The last of the five domestic Market Advisory Committees (MACs) promised by Euroclear at the time of the CREST acquisition met for the first time today. Members of the Dutch MAC met in Amsterdam today.
The MACs were created as part of the elaborate structure of corporate governance created by Euroclear in an effort to insulate itself from the allegation by European agent banks that the Euroclear Group is bedevilled by a conflict of interest between its commercial banking activities and its utility functions as a provider of CSD services in Belgium, France, Ireland, the Netherlands, and the United Kingdom.
Euroclear says the Dutch MAC will act in the same way as the MACs already established in Belgium, France, Ireland and the United Kingdom: as the primary source of consultation by Euroclear with the local securities market.
The Dutch MAC has ten members, and is chaired by ABN AMRO’s Gerard Hartsink. The other members are:
Peter Cornet Dexia Bank NederlandFrans Demmenie Fortis BankAntoine Dijkstra NIB Capital BankFloris Henning Rabobank NederlandTed van Heese Kas BankPeter van Hooijdonk Van der Hoop EffectenbankBob Janssen SNS BankCarel van der Spek F. van Lanschot BankiersHenny van der Wielen De Nederlandsche BankJan Zegering Hadders ING Bank
Ignace R. Combes, Deputy Chief Executive Officer, Euroclear Bank, said: “We warmly welcome the creation of this MAC, which marks an important milestone in the evolution of a Euroclear group that is fully committed to taking account of the views and concerns of its users. We will be looking to the MAC for expert guidance in helping us to best serve the needs of the Dutch securities market, as we work to deliver the most efficient settlement solution for Europe’s capital markets.”