Clearstream’s head of regulatory implementation, Mathias Papenfuß, has stepped down from his position as chairman of the European Association of Central Securities Depositories (ECSDA) and has been replaced by his colleague Mark Gem.
Papenfuß held the role for eight years, playing an instrumental role in the foundation of the Association and providing a voice for CSDs across Europe through market developments such as TARGET2 Securities (T2S) and the Central Securities Depositories Regulation (CSDR).
“It has been a great privilege and honour for me to be the ECSDA Chairperson for such a long period of time,” said Papenfuß. “I enjoyed the leadership role of ECSDA and the strong collaboration, trust, and personal relationships with its members very much. Although I am saddened to step down as Chairman, I am reassured of the professional and mature association that ECSDA has become over the last 10 years considering its strong recognition within Europe and also globally.”
Gem, chairperson of the risk committee at Clearstream, will take over the role for the next year.
In addition, Brigitte Daurelle, CEO of Euroclear ESES (Belgium, Euroclear France and Euroclear Nederland) resigned from her position as vice-chair, to be replaced by Guillaume Eliet, head of regulatory, compliance and public affairs at Euroclear.
ECSDA members also elected three new executive committee members of the association: Loretta Milani of Monte Titoli, Florentin Soliva of SIX SIS and Michael Carty of Euroclear UK & Ireland.
“Europe’s post-trade financial market infrastructure has always been globally competitive and its CSDs are a core part of that,” said Gem. “ECSDA has played a leading role in preparing the CSDs for T2S and CSDR and in making the industry safe and efficient and we now look forward to playing a key role in Capital Markets Union. It is a very great honour to take on the leadership of the at such an exciting time.”