Who we are

Experienced, trustworthy management

Codel Ltd is a privately owned company with VC backing from Finance Wales.


James Zorab

Chief Executive, Co-Founder

James is CEO and Founder of Codel Ltd and it’s investor company The Ascent Group. He started the business 35 years ago and has steered it through numerous different phases and can claim to have been a pioneer in data immutability, tokenisation, digital notarisation and the development of a range of connected digital asset products and services. He leads a visionary team developing first-in- field web3 applications and with real-world immutability solutions already deployed that pre-date blockchain which will transform the cyber world we now live in. Based in Monmouth in Wales this allows James to enjoy running in the Welsh hills and rowing on the River Wye.

Mark Kerns


Mark is a seasoned senior executive with a distinguished career across leading global and regional banks. In his most recentrole, he was Head of Investor Services at Standard Bank and a member of the Transactional Products and Services Executive Team. Earlier in his career, Mark was a Director of The WM Company and launched the Bankers Trust Global and Master Custody services in Europe. He also led the Global Master Custody business for JP Morgan based initially in London and then New York. Immediately prior to joining Standard Bank, Mark filled a variety of executive roles at BNY Mellon including Executive Vice President & Head of Fund Manager Services.

Mark Broughton

Commercial Director

Mark has extensive general management experience at board level in intellectual property-based businesses. He has developed several business brands for global markets, and completed a wide range of multinational Intellectual Property Rights deals. After extensive private equity investment experience with 3i, he managed change in international programme businesses for HTV Group and United News & Media. 


Nat Sey

Director, Product & Innovation

Nat started his career working for Prudential Registrars before pivoting into the world of market data provision, joining Interactive Data Corporation. Through the disciplines of managing client account management, project and product management teams, he developed a wealth of experience in running asset servicing data products and product delivery platforms across Europe. As well as roles managing the reference data business in EMEA and running the firm’s Managed Solutions business in the UK, Nat also conducted strategic analysis of the Hong Kong market whilst embedded there. His most recent appointments were Head of Strategic Alliances and Director of Product Management – EMEA. Nat is a strong supporter of open standards and has served on numerous industry working groups.


Henry Raschen

Finance & Governance Officer

Henry Raschen took up the post of Finance and Governance Officer at Codel Limited in 2021. Previously he was with the HSBC Group for 32 years in a variety of Finance and Securities Services roles, culminating as Director of Regulatory Outlook at HSBC Securities Services (HSS). At HSS he led a team identifying and communicating regulatory and market changes in order to specify future client services in the UK, Europe, Middle East and South East Asia. He was a member of the ECB's T2S Advisory Group and chairman of the T2S UK National User Group. Henry Raschen is a chartered accountant, having qualified in the 1980s at Coopers & Lybrand (now PwC).

Advisory Board

Mike Smith


Formerly Chief Executive Officer of Australia New Zealand Bank 2007 - 2015, remains  an adviser to the board. Senior adviser at PwC Australia’s Asia Practice. Formerly: President and Chief Executive Officer, HSBC Limited; Chairman, Hang Seng Bank Limited; Global Head of Commercial Banking for the HSBC Group; Chairman, HSBC Bank Malaysia Berhad. Chairman of HSBC in Argentina.

Michelle Farkas


Former head of Strategy and Transformation, Capital Markets at Tata Consultancy Services Financial Solutions.  Michelle has also held a variety of management roles at Barclays including Head of Strategic Change Management, Chief of Staff to the Europe Retail and Business Banking CEO and Global Head of Pricing.  Experienced in building strategic operations and managing cross-functional delivery in highly pressurized, multinational environments.

Markus Ruetimann


Born and educated in Switzerland, Markus has worked in the financial services industry in Zurich, Geneva, New York and London (current) for over 30 years. He was previously Group COO of Schroders plc as well as Global Head of Technology & Portfolio Services at UBS Asset Management and COO at Phillips & Drew. He holds a number of executive and non-executive Board positions in asset management, prime brokerage, consultancy and digital transformation solutions. He is a Trustee on the Board of Action for Children, one of the largest charities in the United Kingdom.