Exclusive: Euroclear Collateral Head Saheed Awan Resigns

Saheed Awan, Euroclear’s global head of collateral services and securities financing products, will leave the company on Friday.
By Joe Parsons(2147488729)
Saheed Awan, Euroclear’s global head of collateral services and securities financing products, will leave the company on Friday.

A spokesperson for the bank confirmed exclusively to Global Custodian that Awan has decided to leave and today would be his last day. Euroclear could not comment on any further details.

His departure comes at a crucial time as the bank looks to develop its joint collateral pool service with the Depository Trust and Clearing Corporation (DTCC). However, despite his position at Euroclear, Awan was not placed on the Euroclear-DTCC joint venture executive board.

Saheed Awan was awarded the Global Custodian ‘Lifetime Achievement Award’ in January this year, largely due to his pioneering work in the structuring of tri-party repo services and, most recently, the construction of Euroclear’s global ‘Collateral Highway’– an initiative to help market participants source and mobilize collateral for access to central bank liquidity.

Speaking in Global Custodian’s 25th Anniversary issue, Awan said: “I started European tri-party with a PC and two operations people. We learned on the job as there was no blueprint to follow… Euroclear is attributable for creating the modern repo market.”

Awan joined Euroclear in May 2012. Prior to that, he was head of global securities financing for over 14 years at Clearstream, a rival central securities depository (CSD).

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