2019 Annual Report & Consolidated Accounts

Having recently joined CLS I am very pleased to be joining such an important organization.

Following more than 22 years at the ECB, joining the world’s leading provider of FX settlement services is a logical next step in my career and gives me an opportunity to bring my experience in operating, defining and leading the implementation of policies and existing/new market infrastructure and payments services to CLS.

Much of my career has been focused on maintaining and improving services within the context of market and technological developments, all while ensuring compliance within the current regulatory environment. That balance of skillsets aligns perfectly with CLS’s strategy to further expand its risk mitigation capabilities to the FX industry and our members.

Mitigating settlement risk will always be our core priority; however, the processing and data businesses provide solutions to some of the longstanding operational efficiency and risk challenges facing the FX industry.

Over the years the FX market has evolved as a result of structural change, regulatory reform and new technology. Throughout this transformation, CLS has delivered an exemplary level of service and resilience in order to maintain the stability of the FX market in key leading currencies and the wider financial industry as a whole. At the same time, it has also kept pace with an evolving industry and helped market participants address other post-trade challenges.

Our overarching priorities do not change. We are continuing to strengthen our resilience, control functions and infrastructure as well as drive the uptake of our settlement, processing and data solutions.

Mitigating settlement risk will always be our core priority; however, the processing and data businesses provide solutions to some of the longstanding operational efficiency and risk challenges facing the FX industry. Our focus will be on further increasing participation in these services for the benefit of our industry.

I will be leveraging my experience to deliver the highest levels of corporate governance, risk management and operational resilience, while addressing the challenges of digitization, cyber threats and globalization.

As a financial market infrastructure, we must at all times deliver resilient and efficient services for the global FX market while fostering innovation, not just for innovation’s sake, but to support the industry in answering the many challenges we are facing. Already, during my brief time at CLS I have met very motivated, committed and engaged colleagues. CLS is building on its three lines of defense and is delivering highly efficient risk mitigation services to the global FX ecosystem.

This is an extremely exciting time at CLS and I am very much looking forward to partnering with the Executive Management Committee and the Board of Directors to ensure we continue to deliver the highest level of service to  our clients and shareholders, as well as further expanding our capabilities as a trusted market solutions provider.

Marc Bayle de Jessé
Chief Executive Officer

2019 Annual report and consolidated accounts