CLS Board Expands with Nine New Director Appointments

The appointments bring the board up to twenty-three members, following a string of elections earlier this month.

CLS Group (CLS), a provider of risk mitigation and operational services for the foreign exchange market, has unveiled a newly revamped leadership structure for its board of directors, with nine new directors that were elected at its latest meeting earlier this month.

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The 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. This brings the CLS board to twenty-three directors, with five being independent and designated as outside directors.

New Recruits

Vidya Bittianda presently serves as the Group General Manager, Risk Metrics for ANZ Banking Group Limited. In this capacity, she is responsible for all wholesale and retail modeling for the lender. At CLS, she will leverage her expertise and emphasize the importance of how data is used and modeled to manage risk.

David Gary meanwhile joins as the Managing Director and Global Head of Non-Market Risk for Deutsche Bank’s FX business. Previously, he worked as Co-Chair of Deutsche Bank’s FX Settlement Governance Forum, also addressing the Supervisory Guidance for Managing Risks Associated with the Settlement of Foreign Exchange Transactions.

Akira Hoshino currently works at the Bank of Tokyo-Mitsubishi UFJ, Ltd. He is also the Senior Fellow and General Manager in the Global Markets Trading Division based in Tokyo.

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Dominique Le Masson is the Senior Coordinator for European Market Infrastructures at BNP Paribas Group. She is also 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 currently holds a role as the Managing Director, Clearing, Regulatory & Strategic Affairs in the Global Banking and Investor Services division at Societe Generale. He also works as the lender’s delegate on a number of industry association advisory bodies, including the ISDA Clearing Risk and Capital Committee.

Fabrizio Tallei is the acting Head of FX and International Money Markets at Intesa Sanpaolo Group Treasury. His expertise in this space will be important to CLS, as he also advises the group’s CFO on the evolution of the FX market and settlement systems and on the impact of new regulations at group level.

David Thomas originally joined RBC Capital Markets in 1992, which led to his eventual promotion to CEO of RBC Capital Markets Europe, responsible for leading all aspects of the business in the region, including strategy execution and effective governance.

Finally, Ronnie Yam has had a successful stint as the Regional Chief Financial Officer at United Overseas Bank Limited, based out of Singapore. He joined the bank in 2000 and is also a member of the UOB Group Investment Committee, Data Management Working Committee and the Talent Management Council.

In terms of CLS’ outside directors, Bryan Osmar, until his retirement in 2015, 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.

David Puth, CLS
CEO of CLS, David Puth

According to CLS Chairman Ken Harvey in a statement on the additions: “I am delighted to welcome such a strong slate of directors to the CLS Board. 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.”

“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,” explained CLS CEO David Puth in an accompanying statement.

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