CLS Group (CLS), a provider of risk mitigation and operational services for the foreign exchange (FX) market, has unveiled a newly revamped leadership structure for its Board of Directors, culminating in the addition of nine new directors that have just been elected during its latest meeting earlier this month.
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The nine new directors appointed to CLS’ board include Vidya Bittianda, David Gary, Akira Hoshino, Dominique Le Masson, Bryan Osmar (Outside Director), Bill Stenning, Fabrizio Tallei, David Thomas, and Ronnie Yam Soon Lee – per the appointments, this brings CLS’ Board to twenty-three directors, with five being independent and designated as outside directors.
Vidya Bittianda joins CLS’ Board, presently serving as the Group General Manager, Risk Metrics for ANZ Banking Group Limited. In this capacity, she responsible for all wholesale and retail modeling for the lender. At CLS, she will leverage her expertise and emphasize the importance of how data is used and modeled to manage risk.
David Gary meanwhile joins as the Managing Director and Global Head of Non-Market Risk for Deutsche Bank’s FX business. Previously, he has worked as Co-Chair of Deutsche Bank’s FX Settlement Governance Forum also addressing the Supervisory Guidance for Managing Risks Associated with the Settlement of Foreign Exchange Transactions.
By extension, Akira Hoshino joins CLS’ Board, working currently at the Bank of Tokyo-Mitsubishi UFJ, Ltd in 1989. He is also the Senior Fellow & General Manager in the Global Markets Trading Division based in Tokyo. Dominique Le Masson meanwhile is the Senior Coordinator for European Market Infrastructures at BNP Paribas Group. She is also a member of a major infrastructure advisory group at National Central Bank and European Central Bank level in addition to major central counterparties where she represents the BNP Paribas Group as a whole.
Bill Stenning also steps into the new Board position, who currently holds a role as the Managing Director, Clearing, Regulatory & Strategic Affairs in the Global Banking and Investor Services division at Societe Generale. He also works as the lender’s delegate on a number of industry association advisory bodies, including membership of the ISDA Clearing Risk and Capital Committee, among others.
Fabrizio Tallei is the acting Head of FX and International Money Markets at Intesa Sanpaolo Group Treasury. His expertise in this space will be important to CLS’ Board, as he also advises the group’s CFO on the evolution of the FX market and settlement systems and on the impact of new regulations at Group level.
David Thomas is also a new member of CLS’ Board – he originally joined RBC Capital Markets in 1992, which led to his promotion eventually the Chief Executive Officer of RBC Capital Markets Europe responsible for leading all aspects of the business in the region, including strategy execution and effective governance.
Finally, Ronnie Yam joins the Board, having garnered a successful stint as the Regional Chief Financial Officer at United Overseas Bank Limited, based out of Singapore. He joined the bank in 2000 and is also a member of the UOB Group Investment Committee, Data Management Working Committee and the Talent Management Council.
In terms of CLS’ outside directors, Bryan Osmar will be appointed to the Board per the latest shareholder meeting. Until his retirement in 2015, Bryan Osmar was Managing Director and Head of Market Infrastructure at Royal Bank of Canada (RBC). He was responsible for implementing RBC Capital Markets’ regulatory reform initiatives in a range of regulatory areas and jurisdictions.
CEO of CLS, David Puth
According to CLS’ Chairman Ken Harvey, in a statement on the additions, “I am delighted to welcome such a strong slate of directors to the CLS Board. Their combined expertise and knowledge of the global foreign exchange market will provide valuable counsel in critical areas including operations, regulation, risk management and technology.”
“They each bring unique experience and insight from across the global financial industry. We are fortunate to have them on board to guide our strategic decisions as we continue to grow and diversify our capability and become the FX industry’s preferred partner for risk mitigation and operational management services,” explained CLS’ CEO David Puth in an accompanying statement.
Source: Finance Magnates