CLS Group, a leading provider of risk mitigation and settlement services for foreign exchange (FX) dealers and institutions, announced this Wednesday that it has appointed its new Chief Executive Officer (CEO) – Marc Bayle de Jessé.
Bayle joins the risk and settlement services provider from the European Central Bank (ECB), where he is currently the Director General, Market Infrastructure and Payments and Chairperson of the Market Infrastructure Board.
The appointment of Bayle follows on from the firm’s previous CEO, David Puth stepping down from the leading role at the end of September in 2018, as reported by Finance Magnates.
Marc Bayle to Replace Kenneth Harvey as CEO of CLS
Bayle will commence the top position with CLS on December 2 this year and will replace Kenneth Harvey, the Interim CEO and Chairman, who has been steering the company since Puth’s resignation last year.
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In his current role at the ECB, Bayle is in charge of designing and implementing policies in market infrastructure and payments. He has been with the central bank since 1997 and in the more than two decades of working with the bank, has held a number of senior positions.
Commenting on Marc’s appointment, the Interim CEO and Chairman of CLS said: “Having spent 22 years at the ECB, Marc has played a central role in revolutionizing Europe’s settlement infrastructure.”
“I believe he is extremely well placed to lead CLS and maintain and grow our unique position at the center of the FX market. His extensive experience with central banks and market participants will help ensure we continue to respond to the needs of the industry, enhancing and developing our risk mitigation solutions.”
Before his 22-year stint at the ECB, Bayle was Senior Advisor in the General Secretariat at Sicovam SA. This is the French central securities depository which is now part of the Euroclear Group.
“As a leading global market infrastructure provider, CLS plays a crucial systemic risk-mitigation role in the FX industry. I am looking forward to ensuring the organization continues to deliver the highest level of service to its clients and shareholders, as well as further expanding its capabilities as a trusted market solutions provider,” added Bayle.