VP LUX, the Luxembourg Central Securities Depository (CSD), has appointed former London Stock Exchange Group (LSEG) managing director Andrea Tranquillini as its new CEO.
Tranquillini was formerly managing director of business development at LSEG where he led the group’s Luxembourg-based CSD, globeSettle.
He will now replace the retiring Flemming Andersen as VP Lux’s CEO.
Prior to his current role, Tranquillini had a near three-year spell as head of network management at Monte Titoli as well as two separate periods at Capco.
He also spent nearly eight years as vice president for network management at Clearstream Banking in addition to roles at BNP Paribas and JP Morgan.
LSEG’s globeSettle initially received backing from the Luxembourg central bank in 2015, however an official launch date is still to be confirmed.
Speaking on the group’s full year earnings call last month, LSEG CEO Xavier Rolet stated that uncertainty surrounding the now defunct LSE Deutsche Boerse merger had caused interest in globeSettle to wane.
“In the short-term globeSettle has been a casualty of the merger talks. It is not shut down, but clearly it has been penalised. Clients want clarity of the merger proposal before getting an idea of the long-term future for globeSettle,” said Rolet.
An LSEG spokesperson told Global Custodian that globeSettle “remains very much part of the group’s plans” despite Tranquillini’s departure.