The European Central Securities Depositories Association (ECSDA) has named Mark Gem of Clearstream Banking as chair of the board.
For the remaining one-year period ahead of the re-election of the full ECSDA board, the association has also elected Euroclear’s Guillaume Eliet as vice-chair of the executive committee.
These moves follow Mathias Papenfuss’ decision to step down as chair of the association’s board, and Brigitte Daurelle’s resignation from her position as vice-chair of ECSDA.
Papenfuss has led the board since 3 May 2013, and the association says he has played an instrumental role in the foundation of ECSDA and pioneered its vision in providing a voice for CSDs across Europe.
Meanwhile, ECSDA says Daurelle has been integral in contributing her expertise as vice-chair of the association during the previous five years.
Three new executive committee members have also been elected to complete the ECSDA including Loretta Milani of Monte Titoli, Florentin Soliva of SIX SIS and Michael Carty of Euroclear UK & Ireland.
The mandate of the newly elected ECSDA officers and members will last until the re-election of the full ECSDA Board in 2022.
Papenfuss comments: “It has been a great privilege and honour for me to be the ECSDA chairperson for such a long period of time. I enjoyed the leadership role of ECSDA and the strong collaboration, trust, and personal relationships with its members very much.”
“Although I am saddened to step down as chairman, I am reassured of the professional and mature association that ECSDA has become over the last 10 years considering its strong recognition within Europe and also globally."
Gem says: “Europe’s post-trade financial market infrastructure has always been globally competitive and its CSDs are a core part of that.”
“ECSDA has played a leading role in preparing the CSDs for T2S and CSDR and in making the industry safe and efficient and we now look forward to playing a key role in the capital markets Union. It is a very great honour to take on the leadership of the at such an exciting time,” adds Gem.
