Jerome Kemp is Bullish on DLT to Transform Cleared Derivatives, Enhance FCM Model

John Lothian

John Lothian

Executive Chairman and CEO

Jerome Kemp, the president of Baton Systems, was interviewed by JLN at FIA Boca 2022 about how he moved into his Baton role after retiring from Citi.

Starting as a consultant, he became more involved to the point that he was asked to join the company’s executive committee as president.

Kemp discussed his role, what Baton is up to in the post trade space, what CLS’s limitations are, and the opportunities for FX markets. Baton allows participants to settle bilaterally in any currency.

He discussed how digitized ledger technology is being accepted by the market, noting Baton is moving real assets in real accounts, not tokens.

“The promise of DLT relative to cleared derivatives is enormous,” Kemp said.

He said he believes what Baton is doing has the potential to radically transform the way the marketplace operates.

Kemp said he believes happenings like FTX’s proposal for a non-intermediated market model are a wake-up call. He said FCMs need “technology driven responses, enabling a different way of doing things” in order to manage risk impactfully, otherwise alternative structures will evolve, take root and displace the current FCM model.

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