”

By normalizing and harmonizing data and collateral workflows for all integrated CCPs, Baton enables access to consolidated intra-day information in a single dashboard, with true visibility into the full collateral lifecycle. This includes visibility of margin requirements, a standardized process for pledging and recalling collateral, and clear visibility of the progress of asset movements at external custody banks and CCPs.

“The growing network of market participants on Baton’s platform is a testament to our vision of revolutionizing payments and settlements in capital markets,” said Tucker Dona, Head of Business Development and Client Success at Baton Systems. “With additional CCP connectivity, we are streamlining the collateral workflow process for market participants and enabling greater efficiency while also reducing costs typically associated with legacy systems.”

In 2019, Baton and J.P. Morgan developed a solution that enables the near real-time orchestration of cash and collateral transfers to multiple clearing houses. Baton’s platform is being scaled across global clearing houses and is available for deployment across all major derivatives firms.


Former CFTC Chairman J. Christopher Giancarlo to Serve as Senior Advisor to Baton Systems

Press Release

April 13, 20213 Minutes

Baton Systems has named as Senior Advisor the Honorable J. Christopher (“Chris”) Giancarlo former Chairman of the United States Commodity Futures Trading Commission (CFTC).

Fremont, CA; April 13, 2021 – Baton Systems (“Baton”), a provider of post-trade solutions for capital markets, has named as Senior Advisor the Honorable J. Christopher (“Chris”) Giancarlo former Chairman of the United States Commodity Futures Trading Commission (CFTC). Giancarlo’s distinguished background will play a key role in supporting Baton’s mission to transform the post-trade payments and settlements ecosystem.

Giancarlo served as 13th Chairman of the CFTC. He 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.

“We are honored to welcome Chairman Giancarlo to Baton’s Advisory Board,” said Arjun Jayaram, CEO and Founder of Baton Systems. “His tremendous contributions to the industry and advocacy for emerging technology will be critical as Baton continues to innovate and advance the capital markets experience for all market participants.”

“Baton is solving some of the most pressing pain points in the capital markets post-trade process that have plagued the industry for decades and demonstrating the true value of leveraging modern technology to address these challenges,” said Giancarlo. “Baton is enabling a solution that is working today to improve the speed and precision of collateral management. I look forward to elevating this process further and joining Baton on a continued path to success.”

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 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.


Baton Hires FX Market Expert Aaron Ayusa as Director of Client Success

Fremont, CA; March 17 2021 –  Baton Systems, a provider of post-trade systems for capital markets, has appointed Aaron Ayusa as Director of Client Success. In this role, he will work closely with customers to help solve FX-related issues and develop bespoke FX products. He will report directly to Baton’s Head of Business Development, Tucker Dona.

Based in New York, Aaron has over a decade of experience in the FX space, both in settlements and automation. Before joining Baton, Aaron spent ten years at Credit Suisse, where he was most recently AVP, Cash Products and Metrics Analysis, and oversaw various global FX initiatives and process improvements through robotics and technology. Prior to this, Aaron held roles as a senior analyst for prime swaps and senior analyst for FX operations. He has also represented Credit Suisse on various industry forums and working groups, including the FX Operations Managers Working Group (FX OMWG).

“Having Aaron’s knowledge and expertise in the FX space is critical to reinforcing Baton’s mission to reform how payments are made in the world’s largest financial markets,” said Dona. “As we continue to expand our client base, Aaron will be instrumental in supporting our customers and expanding our product offering.”

“The FX settlement process for banks has always been challenging, especially when settling FX transactions in real-time and across jurisdictions,” said Ayusa. “I’m excited to join Baton, which is leveraging distributed ledger technology to disrupt the FX settlement process in a more efficient manner, reducing risk and increasing visibility of funding sources and obligations to better manage liquidity.”

Baton recently expanded its leadership team to support its rapid growth in the FX space with the appointment of Jerome Kemp as Senior Advisor, and Philip Corryn as Director of Sales, North America.

