Euroclear revamps management
The world’s largest settlement system for securities transactions, Euroclear, has changed its management structure in a move to maximise its ability to “deliver improved services to users”. The reshuffle follows Euroclear’s merger with CrestCo last year.
CrestCo’s chief executive Hugh Simpson now joins the management committee of Euroclear.
“Members of the management committee now share the responsibility for the oversight of 16 cross-company divisions comprising Euroclear, including new divisions created specifically to focus on client-driven service enhancements and the single settlement engine,” Euroclear says in a statement.
The merger also means changes to the CrestCo board. Pierre Francotte, Euroclear’s chairman, now takes over the chairman’s seat at CrestCo, replacing Sir Nigel Wicks, who becomes deputy chairman at Euroclear. Euroclear’s Martine Dinne and Theo Van Engeland also join the CrestCo board.
UK settlement organisation CrestCo and its Brussels-based counterpart Euroclear sealed their merger in September last year, with the stated aim of delivering a cost-effective and efficient solution for pan-European securities services.
Backing that up, Euroclear announced a rebate of E30m to users in December. The rebate comes atop a E10m saving from lower borrowing fees for users, it says.