Clearstream Appoints New Chief11.23.2011
The clearing and settlement unit of Deutsche Borse Group has a new chief executive as Andreas Wolf steps down.
Wolf, who had been with Clearstream Banking since 2000 and was serving as chief executive officer since 2007, has resigned from his position, effective at year end, in order to “pursue new activities.” The Supervisory Board of Clearstream Banking confirmed Wolf’s request to terminate his contract.
“I very much regret the departure of Andreas Wolf, who has been an integral part of Deutsche Borse Group’s management team,” said Reto Francioni, CEO of Deutsche Borse in a statement. “He has given decisive impetus to numerous developments in the post-trading area for the German and international markets.”
A request to Clearstream for comment was not immediately returned.
Wolf will be replaced by Stefan Lepp, who has been a member of the executive board at Clearstream since 2006, and was also responsible for the global securities financing business unit. Prior to joining Clearstream in 2004, Lepp was responsible for sales and business relationships, product management and marketing in Dresdner Bank’s custody business area. Lepp has over 20 years of experience in the sector. He began his career at Zurcher Kantonalbank in Switzerland, where he held a series of management positions in post-trade securities processing.
Clearstream Banking is the clearing and settlement division of Deutsche Borse, and is based in Luxembourg. The company was founded in 2000 through the merger of Cedel International and Deutsche Borse Clearing. Its international central securities depository operations are based in Luxembourg. It also acts as the central securities depository for Germany.
The company is in the process of forming collateral management agreements with several markets around the world. Its first partnership, which went live on July 18, was with Brazilian central securities depository Cetip on July 18. As part of the agreement, Cetip essentially outsourced its collateral management obligations to Clearstream. The Australian Securities Exchange also recently entered into discussions with Clearstream to develop a new collateral management service for the Australian market.
The company asserts that it is the only collateral management services provider in a position to manage collateral across time zones and regions while the assets stay in the respective domestic market, under local legislation, which is a regulatory requirement in many countries.