CLS Shareholders Elect Five New Board Directors

CLS Group (CLS), the market infrastructure that enhances financial stability by providing risk mitigation services to the global FX market, announced that five new directors have been elected to its Board of Directors.

The new directors are:

Gérard Gil, Senior Advisor to BNP Paribas’ General Management. Mr. Gil supervised the accounting department of BNP Paribas from its creation in 1999 until 2009 and was the firm’s Deputy CFO from 2009 to 2012. A member of the Supervisory Board of the European Financial Reporting Advisory Group, he has been the Chairman of the Accounting Committee of the French Banking Association since 1998 and of the Accounting Committee of the European Banking Federation from 2006 to 2011;

David Hudson, Managing Director and Global Chief Operating Officer for Rates, Foreign Exchange & Public Finance at JPMorgan Chase. Mr. Hudson is responsible for business strategy, oversight of finance, technology and business operations, as well as regulatory and industry relationships for the Rates and FX businesses. He has also worked in a variety of Chief Operating Officer roles at JPMorgan Chase, including Global Fixed Income Exotics and Hybrids, Retail Structured Products and the Global Currency and Commodities Group;

Karen Keenan, Executive Vice President, Head of Global Markets for Europe, the Middle East and Africa (EMEA) at State Street Corp. She is responsible for leading foreign exchange, securities finance, transition management and equity trading, and electronic platforms businesses in the EMEA region. In addition to this role, Ms. Keenan oversees the client relationships team and supports strategic initiatives for Global Markets. She joined State Street in 2007 as part of the Acquisition of Investors Financial, where she served as chief financial officer at Investors Bank & Trust;

Maggie Parent, Managing Director and Chief Operating Officer for Operations, Technology and Data for Morgan Stanley. Ms. Parent oversees the day-to-day operations, financial and personnel management for two divisions comprising a 20,000-person workforce, while also managing strategic projects including acquisitions, divestitures, new office openings and infrastructure renovation. She has served in diverse technology and operations management roles at Morgan Stanley since she joined in 1993; and

Kam Keung (KK) Tse, the former head of State Street Corp.’s investment servicing business in Asia Pacific. A Hong Kong native, Mr. Tse has worked in Asia for more than 30 years in banking, investment and public services. He is a member of the Financial Infrastructure Sub Committee of the Exchange Fund Advisory Board as appointed by the Financial Secretary of the Hong Kong SAR government. Notably, Mr. Tse chaired the Committee of Open-ended Mutual Funds of the China Securities Regulatory Commission when China wanted to launch open-ended funds in 2001. CLS shareholders designated Mr. Tse as an Outside Director.

With the addition of Mr. Gil, Mr. Hudson, Ms. Parent, Ms. Keenan and Mr. Tse, the CLS Board now totals 24 Directors, five of whom are independent and designated as Outside Directors.

“CLS is fortunate to have five outstanding financial industry professionals join its Board,” said CLS Chairman Gerard Hartsink. “With his extensive accounting background, Gérard will help ensure effective oversight and guidance of the Board. David’s track record as a senior manager in the global FX business should prove useful as CLS strives to maintain its vital role in an evolving FX market. Karen’s financial and operational experience will support the Board’s planning, budgets and forecasts efforts. Maggie’s technical and operational expertise will help CLS as it seeks to enhance its infrastructure to comply with more demanding regulatory requirements. Finally, CLS’ goal to expand its Asian operations will be supported by KK who brings three decades of financial industry experience in that region.”

CLS CEO David Puth added: "I am confident that Gérard, David, Karen, Maggie and KK will provide valuable counsel on the critical issues CLS faces now and in the future. Their collective wisdom, drawn from many years of successful financial industry experience, will help ensure CLS grows and innovates as we continue on our mission to enhance financial stability by providing risk mitigation services to the global FX market.”