ECB’s former T2S supervisor named chief executive of CLS

FX settlement system names new CEO following exit of David Puth in September 2018.

By Jonathan Watkins
CLS has named Marc Bayle de Jesse as its new CEO, an individual synonymous with the Target2Securities (T2S) rollout in Europe during his time at European Central Bank (ECB).

Bayle de Jesse replaces David Puth, who stepped down from the settlement infrastructure in September 2018 after six years.

CLS chairman, Kenneth Harvey, has been serving as interim-CEO since September and will continue to do so until Bayle de Jesse takes up the role on 2 December.

Bayle de Jesse joined the ECB in 1997 and has held a number of senior positions including chairman of the European System of Central Banks Market Infrastructure and Payments Committee, and member of the BIS Committee for Payments and Market Infrastructure.

His time at the ECB coincided with one of its largest market infrastructure projects in T2S, a pan-European settlement system aimed at harmonising the continent’s securities settlement process.

Bayle de Jesse contributed significantly to the development of regulations and international standards for financial market infrastructures during his tenure at the ECB, addressing challenges digitalisation, cyber threat and globalisation pose to the market infrastructure and payments sector.

Prior to the ECB, he was senior advisor in the General Secretariat at Sicovam SA, the French central securities depository – now part of the Euroclear Group – which manages the French securities settlement system.

“Having spent 22 years at the ECB, Marc has played a central role in revolutionising Europe’s settlement infrastructure,” said Harvey.

“I believe he is extremely well placed to lead CLS and maintain and grow our unique position at the centre of the FX market. His extensive experience with central banks and market participants will help ensure we continue to respond to the needs of the industry, enhancing and developing our risk mitigation solutions.”