The Gateway to Algorithmic and Automated Trading

Codel partners with GMEX

First Published 22nd May 2017

Codel partners with GMEX to deliver a paradigm shift for commodity trading. Codel makes key appointments to Board of directors.

Hirander Misra, GMEX Technologies

Hirander Misra, GMEX Technologies

London - Codel, the digital notary service provider, has announced a partnership with GMEX Technologies. The companies will collaborate to prove digital data integrity throughout the value chain as well as connecting physical commodities with their digital equivalents.

Codel creates digital fingerprints called Codelmarks and stores them in a centralised, immutable on-line ledger. Copies of the centralised ledger are then mirrored to multiple locations to minimise the risk of the data being lost or destroyed.

Users of digital data, that is Codelmarked, can prove its integrity by checking the unique fingerprint in the data against the equivalent entry in the centralised on-line database. When the Codelmarked data changes, so does the digital fingerprint, thus it always remains up-to-date.

Commenting on the new partnership, Hirander Misra, Chairman of GMEX Group and CEO of GMEX Technologies says: "With Codel's tracking and document control capability, it is the only technology available that links the digital to the physical asset which for commodity trading provides state of the art governance. This integrated with GMEX advanced exchange trading, clearing, settlement and electronic warehouse receipts technology ensures that the current world of centralised systems and new world of hybrid centralised and distributed enablement can coexist as part of a unique game changing hybrid paradigm."

As part of the company's development strategy, Codel has strengthened the Board of Directors with the appointment of Mike Smith, CEO at ANZ until 2016. Mike takes over as Chairman from Peter Davis, formerly Director General of the National Lottery, who remains on the Board. Mike will also be joined by Mark Kerns, until recently Head of Investor Services at Standard Bank and Markus Ruetimann, formerly Group COO of Schroders.