Thomson Reuters officially announced today that David Clark has been appointed as an independent non-executive director to the board of Thomson Reuters Benchmark Services Limited (TRBSL), the body which manages governance and control of the Thomson Reuters family of financial benchmarks.
As a company authorized by the Financial Conduct Authority, TRBSL is responsible for ensuring Thomson Reuters benchmarks are compliant with all UK regulations, and also international requirements such as the IOSCO principles for benchmarks.
Mr. Clark is also joining the Oversight Committees of two key benchmarks: the LMBA Silver Price and the WM/Reuters foreign currency benchmarks.
Mr. Clark is a highly accomplished senior executive who has extensive experience in the currency and capital markets. In a career spanning over 40 years Mr. Clark has held positions at Bankers Trust, Commerzbank, HSBC and Bankgesellschaft before moving into non-executive director and advisory positions.
Mr. Clark is currently a member of the Bank of England’s Foreign Exchange Joint Standing Committee, and is a member of the Bank’s SONIA Advisory Committee. He is a member of the Libor and IceSwap (formerly IsdaFix) Benchmark Oversight Committees administered by ICE.
Stephan Flagel, Head of Benchmark and Indices at Thomson Reuters, said:
Mr. Clark is an extremely experienced individual and we are certain that he will add further depth to both the LBMA Silver Price and WM/Reuters Oversight Committees.
Thomson Reuters operates its benchmarks business under the Trust Principles mandated in its corporate charter since 1941, which guarantee integrity, independence and freedom from bias and its governance and control framework for benchmarks is in line with IOSCO principles.
Established as a separate and fully regulated subsidiary in May 2013, Thomson Reuters Benchmark Services Ltd develops and manages governance frameworks for the benchmarks it administers, as well as reporting tools to comply with various regulatory requirements for financial benchmarks.