UK- Joan Beck has been named as a replacement to Pen Kent as chairman of the European Securities Forum, a group of banks pushing for cheaper cross border clearing and settlement across European exchanges.

Beck’s background is in investment banking- he was deputy chairman of Credit Suisse First Boston from 1984 to 1995 and subsequently vice chairman of HSBC until 1999.

Kent is stepping down as planned but will remain on the board for two months. A new full time chief executive is expected to be appointed shortly.