The chief executive of CME Group’s post-trade services provider Traiana, Andrés Choussy, has departed the firm to become COO at a blockchain-based settlement specialist.
Baton Systems confirmed in a statement that it has appointed Choussy president and chief operating officer. He will lead the firm’s move to scale its payments and settlements products, and expand its client base beyond major financial institutions to the payments industry.
Choussy joined Traiana in May 2017, and prior to that spent more than a decade at JP Morgan in various clearing and FX prime brokerage roles. Most recently, Choussy was head of derivatives clearing and OTC prime brokerage for the Americas at JP Morgan.
Arjun Jayaram, CEO and founder at Baton Systems, stated that Choussy joins the firm as COO as it aims to solve the pain points and inefficiencies of the institutional payments space for more companies and asset classes.
“He will be integral to maintaining our strong relationship with central banks, custody banks and clearing houses while also strengthening our entry into new markets. Andrés has a proven track record for growing market share, leveraging emerging technologies and driving change management across multiple product lines,” Jayaram added.
Baton Systems also stated that it is planning to expand into corporate settlements and payments by streamlining the movement of cash and securities related to trade finance. It is also planning to address the needs of custodians by creating services for payments across multiple counterparties.
“Transforming market infrastructure is a high-reaching goal, yet Baton has successfully built a reputation as a leader in the evolution of payment and settlement solutions,” Choussy said of his appointment. “I see tremendous potential ahead for the firm and I look forward to driving our strategy to help market participants resolve liquidity and funding challenges.”