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 News Article


CLS shareholders elect nine new board directors

18 May 2017

CLS Group (CLS), a leading provider of risk mitigation and operational services for the global foreign exchange (FX) market, today announced that nine new directors have been elected to its Board of Directors at its Annual General Meeting held on 2 May 2017. The CLS Board now totals twenty-three directors, five of whom are independent and designated as outside directors.

The nine new directors are Vidya Bittianda, David Gary, Akira Hoshino, Dominique Le Masson, Bryan Osmar (Outside Director), Bill Stenning, Fabrizio Tallei, David Thomas and Ronnie Yam Soon Lee.

“I am delighted to welcome such a strong slate of directors to the CLS Board,” said Chairman Ken Harvey. “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.”

CLS CEO David Puth added: “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.”

Directors
Vidya Bittianda is Group General Manager, Risk Metrics for ANZ Banking Group Limited. She is responsible for all wholesale and retail modelling for the bank including rating models, decision models, stress testing, provisioning, capital and risk appetite. The emphasis of Ms. Bittianda’s role is to highlight the importance of how data is used and modelled to manage risk.

David Gary is Managing Director and Global Head of Non-Market Risk for Deutsche Bank’s FX business. He also served as Co-Chair of Deutsche Bank’s FX Settlement Governance Forum and played a leading role in addressing the Supervisory Guidance for Managing Risks Associated with the Settlement of Foreign Exchange Transactions published by the Basel Committee on Banking Supervision in February 2013.

Akira Hoshino joined The Bank of Tokyo-Mitsubishi UFJ, Ltd in 1989. He is the Senior Fellow & General Manager in the Global Markets Trading Division based in Tokyo. Before assuming the General Manager role in 2016, Mr Hoshino held the position of Senior Fellow & General Manager, Treasurer in the Global Markets Division for the East Asia Region and several additional roles in FX.  

Dominique Le Masson is the Senior Coordinator for European Market Infrastructures at BNP Paribas Group. Ms. Le Masson is 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 is Managing Director, Clearing, Regulatory & Strategic Affairs in the Global Banking and Investor Services division at Societe Generale. He also serves as the bank’s delegate on a number of industry association advisory bodies, including membership of the ISDA Clearing Risk and Capital Committee, ISDA Market Infrastructure & Technology Oversight Committee and the BBA Wholesale Policy Committee.

Fabrizio Tallei is Head of FX and International Money Markets at Intesa Sanpaolo Group Treasury. He also advises the CFO on the evolution of the FX market and settlement systems and on the impact of new regulations at Group level. He is a member of Italian Assiom-Forex and a member of the STEP Market Committee, the initiative managed by the European Money Market Institute promoting the Euro Short-Term Paper market.

David Thomas joined RBC Capital Markets in 1992. He is 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. He also holds a number of UK board roles including Executive Director of RBC Europe Limited and Chairman of RBC Global Asset Management (UK) Limited.
 
Ronnie Yam is currently the Regional Chief Financial Officer at United Overseas Bank Limited, based in Singapore. He joined the bank in 2000. Mr. Yam is a member of the UOB Group Investment Committee, Data Management Working Committee and the Talent Management Council.

Outside Director
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, notably including the reforms in the Global OTC derivatives space.