About Baton
Baton Systems is reforming how payments are made in the world’s largest financial markets. By delivering on-demand synchronization and orchestration of asset movements through its distributed ledger-based platform, it is liberating balance sheets and eliminating the need for capital-intensive pre-funding of FX and margin requirements. Founded in 2016 by technology, payments and capital markets veterans, and backed by venture capital, Baton Systems works with numerous market participants – including major global banks, custodian banks and exchanges – to meet today’s demands for capital efficiency, regulatory compliance and operational superiority. Find out more at www.batonsystems.com

Baton Media Contact:
Zain Abouseido
Paragon Public Relations
973-945-5593
[email protected]


Baton Appoints Phil Corryn as Director of Sales, North America

Fremont, CA; January 26, 2021 –   Baton Systems, a provider of post-trade systems for capital markets, has named Phil Corryn as its Director of Sales for North America. He’ll be responsible for driving revenue in North America with an initial focus on the major banks and their clearing entities. He will report directly to Baton’s Head of Global Sales and EMEA, Alex Knight.

Based in New York, Phil has more than 22 years of sales experience in enterprise data management. Prior to joining Baton, Phil was Senior Vice President, Sales at FinTech Studios, an AI-based SaaS market intelligence and regulatory solution startup. Before that he was Head of America Sales at Asset Control Inc., where he was responsible for driving new revenue for enterprise data management solutions across the Americas. He also held various senior positions with Bloomberg LP, GoldenSource Corporation and SunGard.

“Phil has played a pivotal role in building and improving enterprise sales organizations facing long sales cycles,” said Knight. “His deep sales management experience in the financial markets space will be instrumental in driving go-market strategies and revenue-generating programs for Baton.”

“Baton has made significant strides in the financial services industry and I’m thrilled to join a team that is dedicated to driving optimized and innovative solutions for PvP settlement, collateral, and liquidity across a broad range of asset classes”” said Corryn. “I look forward to leveraging my existing relationships with top global banking and clearing professionals and building Baton’s strong network of industry partners.”

Baton is in a phase of rapid growth as the Company expands its global foreign exchange (FX) and collateral network of partners. Baton recently partnered with Cobalt, an FX and digital asset infrastructure provider to provide a seamless end-to-end FX settlement solution.

About Baton
Baton Systems is reforming how payments are made in the world’s largest financial markets. By delivering on-demand synchronization and orchestration of asset movements through its distributed ledger-based platform, it is liberating balance sheets and eliminating the need for capital-intensive pre-funding of FX and margin requirements. Founded in 2016 by technology, payments and capital markets veterans, and backed by venture capital, Baton Systems works with numerous market participants – including major global banks, custodian banks and exchanges – to meet today’s demands for capital efficiency, regulatory compliance and operational superiority. Find out more at www.batonsystems.com

Baton Media Contact:
Zain Abouseido
Paragon Public Relations
973-945-5593
[email protected]


Cobalt and Baton Systems partner to provide full FX settlement process

19 January 2021 – London; Cobalt, the foreign-exchange (FX) and digital asset infrastructure provider announced that it has entered a partnership with Baton Systems, the provider of post-trade solutions for capital markets. Under the agreement Baton’s payments infrastructure will be combined with Cobalt’s middle office platform to provide a seamless end-to-end FX settlement solution. Leveraging the strengths of each award-winning system will reduce risk while increasing speed and efficiency for the industry.

Foreign exchange market infrastructure is widely recognised as being in need of modernisation. Over the past few years, Baton and Cobalt have been at the forefront of promoting the shift to automated solutions to mitigate risk and improve efficiency, boasting some of the largest financial institutions as their clients and backers.

“The FX industry is rife with opportunities for modernisation, but legacy systems lag behind much of the financial services industry in terms of innovation. By combining our middle office platform with Baton’s payments infrastructure, we are delivering a more efficient settlement system that is not marred by high cost, antiquated technology and other restrictions,” said Darren Coote, CEO of Cobalt.

“In 2020, the increased market volatility exposed the underlying issues with liquidity, operational infrastructure and settlement that have hindered the industry for decades. By integrating our real-time PvP FX settlement process with Cobalt we can deliver improved visibility and control over the settlement process to a new segment of the market, eliminating many of the systemic risks currently plaguing the industry,” said Arjun Jayaram, CEO of Baton Systems.

Cobalt has developed a middle-office platform capable of creating a single standardised version of each transaction which enables clients to connect and automate their FX processing functions. Including confirmations, trade netting, and the management of credit relationships. With its unique ledger, Cobalt cuts its clients’ risk and helps them achieve faster settlement.

