CLS Appoints Three New Directors to its Board

CLS announced this Thursday that it has appointed three new members to its Board of Directors at its Annual General Meeting (AGM) on the 11th of May 2020 - Karen Keenan, John Trundle and Naoto Nakamura.

Both Keenan and Trundle join CLS’s Board as independent directors, and Nakamura joins as a Director of CLS from MUFG. Following the appointment of the new members, the Board of the provider of risk mitigation and settlement services for foreign exchange dealers and institutions now has 20 directors. From this, eight are designated as outside or independent directors.

Background on new CLS Directors

Keenan joins the Board of CLS with more than 30 years of experience, having recently retired as the Chief Administrative Officer of State Street Corporation. In this role, she was responsible for cross-enterprise initiatives including oversight of its end-to-end technology and operational resiliency program and business line Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term, the statement said.

Trundle also joins the Board with a wealth of experience. He is the former Chief Executive Officer, member of the Board of Directors and Chair of the Management Committee for Euroclear UK & Ireland. Before this, he was the Chief Risk Officer and a Managing Director for Euroclear SA/NV.

During his career, he also worked at the Bank of England, where he worked in multiple roles, with his most recent being the Head of the Business Continuity and Financial Market Infrastructure Divisions.

Nakamura, on the other hand, is the Managing Director, Global Head of FX & Local Markets Trading, and Co-Head of Global Markets Sales and Trading Division at MUFG. In this role, he is in charge of the FX business globally. Furthermore, Nakamura is the Chair of the Tokyo FX Market Committee and Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Club, Japan.

Commenting on the new members, Ken Harvey, Chairman of the Board at CLS said in the statement: “We are very pleased to welcome Karen, John and Nakamura san to our Board. These board appointments will contribute crucial guidance to ensure we remain at the forefront of a dynamic market environment.

“Their unique perspectives will be helpful in understanding the challenges facing market participants today and how we - as a systemically important financial market infrastructure - can provide additional value for our clients and the broader market. Their collective knowledge, experience and leadership in financial services will be invaluable to CLS, and I look forward to working with them.”