Andrew Bailey, the Governor of the Bank of England (BOE), has appointed Martin Pluves, an industry veteran with nearly three decades of experience in the global financial sector, as an external member of the Financial Market Infrastructure (FMI) Board.
According to an official announcement shared by the BOE, the Financial Market Infrastructure Board is BOE’s decision-making executive committee. The Board plays an important role in oversight of the Bank’s financial market infrastructure policy and supervision.
Pluves has extensive experience in the global financial industry. He previously served as the CEO of LCH Limited. The newly appointed external member of the FMI Board spent more than 10 years at LCH. Pluves also worked as the Chief Executive Officer of the Fixed Income, Currencies, and Commodities (FICC) Markets Standards Board.
Commenting on the appointment, Jon Cunliffe, Deputy Governor for Financial Stability and Chair of Financial Market Infrastructure Board, said: “Martin will prove to be an excellent addition to the FMI Board and will bring a huge amount of expertise on the financial market infrastructure sector, technology, and management.”
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One of the key objectives of the Board is to make sure that the bank meets its financial stability targets. “The FMI Board is a decision-making executive committee of the Bank of England, reporting to the Governor, and which exercises the Bank’s powers in relation to the three main types of financial market infrastructure (FMI) overseen by the Bank – recognized payment systems, central securities depositories, and central counterparties,” BOE said.
“The Board’s remit includes the promotion of the safety and soundness of FMIs and the taking of specific regulatory, policy and risk decisions. The Board plays a vital role in oversight of the Bank’s financial market infrastructure policy and supervision and helps ensure the Bank meets its financial stability objective,” the bank added.
Pluves holds a Bachelor of Science (Honours) degree from Loughborough University and completed the Program for Leadership Development at Harvard Business School.