Baton’s payments infrastructure integrates with financial institutions’ current collateral and cash systems, while leaving their existing business processes, systems, and ledgers in place. It then provides a customisable software workflow engine to coordinate among multiple systems and institutions, achieving improved and efficient settlement by moving real assets in real accounts, along with instant reconciliation and reporting for all parties.

About Cobalt:  

Cobalt has transformed the FX and Digital Asset market infrastructure by building a middle office platform that is fit for today’s high-speed electronic markets.

By creating a single standardised version of each transaction and managing credit in real-time, Cobalt enables all market participants to connect and automate their post-trade functions including confirmations, trade netting, and the management of credit relationships.

Cobalt’s high availability, high throughput, Tier 1 secure platform enables the markets leading participants to cut costs, reduce counterparty risk, and increase trading to 24/7.

FX and Digital Assets. Automated. Secured. 24/7.www.cobaltdl.com

About Baton:

Baton Systems is reforming how payments are made in the world’s largest financial markets. By delivering on-demand synchronization and orchestration of asset movements through its distributed ledger-based platform, it is liberating balance sheets and eliminating the need for capital-intensive pre-funding of FX and margin requirements.

Founded in 2016 by technology, payments and capital markets veterans, and backed by venture capital, Baton Systems works with numerous market participants – including major global banks, custodian banks and exchanges – to meet today’s demands for capital efficiency, regulatory compliance and operational superiority. Find out more at www.batonsystems.com.


Derivatives Veteran Jerome Kemp to Join Baton Systems as Senior Advisor

Fremont, CA; December 9, 2020 – Baton Systems (“Baton”), a provider of post-trade solutions for capital markets has appointed Jerome Kemp, global futures industry leader and former Global Head of Futures, OTC Clearing, and FX Prime Brokerage at Citi as Senior Advisor. Kemp will bring his deep expertise in cleared derivatives and OTC clearing to Baton as the company accelerates its position to deliver a fully end-to-end FX settlement ecosystem.

Kemp brings 30 plus years of experience in the futures industry where he held various leadership roles in Paris, Tokyo and London. He recently announced his retirement from Citi after spending nine years as Managing Director, where he drove the growth of the cleared derivatives business to a position of global industry leadership, along with his expanded responsibilities in the bank’s FX prime brokerage business.

Before joining Citi in 2011, Kemp spent 18 years at J.P. Morgan, where he was the Global Co-Head of the Futures and Options and OTC clearing business. Prior to that, he worked in fixed income sales at Oddo & Cie, an independent Franco-German financial services group.

“Jerome is a pioneer in the futures and cleared derivatives industry,” said Arjun Jayaram, CEO and Founder of Baton Systems. “We are thrilled to welcome his expertise after paving the way for many firms to drive innovation and excellence in the financial markets. We look forward to capitalizing on his leadership as a valuable input to Baton’s continued success.”

“Over the past 12 months, Baton has formed key partnerships and integrations with major global banks and CCPs, which further solidifies its position as a leader in the revolution of the payments and settlement ecosystem,” said Kemp. I’m looking forward to bringing my expertise and working with the industry’s top innovators to enhance and accelerate the digital transformation happening across the industry.”

Kemp recently stepped down as the Chairman of the Board of FIA, a global financial industry trade group, which he has held since 2018. Before that, Kemp served on the FIA board for seven years and was on the Group Board of LCH.Clearnet Ltd.

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About Baton

Baton Systems is reforming how payments are made in the world’s largest financial markets. By delivering on-demand synchronization and orchestration of asset movements through its distributed ledger-based platform, it is liberating balance sheets and eliminating the need for capital-intensive pre-funding of FX and margin requirements. Founded in 2016 by technology, payments and capital markets veterans, and backed by venture capital, Baton Systems works with numerous market participants – including major global banks, custodian banks and exchanges – to meet today’s demands for capital efficiency, regulatory compliance and operational superiority. Find out more at www.batonsystems.com.

