Jeffrey Tessler has been appointed as Chairman at both Eurex Frankfurt and Eurex Clearing. He replaces Hugo Bänziger, who had held both mandates since 2002. He resigns at his own request. Gregor Pottmeyer was elected as vice chair.

We are delighted to welcome Jeffrey Tessler as our new Chairman of both #Eurex Frankfurt and Eurex #Clearing. https://t.co/h3YTgP8Vm5 pic.twitter.com/PbBRjaXFTC

— Eurex (@EurexGroup) June 28, 2018

“We are delighted to welcome Jeffrey Tessler as our new Chairman,” says Thomas Book, CEO of Eurex Frankfurt. “We will benefit tremendously from his profound industry experience and clear client focus. At the same time, I cannot thank Hugo Bänziger enough for his work, his commitment and his guidance. He brought Eurex forward and accompanied us through times of change by constantly bringing his industry experience to our business. This helped us to benefit from new legislation like Emir and made Eurex what it is today.”

In the new term, the number of board directors has shrunk from nine to three. Tessler and Pottmeyer will be joined by Hauke Stars. The previous members Richard Berliand, Serge Demolière, Martin Klaus, Susanne Klöss, Petra Roth and Jürg Spillmann have left the supervisory board.

The Eurex Clearing supervisory board will be joined by the five most active participants of the Partnership Program. Charles Bristow acts for JP Morgan; Nikolaus Giesbert takes the mandate of Commerzbank. Deutsche Bank is being represented by Stefan Hoops; Raphael Masgnaux takes BNP Paribas‘ seat. Thilo Roßberg stands for LBBW. Alongside the Partnership Program, Jutta Doenges from Deutsche Finanzagentur was elected. Altogether, Eurex Clearing’s supervisory board comprises twelve seats.

“The inclusion of five client representatives in the Supervisory Board marks further progress for the Eurex Clearing partnership program,” says Erik Müller, CEO of Eurex Clearing. “I welcome the new supervisory board members and their contributions to establishing a liquid alternative to clear Euro-denominated OTC interest rate derivatives in the EU27.”

The changes are subject to regulatory no-objection.

Source: Eurex