CLS, the
financial market infrastructure company that processes trillions of dollars in Forex
transactions daily, has added two new directors to its board following its
annual shareholder meeting earlier this month.
The
appointments bring fresh expertise in market infrastructure and transaction
services to the 21-member board. Brigitte Daurelle joins as an independent
director, while Ryo Terazawa represents MUFG Bank, one of CLS’s key
stakeholders.
New Leadership Brings
Market Infrastructure Experience
Daurelle
spent over two decades at Euroclear, where she most recently served as CEO of
the company’s operations in Belgium, France, and the Netherlands. She currently
sits on the board of SFIL, France’s largest public development bank, where she
chairs the audit committee and serves on several other committees focused on
governance and risk management.
Her tenure
at Euroclear included leading major business transformations and technology
implementations across the European settlement infrastructure. She also headed
MFEXbyEuroclear as CEO and integration lead, overseeing the platform’s
development and strategic acquisitions.
“We are
delighted to welcome our new directors to the Board. Their extensive
backgrounds in market infrastructure and financial services will be invaluable
as we work to enhance the value provided through CLS’s services while
addressing the challenges faced by the FX industry,” said Gottfried
Leibbrandt, Chair of the Board.
Terazawa
brings deep knowledge of Japanese yen settlement operations from his role as
managing director and deputy head of MUFG Bank’s Transaction Services Division.
His division handles cross-border JPY transactions, including the bank’s CLS
settlement operations and securities custody services.
Before his
current position, Terazawa led MUFG’s transaction marketing office, where he
promoted the bank’s yen clearing and sub-custody services to global clients.
His 18-year career at MUFG has included strategic planning roles across the
Americas and Europe.
Board Expansion Reflects
Growing FX Market Complexity
The new
appointments expand CLS’s board to 21 directors, with eight now designated as
independent or outside directors. This structure reflects the company’s role as
a market utility owned by major global banks but operating with significant
independent oversight.
CLS
processes settlement for 18 currencies and handles payment flows worth
trillions of dollars each day. The company was created by major banks in the
late 1990s to reduce settlement risk in foreign exchange markets, which
trade over $7 trillion daily according to recent Bank for International
Settlements data.
The
appointments come as CLS continues expanding its data and analytics services
beyond its core settlement business. The
company leverages its position at the center of global FX flows to provide
market intelligence and risk management tools to trading firms and banks.
This article was written by Damian Chmiel at www.financemagnates.com.