Baton Media Contact:
Zain Abouseido
Paragon Public Relations
973-945-5593
[email protected]


Baton Systems Joins U.S. Faster Payments Council

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Fremont, CA; May 20, 2020 -- Baton Systems (“Baton”), a provider of post-trade solutions for capital markets, today announced it has joined the U.S. Faster Payments Council (FPC), an organization devoted to advancing faster payments in the United States. As a member of the FPC, Baton will act as a voting member in the Technology Providers segment on inclusive and collaborative approaches to issues that stand in the way of achieving faster payments.

Historically, institutional payments have been hindered by lengthy payments and settlement processing times and legacy systems. Baton is working with banks and systemically important payments hubs to accelerate the movement of assets between counterparties through a rules-driven engine. Baton enables on-demand settlement and payments – in minutes instead of days, regardless of currency or asset class. With multiple top ten global banks and large central counterparties fully deployed and live, Baton’s platform settles over $13 billion per day.

“The FPC is a unique organization that encourages a diverse range of perspectives from all stakeholders in the U.S. payment system to resolve the issues that inhibit broad adoption of faster payments,” said FPC Executive Director Reed Luhtanen. “We are excited to have Baton onboard and to benefit from their expertise in accelerating payments in the world’s largest financial markets.”

 

“Baton’s mission is to solve disparities between fragmented banking systems and reduce the burden of capital and operational inefficiencies that slow payments,” said Arjun Jayaram, CEO and Founder of Baton. “We are looking forward to collaborating with our fellow FPC members and sharing our insights, with the common goal of driving the adoption of faster payment solutions.”

In addition to accelerating institutional payments, Baton’s automated solutions help address the challenges of reducing settlement risk and increasing liquidity. Baton currently has offices in Fremont, CA, New York, London, and India, with future plans to expand into Singapore.

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About Baton

Baton Systems is reforming how payments are made in the world’s largest financial markets. By delivering on-demand synchronization and orchestration of asset movements through its distributed ledger-based platform, it is liberating balance sheets and eliminating the need for capital-intensive pre-funding of FX and margin requirements. Founded in 2016 by technology, payments and capital markets veterans, and backed by venture capital, Baton Systems works with numerous market participants – including major global banks, custodian banks and exchanges – to meet today’s demands for capital efficiency, regulatory compliance and operational superiority. Find out more at www.batonsystems.com

About the U.S. Faster Payments Council (FPC)

The FPC is an industry-led membership organization whose mission is to facilitate a world-class payment system where Americans can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability. By design, the FPC encourages a diverse range of perspectives and is open to all stakeholders in the U.S. payment system. Guided by principles of fairness, inclusiveness, flexibility, and transparency, the FPC uses collaborative, problem-solving approaches to resolve the issues that are inhibiting broad faster payments adoption in this country. For more information, please visit FasterPaymentsCouncil.org.

Media Contact:
Zain Abouseido
Paragon Public Relations
+1-646-558-6226
[email protected]

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Baton Appoints Ragu Raymond as Director of Business Development & Client Success


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Ragu Raymond has joined Baton Systems as Director of Business Development and Client Success, working closely with customers to optimise solutions to achieve their business goals.

Based in London, Ragu is an experienced derivatives specialist with a track record in the financial services industry spanning over 15 years. Prior to joining Baton, Ragu spent ten years in JP Morgan’s global treasury team for clearing, where he oversaw the bank’s cash and collateral liquidity management and worked with the product team to develop the global treasury platform, margin and collateral optimiser.  

“Covering initial margin at CCPs has always been a challenging process, with participants required to efficiently manage multiple currencies and securities, and navigate complex local regulations,” said Ragu Raymond. “Baton uses the latest technology and innovation to synchronise clearing and optimise margin. I’m excited to be part of a team that is revolutionising the way assets are moved in the world’s largest financial markets.”

Ragu gained early experience in investment banking at Bank of America (Prime Services) and Deutsche Bank (Derivatives).

About Baton

Baton Systems is reforming how payments are made in the world’s largest financial markets. By delivering on-demand synchronization and orchestration of asset movements through its distributed ledger-based platform, it is liberating balance sheets and eliminating the need for capital-intensive pre-funding of FX and margin requirements. Founded in 2016 by technology, payments and capital markets veterans, and backed by venture capital, Baton Systems works with numerous market participants – including major global banks, custodian banks and exchanges – to meet today’s demands for capital efficiency, regulatory compliance and operational superiority. Find out more at www.batonsystems.com
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