He will be appointed as Chief Executive Officer of CLS Group and President and CEO of CLS Bank International, effective 30 June 2010 on the retirement of Rob Close after nine years with CLS. This executive change is part of the group’s planned succession strategy.
In announcing the appointment of Alan as Rob’s planned successor, Gerard Hartsink, Chairman of CLS Group and CLS Bank International said: “Alan brings a wealth of experience to lead the continued growth and development of CLS. Going forward, there is an enormous opportunity for CLS to further deliver collaborative initiatives for the benefit of the FX industry. We are delighted that Alan has accepted this position to lead the Group in meeting these challenges. Alan has significant experience within the financial services sector. His strategic leadership ability together with his capital markets product and technology experience will be invaluable to CLS in its continued growth and evolution.”
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Today CLS is settling an average daily volume of 719,000 instructions with an average daily value of $3.9 trillion. In February, it settled a new record for average daily volume of 1,733,262 sides. Continued growth in participation has resulted in the bank now settling in excess of 75% of the available eligible market trades. In 2009, participation in CLS increased by 70% and now comprises over 7,000 participants. CLS currently settles in 17 major currencies, which account for 95% of the daily value traded.