Clearstream has shuffled some of its leadership, as Anne-Pascale Malréchauffé has been promoted to head Clearstream’s network management department, while Irene Mermigidis, who previously held that title, will move to REGIS-TR, Clearstream’s 50/50 joint venture trade repository with Iberclear.
Malréchauffé will be based in Luxembourg to lead the network management group, whereas for nearly the past three years, she had been in Singapore, serving as head of operations for Clearstream in the market and deputy general manager of the branch.
In appointing Malréchauffé to Mermigidis’ former role, a Clearstream spokesperson comments: “She combines in-depth business know-how with the capability to set up and lead large teams, as she did for 3 years in Singapore, and has an excellent track record in delivering on her mandates, which is important in light of the transformational journey of our Network function running up to TARGET2-Securities. Anne-Pascale will continue Irene’s successful work.”
The move comes at a time when trade repository activity has spiked due to the European Market Infrastructure Regulation (EMIR), prompting Mermigidis to become one of the two managing directors of REGIS-TR.
“We have seen a lot of traction around REGIS-TR since the EMIR trade reporting came into effect on 12 February,” says a Clearstream spokesperson. “Now is the time to take REGIS-TR to the next level, with Irene Mermigidis as one of the managing directors, who will be critical to the company’s success in the face of significantly increased client demand and continued development of the business. Her previous experience as the managing director of Link Up Markets (another CSD joint venture) made her the obvious choice for this role.”
To fill Malréchauffé’s previous position, Blair Monahan will step in and move to Singapore. Previously, he was based in Luxembourg as head of Clearstream’s reference data division
Monahan will report to Mathias Papenfuß, executive board member and chief operating officer at Clearstream.
In Luxembourg, Malréchauffé will report to Berthold Kracke, executive board member and head of business management at Clearstream. Malréchauffé will lead a team that includes Godefroid Lamboray as head of network management European markets, Mark Bosquet as head of network management domestic markets and Russell Callaway as head of network management international markets.
Aside from the management changes, Clearstream has released its annual disclosure framework report in response to a questionnaire from the Bank of International Settlements (BIS) Committee on Payment and Settlement Systems (CPSS) and the International Organisation of Securities Commissions (IOSCO).
As opposed to the more recent disclosure framework as part of the CPSS-IOSCO principles for financial market infrastructures (PFMIs), this questionnaire began in 1997 as a way to help market participants and regulators organize and understand the information required to identify potential risks from securities settlement systems.
Clearstream Promotes Malréchauffé to Head of Network Management, Mermigidis Moves to Trade Repository
Clearstream has shuffled some of its leadership, as Anne-Pascale Malréchauffé has been promoted to head Clearstream’s network management department, while Irene Mermigidis, who previously held that title, will move to REGIS-TR, Clearstream's 50/50 joint venture trade repository with Iberclear.
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