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CLS, a financial market infrastructure company crucial for mitigating settlement risk in foreign exchange (FX) markets, has expanded its board of directors with two significant appointments: Brigitte Daurelle, former CEO of Euroclear Belgium, France, and the Netherlands, and Ryo Terazawa, Managing Director and Deputy Head of MUFG Bank’s Transaction Services Division. These appointments, occurring after CLS’s annual shareholder meeting, aim to bolster the company’s expertise in European settlement infrastructure and transaction services, reflecting the increasing complexity of the global FX market.
Brigitte Daurelle’s Contributions:
Daurelle brings over two decades of experience from Euroclear, a leading European settlement infrastructure. Her tenure included:
* Leadership in European Settlement: As CEO of Euroclear’s operations in Belgium, France, and the Netherlands, she oversaw critical aspects of European settlement.
* Business Transformation and Technology Implementation: She spearheaded major business transformations and technology implementations across the European settlement infrastructure.
* Strategic Acquisitions and Platform Development: She headed MFEXbyEuroclear as CEO and integration lead, overseeing the platform’s development and strategic acquisitions, ensuring smooth integration of a major B2B fund platform into the Euroclear Group.
* Board Experience: She currently serves on the board of SFIL, France’s largest public development bank, where she chairs the audit committee and participates in other committees focused on governance and risk management. She also contributed to the creation of Liquidshare, a European Fintech leveraging blockchain technology, and served on its board.
* Industry Representation: She previously vice-chaired the European Central Securities Depository Association (ECSDA), promoting dialogue for efficient and risk-averse European financial infrastructure.
Ryo Terazawa’s Contributions:
Terazawa brings extensive knowledge of Japanese yen settlement operations and global transaction banking from MUFG Bank, a key CLS stakeholder. His expertise includes:
* JPY Settlement Operations: In his current role, he oversees organizational and internal control matters within MUFG’s Transaction Services Division, which provides JPY-related cross-border transaction services, including cash clearing, CLS settlements, and securities custody.
* Transaction Marketing and Strategic Planning: He previously led MUFG’s transaction marketing office, promoting the bank’s yen clearing and sub-custody services to global clients. His 18-year career at MUFG also includes strategic planning roles across the Americas and Europe, supporting the expansion of MUFG’s global transaction banking business.
Significance of the Appointments for CLS:
The addition of Daurelle and Terazawa expands CLS’s board to 21 directors, with eight now independent or outside directors. This move highlights CLS’s commitment to:
* Enhancing Services: Leveraging their expertise in market infrastructure and financial services to improve the value provided by CLS’s services.
* Addressing FX Industry Challenges: Contributing to solutions for the challenges facing the foreign exchange industry, which processes over $7 trillion daily.
* Strengthening Oversight: Reinforcing the company’s structure as a market utility owned by major global banks but operating with significant independent oversight.
* Expanding Data and Analytics: Supporting CLS’s strategic expansion beyond its core settlement business into data, analytics, and risk management tools.
These appointments are strategic for CLS as it navigates the evolving landscape of global financial markets, ensuring it maintains its crucial role in mitigating settlement risk and enhancing efficiency in FX transactions.

Video courtesy of IPO-VID In Patrick’s Opinion

Video courtesy of IPO-VID In Patrick’s Opinion