CLS Group Names Gilbert Lichter to Board of Directors

CLS Group has elected Gilbert Lichter as its newest outside director on the CLS Group Holdings Board of Directors, whose appointment will be effective 1 January 2015.

CLS has been very muted on the executive personnel front over the past few months, with their last appointment being the recruitment of Tom Zschach as chief information officer. In his new role as CLS’ outside director, Mr. Lichter will be based out of Paris where he currently serves as the CEO of EBA Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term.

According to Kenneth Harvey, chairman of the CLS Board of Directors in a recent statement on the appointment, "We are very pleased to welcome Mr. Lichter to our Board." He continued, "His expertise in the European Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and clearing industries will be an important asset to CLS as we evolve in response to the changing needs of our shareholders."

"We are very fortunate to have Mr. Lichter on the board. His extensive sector experience will be extremely valuable as we continue to foster relationships with third parties, including clearing houses, in order to further mitigate settlement risk across the FX market,” added CLS CEO David Puth in an accompanying statement.