Euroclear has appointed Tim Howell as CEO of Euroclear, replacing Pierre Francotte, who announced his decision last June to step down as CEO after ten years. Tim Howell, 49, is currently the Global Head of HSBC Securities Services, where he is responsible for the custody, fund administration and corporate trust businesses of the HSBC Group.
Previously, he was Group Treasurer, responsible for asset and liability management, and Head of Market Risk. He is a Chartered Accountant, having qualified with Arthur Andersen & Co. Tim Howell has been a Board member of Euroclear since 2007 and is also the current Chairman of the Boards Risk Committee.
Howell will have some tough choices to make in his first year. Investment banks – some of Euroclear’s major clients – have been busy cutting costs, and Euroclear have been cutting fees for a number of years. However the London Stock Exchange recently accused Euroclear and other clearing venues of contributing up to two-thirds of trading costs on the exchange.
Commenting on his appointment, Tim Howell, said: There are few organisations that have the clarity of vision, depth of management and staff expertise, Board representation and market trust that Euroclear has developed over the years. I am truly excited to be joining an organisation that has so many excellent qualities. I intend to put them to good use in helping Euroclears clients find the answer to their future post-trade service needs at Euroclear. I relish the new professional challenges ahead and sincerely appreciate the confidence that the Euroclear Board has with me.