CLS, the financial market infrastructure company that processes trillions of dollars in Forex transactions daily, has added two new directors to its board following its annual shareholder meeting earlier this month.

The appointments bring fresh expertise in market infrastructure and transaction services to the 21-member board. Brigitte Daurelle joins as an independent director, while Ryo Terazawa represents MUFG Bank, one of CLS's key stakeholders.

New Leadership Brings Market Infrastructure Experience

Daurelle spent over two decades at Euroclear, where she most recently served as CEO of the company's operations in Belgium, France, and the Netherlands. She currently sits on the board of SFIL, France's largest public development bank, where she chairs the audit committee and serves on several other committees focused on governance and risk management.

Her tenure at Euroclear included leading major business transformations and technology implementations across the European settlement infrastructure. She also headed MFEXbyEuroclear as CEO and integration lead, overseeing the platform's development and strategic acquisitions.

“We are delighted to welcome our new directors to the Board. Their extensive backgrounds in market infrastructure and financial services will be invaluable as we work to enhance the value provided through CLS’s services while addressing the challenges faced by the FX industry,” said Gottfried Leibbrandt, Chair of the Board.

Terazawa brings deep knowledge of Japanese yen settlement operations from his role as managing director and deputy head of MUFG Bank's Transaction Services Division. His division handles cross-border JPY transactions, including the bank's CLS settlement operations and securities custody services.

Before his current position, Terazawa led MUFG's transaction marketing office, where he promoted the bank's yen clearing and sub-custody services to global clients. His 18-year career at MUFG has included strategic planning roles across the Americas and Europe.

Board Expansion Reflects Growing FX Market Complexity

The new appointments expand CLS's board to 21 directors, with eight now designated as independent or outside directors. This structure reflects the company's role as a market utility owned by major global banks but operating with significant independent oversight.

CLS processes settlement for 18 currencies and handles payment flows worth trillions of dollars each day. The company was created by major banks in the late 1990s to reduce settlement risk in foreign exchange markets, which trade over $7 trillion daily according to recent Bank for International Settlements data.

The appointments come as CLS continues expanding its data and analytics services beyond its core settlement business. The company leverages its position at the center of global FX flows to provide market intelligence and risk management tools to trading firms and banks.