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CLS, a leading financial market infrastructure group, has announced the appointment of two new members to its Board of Directors: Brigitte Daurelle and Ryo Terazawa, effective from the CLS Annual General Meeting on June 10, 2025. This brings the total number of directors on the CLS Board to 21, including eight independent or outside directors.
Brigitte Daurelle, joining as an Independent/Outside Director, brings over two decades of experience from Euroclear, where she served as the former CEO of Euroclear Belgium, France, and Netherlands, and most recently as CEO & Integration Lead at MFEXbyEuroclear. Her career is marked by significant business and operational transformations, product launches, strategic acquisitions, and leadership in large IT and innovative change programs. Currently, Ms. Daurelle also serves as an Independent Non-Executive Director at SFIL, France’s largest public bank, where she chairs the Audit Committee and is a member of the Governance & ESG, Remuneration, and Risk Committees. SFIL is a public development bank entrusted by the French government to finance local authorities, public hospitals, and major export contracts for French companies.
Ryo Terazawa, representing MUFG Bank, is the Managing Director and Deputy Head of the Transaction Services Division. In this role, he oversees organizational and internal control matters for the division, which provides JPY-related cross-border transaction services including cash clearing, CLS settlements, and securities custody. His prior experience as Head of the Transaction Marketing Office at MUFG, where he promoted JPY cash clearing and sub-custody services, demonstrates his extensive expertise in strategic planning. MUFG Bank’s Transaction Services broadly include cash management, trade finance, and various payment and risk management solutions for financial institutions globally.
Gottfried Leibbrandt, Chair of the CLS Board, expressed enthusiasm for the new appointments, highlighting their extensive backgrounds in market infrastructure and financial services as invaluable assets for enhancing CLS’s services and addressing the evolving challenges within the FX industry.
The CLS Board of Directors is responsible for overseeing the management, governance, and strategic direction of CLS, ensuring its mission to minimize systemic risk and improve funding and operational efficiency in the FX market. This includes oversight of operations, technology, and risk management, with many responsibilities delegated to various Board Committees.

Video courtesy of KDPW

Video courtesy of KDPW