SETL announces that Christian Noyer, former Governor of the Banque De France has joined the board of directors of SETL Development Ltd.
SETL was launched in July 2015 to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology. The SETL system enables market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions. The system maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting.
SETL’s Chairman, Sir David Walker, said: “I am delighted to welcome Mr Noyer to the board and to thank our existing directors for their guidance and counsel over the past two years. Christian Noyer brings a wealth of experience in the financial, regulatory, economic management and central banking world. His contribution to the board process will be of significant benefit to the executive team, shareholders and stakeholders alike.
With the encouragement of shareholders and the revenue generating projects we have recently announced we are adding significantly to the strength to the company. At this stage in the development of the technology and its business applications it is important to choose the right projects and to deliver a dependably resilient product to the market.”
Christian Noyer said, "In the current environment, SETL’s technological leadership coupled with the deep experience of the team presents an unique and compelling proposition. I look forward to helping shape this extremely interesting initiative."
Philippe Morel, CEO of SETL, added: “ The appointment of Christian Noyer as a director will assist SETL in many ways. We believe we have a technological lead in the blockchain for financial markets arena having demonstrated the ability to process billions of transactions a day, and to be able to service over 100 million addresses concurrently. We are unique in having both a financial grade product and a proven deployment route.”
"We have already received significant further indications of interest in our OpenCSD product, especially from organisations who are prominent members of competing offerings."
Morel concluded: “We do not underestimate the challenges of re-tooling some of the most fundamental elements of our financial infrastructure but the benefits of doing so are significant and widespread. We are strongly positioned to commence that transformation and look forward to making further announcements shortly.”
Background
Christian Noyer, Honorary Governor of the Banque de France
Appointed to the Treasury in the Ministry of the Economy and Finance in 1976, Christian Noyer then spent two years (1980-1982) at France's permanent representation to the European Communities in Brussels. Back at the Treasury, he held a range of posts (government cash and debt management, banking affairs, financing of industry and state-owned enterprises, multilateral issues and export financing). He was appointed Head of the Treasury in 1993.
He was appointed Vice-President of the European Central Bank in Frankfurt when the institution was set up in 1998.
Christian Noyer was the Governor of the Banque de France between November 2003 and October 2015. He was reappointed for a second six-year term in 2009. He was a member of the Governing Council and the General Council of the European Central Bank most of the time between 1998 and 2015.
During his tenure as Governor, Christian Noyer was also Chairman of the Autorité de contrôle prudentiel et de résolution (ACPR – the French Prudential Supervision and Resolution Authority for banks and insurance). He also chaired the supervisory boards of the Institut d'émission des départements d'Outre-Mer (IEDOM) and the Institut d'émission d'Outre-Mer (IEOM) - the French overseas note-issuing central banks.
Christian Noyer was elected as chairman of the Bank for International Settlements between March 2010 and October 2015. Among other official international position’s he has been alternate Governor at the International Monetary Fund, and Chairman of the Paris club of creditor countries (1993-97).
