SETL, a London-based provider of institutional payment and settlement infrastructure, announced today that it has a new Chief Executive Officer and board member – Philippe Morel.
Morel will be replacing the current CEO and co-founder Peter Randall, who will become the president of the company. In this role, he will help Morel in his duties with international business, marketing, and investor and public relations.
Morel Ends His 26-Year Tenure at BCG to Join SETL
Morel’s appointment ends his more than 26-year-long tenure at the Boston Consulting Group (BCG). Originally joining the firm in 1992, he has held a number of roles at the firm including Senior Partner, Managing Director, Global Head of Capital Markets and most recently, Private Equity and Principal Investment Leader for Europe, Middle East and Africa (EMEA) region.
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Established in July of 2015, SETL provides a multi-asset and multi-currency infrastructure based on blockchain technology. The system allows market participants to move cash and assets directly between one another.
Commenting on the appointment, SETL’s Chairman, Sir David Walker, said: “We are delighted to welcome Philippe Morel as CEO. He brings a wealth of experience in the capital market, financial, and regulatory spheres and we are very pleased to have attracted such an impressive talent.”
Speaking on his new role, Morel added: “I am enthusiastic to be joining SETL at this exciting stage in its development and to have this great opportunity to lead the company through its next phase of innovation and growth.
The company has already received significant interest in our OpenCSD product and continues to develop market infrastructures, like IZNES, which now has over 25 major European fund managers participating and is likely to become the largest global blockchain by both value and volume as more managers migrate to it. In addition, a SETL powered CSD has received approval from the AMF (French Financial Markets Regulator) to operate and permission from T2S to connect to the European Securities Settlement System.”