Reuters: Regulatory News: Euroclear taps Credit Agricole for new chairman

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Euroclear taps Credit Agricole for new chairman May 24th 2012, 15:43 By Luke Jeffs LONDON | Thu May 24, 2012 11:43am EDT LONDON May 24 (Reuters) - Euroclear named Marc Antoine Autheman, a former Credit Agricole banker, to replace Sir Nigel Wicks as chairman in January as the settlement firm gears up for reforms to promote competition in the sector for the first time. Euroclear, Europe's largest central securities depository (CSD), said on Thursday that Autheman will be the chairman of Euroclear PLC and Euroclear SA/NV from January 1, 2013. Autheman worked for the International Monetary Fund and World Bank before rising through the ranks at Credit Agricole to become the head of its international banking unit. Wicks will step down after six years in the job. Euroclear settles trades in British, French and Dutch shares as well specialist bonds. CSDs like Euroclear and its main rival Clearstream, owned by Deutsche Boerse, serve a crucial function in the financial markets, handling on behalf of their banking clients the transfer of assets and cash, a step known as settlement. Historically there has only been one CSD for each market but the European Commission proposed in March a rule change that will allow trading firms to chose between rival providers, effectively paving the way for competition. The CSD regulation has yet to pass through consultation at the EC but it could take effect as soon as the end of next year, a step that would present opportunities and threats for the region's largest depositories. Link this Share this Digg this Email Reprints

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