The chief executive of South Africa’s central securities depository (CSD), Strate, is to step down after almost 19 years at the helm.
Monica Singer will be leaving at the end of the month “to fulfil her dream of living in Cape Town and to pursue new opportunities”, the CSD said in a statement.
Singer departs after serving almost two decades for Johannesburg-based Strate, where she oversaw the transition to electronic settlement of equities, money market instruments and bonds.
She was also instrumental in South Africa’s transition to a T+3 settlement cycle last year for its equities market.
Over the years Singer has been a central figure in modernising Africa’s capital markets, representing the CSD on a number of associations including the African Middle East Depositories Association (AMEDA), and the Americas Central Securities Depositories Association (ACSDA).
“I have always had a passion for innovation and technology that drives societal change. With the potential disruption that the financial markets may face, particularly with disruptive technologies like blockchain, I will continue to research to stay ahead of developments which may lead me to consulting on these topics,” says Singer in a statement.
Strate will be taken over by Maria Vermaas, its current head of the legal and regulatory division, as interim CEO.