Baton names David Ornstein as COO to help scale DLT post-trade processing business

Rick Steves

Baton’s DLT solutions have facilitated the movement of over $3.5 trillion settlements to date.

Baton Systems has appointed David Ornstein as the company’s first Chief Operating Officer in a time when the DLT-powered post-trade processing services provider rapidly scales its business.

Industry demand continues to soar as banks look to optimize funding and capital returns by addressing rising levels of settlement risk, unnecessary costs, and inefficiencies in post-trade processing.

Baton’s Core-FX facilitates PvP settlements outside of CLS in 3 minutes

David Ornstein, an industry veteran with a unique mix of both front and back office experience across capital markets, was previously Chief Operating Officer of Global Markets at Barclays Investment Bank.

There, he guided the business through a period of rapid growth and maturity for 13 years, overseeing the transformation of the business processes, reducing costs, and improving resilience.

His career spans more than 25 years and prior to Barclays, he held roles with Deutsche Bank, where he was COO of US Credit Markets, as well as at Bankers Trust.

He has been working in an advisory capacity for several growth companies, providing counsel to CEOs and founders actively scaling their businesses.

Based in New York, David Ornstein will work closely with Baton’s Founder and CEO, Arjun Jayaram, who commented on the appointment.

“I am delighted to welcome David to the company. With vast experience delivering operational solutions for global businesses, he is a practitioner at the top of his game. David joins a team of world-class industry leaders and his extensive operational experience, in both the banking industry and helping fast growth companies achieve scale, will prove instrumental as we execute our 2022 strategy. I look forward to working with David to achieve our global growth ambitions.”

David Ornstein, Chief Operating Officer at Baton Systems, stated: “I’m thrilled to take up the role of COO at Baton. This is a pioneering business on a mission to constructively disrupt the status quo and deliver transformative change across the entire post-trade process.

“Baton is working with the world’s largest financial services companies to deliver the solutions necessary to move away from the costly server-based, hard-wired and inflexible infrastructures that for too long have hampered their ability to focus resources on building the bank of the future. Throughout my career I’ve seen first-hand how automation and the latest innovations can transform a business’s ability to deliver and I’m excited to now work with a company that has the technology available today to allow firms to achieve exactly that.”

As Chief Operating Officer, David Ornstein will focus on the firm’s scaling as the number of clients continues to expand along with market interest in deploying DLT solutions. Baton’s DLT solutions have facilitated the movement of over $3.5 trillion settlements to date.

In September, William Coen, the former Basel Committee Secretary General, joined the firm as a Senior Advisor. Jerome Kemp, the former Global Head of Futures, OTC Clearing, and FX Prime Brokerage at Citi, took up the role of President at Baton Systems.

Baton’s Core-FX solution facilitates the world’s first interbank Payment vs Payment (PvP) settlements outside of CLS. The solution is readily available to all FX businesses, enabling all currencies to be safely settled on demand, in less than three minutes, with settlement finality.

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