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Euroclear plans senior management reorganisation

(PresseBox) (Brussels/London, ) Euroclear senior management changes are expected to be implemented in October.

Following the arrival of Lieve Mostrey from BNP Paribas Fortis on 1 October as Chief Technology and Services Officer and a member of the Euroclear Management Committee, the allocation of responsibilities among Euroclear Management Committee members has been reviewed.

The duties of Chief Administrative Officer, currently performed by Tim May, will be re-allocated, thereby reducing the number of Management Committee members to five. It will be proposed at the next Euroclear Board meeting at the end of September that Tim May leave Euroclear with effect from 31 October 2010.

Replacing Tim May as Chairman of Euroclear UK & Ireland, Frédéric Hannequart will take on this role in addition to his responsibilities as Chairman of Euroclear Bank, Euroclear Finland, Euroclear Sweden, and as a member of the Euroclear Management Committee. Bernard Frenay, Managing Director and head of the Euroclear Financial Division, will replace Tim May as Chairman of Xtrakter Ltd, which Euroclear acquired in May 2009.

Tim Howell, Euroclear's Chief Executive Officer, said: "We look forward to reinforcing Euroclear's reputation as the pre-eminent post-trade service provider under the leaner, reorganised Management Committee's leadership. Combining the extraordinary pool of skills and experience within the Euroclear group with external market talents, will further strengthen the organisation. We thank Tim May for his contributions to the Euroclear group and to our operations in the UK specifically. We wish him success in the future."

Tim May has been associated with Euroclear since 2002, first as a CRESTCo (now Euroclear UK & Ireland) and Euroclear Board member, and then as Chief Executive Officer of Euroclear UK & Ireland before becoming its Chairman in 2008 and Chairman of Xtrakter Ltd in 2009. As a member of the Euroclear Management Committee, he is also responsible for Corporate Technology and Human Resources for the Euroclear group.

Euroclear UK & Ireland

Euroclear is the world's largest provider of domestic and cross-border settlement and related services for bond, equity, derivatives and fund transactions. Market owned and market governed, the Euroclear group includes Euroclear Bank, based in Brussels, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. Euroclear also owns Xtrakter, operator of the TRAX trade matching and reporting system. The Euroclear group settled the equivalent of more than EUR 514 trillion in securities transactions in 2009, representing 180 million domestic and cross-border transactions, and held more than EUR 20 trillion in assets for clients.