SETL is an initiative to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology. The SETL system will enable market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions. The SETL system maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting. In July 2016, Rachel Lomax, the former deputy governor of the Bank of England, and Ed Richards, the former chief executive of broadcast regulator Ofcom joined ex-Barclays chairman Sir David Walker on the board. In February 2017 Setl opened an office in Paris to bring its blockchain offering to the French market, with its strong asset management community, and the wider region. The firm says that the move will improve its capacity to deal with any future regulatory or other changes in the EU financial markets. The Paris office is headed by Pierre Davoust, formerly Deputy Head of the Financial Markets Unit at the French Treasury.