Deutsche Börse AG is slated to reshuffle the structure of its Executive Board this coming January, culminating in the creation of its Clients, Products & Core Markets division, which will be led by Jeffrey Tessler, according to a Deutsche Börse statement.
As a result of the scaling process, Deutsche Börse will aggregate a number of related areas within its existing Executive Board to help consolidate its portfolio management, process flows and client services. The Clients, Products & Core Markets division will also combine derivatives trading businesses, which includes the International Securities Exchange (ISE) and Clearstream’s settlement and custody business.
Deutsche Börse’s Clients, Products & Core Markets will also be tasked with overseeing group-wide product development and sales activities – the division will be headed by Jeffrey Tessler, who has been working for the group since 2004. Mr. Tessler has already been responsible for the group’s settlement and custody business, and will now step into a more broad-based role following the division’s creation.
Furthermore, Deutsche Börse is also rolling out another newly-created division, called its IT & Operations, Data & New Asset Classes, which will assimilate the group’s IT activities and market operations. It will comprise of the following departments: IT Application & Architecture, IT Operations, and Market Operations.
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360T, its recently acquired electronic foreign exchange (FX) trading platform, as well as the European Energy Exchange (EEX) will also belong to this division. In particular, the IT & Operations, Data & New Asset Classes will be headed by Deputy Group Chief Executive Officer (CEO) Andreas Preuss, who originally joined Deutsche Börse’s Executive Board in 2006. Since then he has been responsible for its Cash and Derivatives division.
According to Carsten Kengeter, CEO of Deutsche Börse AG, in a recent statement on the appointments and shuffling: “With the grouping of responsibilities and related issues, we have taken a step towards an organisation that is tailored to the needs of markets and clients. I am looking forward to a comprehensive cooperation with all board areas.”
“I would like to thank all members of Deutsche Börse AG’s Executive Board for their active support of these changes, which provide the foundations for the Group’s sustainable growth strategy,” added Joachim Faber, Chairman of the Supervisory Board, in an accompanying statement.
The group recently made headlines after it reported its order book turnover during October 2015, which came in at $139.5 billion (€126.7 billion), with Börse Frankfurt and Tradegate showing staunch growth.