The supervisory board of clearing house Eurex announced three new members.
Eurex announced that Managing Director at the Federal Republic of Germany Finance Agency GmbH Tammo Diemer will succeed Jutta Dönges.
Two new members were also appointed to the supervisory board through the Eurex Clearing Partnership Program. The performance-based program gives the five most active financial institutions in the clearing of OTC interest rate derivatives a seat on the board and a voice in corporate policy.
In the past two years the program has given seats to Commerzbank, Deutsche Bank, J.P. Morgan, LBBW and UniCredit. Head of Fixed Income & Currencies at UniCredit Group Tong Lee will be a member of the board in future. For Deutsche Bank, David Feldmann, Head of Capital Markets Germany, Austria & Switzerland, will take over from Stefan Hoops, Head of Corporate Bank. BNP Paribas’ Raphaël Masgnaux will leave the board at the end of his term.
The program was launched in 2018 to promote Euro Clearing in the EU-27. Other than the supervisory board seats, the ten most active participants will get a share of the earnings. These participants are also involved in the strategic development of the company through a seat on the FIC Board Advisory Committee. Morgan Stanley will be a member of it for the first time.
The program has gained broad market acceptance since its launch with 40 market participants joining from the USA, Great Britain, Asia and Continental Europe. Eurex Clearing’s market share in clearing OTC interest rate derivatives has increased from 2.8% at the beginning of 2018 to 18%.
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