CLS Group Strengthens Board with Four New Directors Elected by Shareholders

The four new CLS board directors hail from very senior FX industry positions.


I am delighted that Jennifer, Gillian, Lesley and Sara are joining the CLS Board.


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The leading provider of risk mitigation services to the global foreign exchange (FX) market, CLS Group, today announced that four new board directors have been elected by its shareholders, according to an official CLS announcement.

The four new directors were chosen during the firm’s Annual General Meeting (AGM) on April 26, 2016, and are Jennifer Buonopane, Gillian Lungley, Leslie Tay and Sara Wardell-Smith. This brings the total number of directors on the CLS Board to twenty-three – including outside and independent directors.

“I am delighted that Jennifer, Gillian, Lesley and Sara are joining the CLS Board,” said Ken Harvey, CLS Board Chairman, commenting in the CLS statement. “Their combined expertise and knowledge of the global foreign exchange market will provide valuable counsel to CLS in critical areas such as operations, technology and risk management.”

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Wells Fargo and State Street

Sara Wardell-Smith Source: LinkedIn
Sara Wardell-Smith
Source: LinkedIn

A twenty-two year industry veteran, Ms. Wardell-Smith is globally responsible for the Foreign Exchange & International Treasury Sales and Trading Division at Wells Fargo and had joined the firm in 1995.

Ms. Wardell-Smith is also a member of the U.S. RMB Working Group, focused on ways to expand and develop the trading of RMB in the U.S. including clearing and settlement of the emerging Chinese currency – which is expected to be in the top ten currencies in the upcoming Triennial survey.

Ms. Buonopane is Chief Operating Officer at State Street Global Markets (SSGM) and a Senior Managing Director at the firm, having initially joined State Street in 2007, and overseeing more than 350 staff across numerous operations globally for SSGM, according to the CLS update.

Credit Suisse and UOB

Ms. Lungley is based in London and holds the role of Global Head of Operations IT as well as Chief Operating Officer for Credit Suisse, while also acting as managing director for the company. She oversees cash and liquidity management, trade validation and control, client assets and clearing, among other areas related to FX at the company.

Mr. Tay is based in Singapore and oversees global FX, rates and derivatives market making and trading for United Overseas Bank Ltd (UOB) – a leading financial institution in Asia. Mr. Tay also runs the global arbitrage book for short-term interest rates at UOB and is a member of the Singapore division for ACI Financial Markets Association, according to the CLS update.

Board strategy and April data

David Puth, CEO of CLS, added in the announcement: “Their collective insight and experience, drawn from years of financial industry experience, will support CLS in the ongoing delivery of our strategy as we continue to seek new opportunities to mitigate risk and provide value for our members and the global FX market.”

The news follows after CLS reported an uptick in April’s FX settlement figures (compared to March), indicating that volumes may have been lifted globally in April, as observed by the Bank for International Settlements (BIS) as the much-anticipated triennial survey for foreign exchange markets was conducted using April data and will be revealed later this year.

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