Baton Systems appoints ex-Barclays exec as its first COO

California-based fintech Baton Systems has appointed David Ornstein in a newly-created role of chief operating officer (COO).

David Ornstein, Baton Systems’ first COO

Founded in 2016, Baton says it’s “transforming post-trade processing using distributed ledger technology (DLT)” and that Ornstein joins at “a crucial time”.

“Industry demand continues to soar for innovative solutions that enable banks to optimise funding and capital returns by addressing rising levels of settlement risk, unnecessary costs and inefficiencies in post-trade processing,” the company explains.

“With a unique mix of both front and back office experience across capital markets, Ornstein has been driving strategic change and operational excellence in both high-growth and established global financial services businesses for over 25 years.”

He was previously COO of global markets at Barclays Investment Bank for 13 years. Prior to joining Barclays, he held roles with Deutsche Bank, where he was COO of US credit markets.

Most recently, he has been working in an advisory capacity for several growth companies, providing counsel to CEOs and founders.

He’ll be based in New York.

Ornstein’s move follows the recent appointment of the former Basel Committee Secretary General, William Coen, as a senior advisor at Baton, and the appointment of Jerome Kemp, former global head of futures, OTC clearing and FX prime brokerage at Citi, as president.

Baton says its solutions “have facilitated the movement of over $3.5 trillion settlements to date” and are being used by top-tier banks including Wells Fargo, HSBC and JP Morgan.