CLS, thefinancial market infrastructure company that processes trillions of dollars in Forextransactions daily, has added two new directors to its board following itsannual shareholder meeting earlier this month.
Theappointments bring fresh expertise in market infrastructure and transactionservices to the 21-member board. Brigitte Daurelle joins as an independentdirector, while Ryo Terazawa represents MUFG Bank, one of CLS’s keystakeholders.
New Leadership BringsMarket Infrastructure Experience
Daurellespent over two decades at Euroclear, where she most recently served as CEO ofthe company’s operations in Belgium, France, and the Netherlands. She currentlysits on the board of SFIL, France’s largest public development bank, where shechairs the audit committee and serves on several other committees focused ongovernance and risk management.
Her tenureat Euroclear included leading major business transformations and technologyimplementations across the European settlement infrastructure. She also headedMFEXbyEuroclear as CEO and integration lead, overseeing the platform’sdevelopment and strategic acquisitions.
“We aredelighted to welcome our new directors to the Board. Their extensivebackgrounds in market infrastructure and financial services will be invaluableas we work to enhance the value provided through CLS’s services whileaddressing the challenges faced by the FX industry,” said GottfriedLeibbrandt, Chair of the Board.
Terazawabrings deep knowledge of Japanese yen settlement operations from his role asmanaging director and deputy head of MUFG Bank’s Transaction Services Division.His division handles cross-border JPY transactions, including the bank’s CLSsettlement operations and securities custody services.
Before hiscurrent position, Terazawa led MUFG’s transaction marketing office, where hepromoted the bank’s yen clearing and sub-custody services to global clients.His 18-year career at MUFG has included strategic planning roles across theAmericas and Europe.
Board Expansion ReflectsGrowing FX Market Complexity
The newappointments expand CLS’s board to 21 directors, with eight now designated asindependent or outside directors. This structure reflects the company’s role asa market utility owned by major global banks but operating with significantindependent oversight.
CLSprocesses settlement for 18 currencies and handles payment flows worthtrillions of dollars each day. The company was created by major banks in thelate 1990s to reduce settlement risk in foreign exchange markets, whichtrade over $7 trillion daily according to recent Bank for InternationalSettlements data.
Theappointments come as CLS continues expanding its data and analytics servicesbeyond its core settlement business. Thecompany leverages its position at the center of global FX flows to providemarket intelligence and risk management tools to trading firms and banks.
This article was written by Damian Chmiel at www.financemagnates.com.
