A key provider of foreign exchange settlement risk mitigation services, CLS Group, has today announced the appointment of Ken Harvey as Chairman of the Board of Directors of CLS Group Holdings AG, and CLS Bank International, effective October 2014.
The current Chairman of CLS, Gerard Hartsink, will retire and step down in October 2014, after holding that position for seven years, including his role on the board of directors at CLS for the past twelve years.
CLS, through its various subsidiaries under the CLS brand, covers one of the largest multi-currency cash settlement systems, facilitating payment instructions for FX transactions from its member firms, including Spot FX transactions via a joint partnership with Traiana.
New Position Effective in October When Current Chairman Retires
Forex Magnates last reported about CLS when it released to its members that FX volumes had risen in January, as reflected among various FX market participants at the start of 2014 relative to prior periods.
Mr. Harvey has been an independent member of the CLS Board since 2012, and was most recently group Chief Technology Officer and Group Chief Information Officer at HSBC, and with over 30 years experience in global finance. This includes concurrent senior advisory board and independent director positions, respectively, at firms such as Oliver Wyman and Amber Road, as described in the official press release.
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Incoming chairman Ken Harvey said in the official press release regarding his appointment, “CLS plays a pivotal role, providing stability in the largest and most liquid market, foreign exchange,” and concluded, “I look forward to working with my fellow Board members and the executive team as we take the organization and our offering forward to new markets and regions, to the benefit of the global financial eco-system.”
Asia Remains in Focus as Key Region
CLS recently opened an office in Asia, as regionally the market share of foreign exchange trading volumes have risen for both location specific originators of global flows, such as in Singapore (which inched over Japan in the last BIS rankings) as financial market center, as well as country specific currencies such as the Indian rupiah, Chinese yuan (Renminbi) and Singapore dollar among other Asian currencies on the rise (in terms of market share of trading volumes).
Outgoing CLS chairman, Gerard Hartsink added: “Ken is ideally suited for this role; he has proven a vital addition to the Board during his tenure and will bring continuity to leadership at CLS. I look forward to working closely with him to ensure a smooth transition and would like to thank my fellow Board members for their support and hard work during my tenure.”
Mr. David Puth, CEO of CLS, added in the official announcement regarding the appointment, “We are very pleased to have Ken take the role of Chairman,” and added,“His strengths, both as a recognized leader in business technology and as a former senior executive in the banking industry, position him very well to lead the Board. Additionally, his extensive international experience in Asia, Europe and the Americas will help take CLS forward into our next phase of growth.”
In December 2013, CLS raised capital in anticipation of increased regulatory costs, as global standards such as those proposed by IOSCO, and new rules going into effect are expected to require a greater amount of capital allocations to meet certain requirements, in wake of recent financial crises, in an effort to reduce systemic risk.