Clearstream Makes Organizational Changes in Lead Up to T2S

Clearstream has enhanced its Target-2 Securities (T2S) strategy with three key appointments, further strengthening its core business activities in preparation for the harmonized settlement platform for Eurozone securities.

The changes, mandated by the ICSD’s executive board, affect the organizational set up of the company.

Effective June 1, Irene Mermigidis’ was appointed Clearstream’s head of Network Management, a newly created role, returning to Clearstream from her previous assignment as managing director of Link Up Markets. Mermigidis’ mission will be to further expand Clearstream’s global network activities in the domestic and international (Eurobond) markets and further aligning network management activities to gear up for T2S.

Prior to Link Up Markets, Mermigidis’ worked for ten years in a variety of roles in the Product Management division of Clearstream. She is replaced at Link Up Markets by Iberclear’s Elena Carnicero.

Arnaud Delestienne takes the role of head of Core Product Management, responsible for the company’s settlement and custody product suite, pricing activities and publications, offering a greater integration of the different aspects of a product lifecycle, from analysis and design to the support of the early commercialisation effort through appropriate documentation.

Delestienne replaces Sébastien Grèverie, who is now senior advisor for Client Consulting at Clearstream. In his new role, Grèverie will manage significant client projects such as the migration of major customers (like UBS Investment Bank) to Clearstream.

Delestienne’s mandate will also be to continue to further adapt Clearstream’s core products to a future T2S environment. T2S will have a major impact on securities services – while providers’ settlement revenues will be taken away by the new platform, asset services will need to be developed to adapt to the new platform and to enable providers to compete by ascending the securities industry value chain.

Delestienne has worked in a variety of roles at Clearstream since 1999, spanning Money Markets, Custody Operations and Network Management. Prior to his new role, he was executive director, head of Network Management, International Markets and Americas.

Karla Amend was appointed to head a new T2S Governance team, a section that formalizes her already existing responsibilities in T2S. Governance discussions around T2S amongst the European Central Bank, the Eurosystem, and participating central securities depositories (CSDs) will continue beyond the launch of T2S in 2015. The new section formalizes this on going governance mandate and will also ensure Clearstream continuously aligns with customers on the company strategy and T2S developments.

Amend joined Clearstream in 1981 and since 2006 has been overall Project Manager of the T2S Clearstream. In addition, she was chaired the “Technical-Group 4 – Static Data” and of the “Sub-Group on Process Efficiency” within the T2S Programme. Amend currently represents Clearstream in the T2S Advisory Group. She is also a member of the Customer Steering (CSG) Group Chair-Office and acts for Clearstream in the German National User Group.

All three new posts will report to Mark Gem, member of the Executive Board of Clearstream and head of Business Management and Strategy.

A Clearstream spokesperson commented: “TARGET2-Securities is at the heart of our business strategy. Finding the right approach to T2S and gearing up for this game-changer in our post-trade environment is a priority across the industry. Continuing to lead the way for T2S, our new organisational setup does not only strengthen our commitment to T2S, but is also designed to even better support our clients in their journey to T2S where they now expect very concrete guidance from us.”