What Happened?
New York, NY-based CLS Group has Appointed Tom Zschach as Chief Information Officer
About the Company
CLS enhances financial stability through the mitigation of FX settlement risk globally, playing a fundamental role in the FX market. CLS is the only means by which FX settlement risk can be mitigated with finality, using a unique combination of payment-versus-payment settlement in central bank funds, multilateral payment netting and a standard legal framework, supported by a robust and resilient infrastructure. CLS also provides the CLS Aggregation Service LLC -- a collective industry solution that delivers a trade compression service to Settlement Members, reducing operational risk and cost issues. CLS Aggregation Services is a joint venture between CLS Bank (51% owner) and Traiana, Inc. (49%), an ICAP company. In 2012, the US Financial Stability Oversight Council designated CLS as “systemically important” financial market utility. Launched in 2002, CLS settles FX trades between the following 18 currencies: Australian Dollar, Canadian Dollar, Danish Krone, Euro, Hong Kong Dollar, Hungarian Forint, Israeli Shekel, Japanese Yen, Korean Won, Mexican Peso, New Zealand Dollar, Norwegian Krone, Singapore Dollar, South African Rand, Swedish Krona, Swiss Franc, UK Pound and US Dollar Owned by 74 of the world’s leading financial institutions, CLS Group Holdings AG is the parent company of the CLS Group of companies.
About the Person
Tom Zschach joins CLS from LCH.Clearnet, where he was CIO for three years and led the technology function through a major business transformation programme. He has also held various senior technology roles at Bank of America Merrill Lynch, Barclays Capital and Credit Suisse First Boston. Zschach will pick up where he left off at LCH.Clearnet as CLS continues to work on a major infrastructure programme that is set to run until 2016.
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