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Foreign Exchange

CLS unveils new chief executive

CLS, the multi-currency cash settlement system for the FX markets, has appointed a JPMorgan and State Street veteran as its new chief executive.

David Puth, who is scheduled to take up his post on August 21, has worked in the FX markets for more than 30 years, 19 of which he spent at JPMorgan. At JPMorgan, which Puth left in 2007, he oversaw the bank’s FX, interest-rate derivatives, commodities and emerging-markets business, and was a member of its executive committee.

After leaving JPMorgan, Puth founded the Eriska Group, a New York-based risk-management consultancy.

From 2008 to 2011, Puth worked at State Street, where he was head of global markets. In that role, he was responsible for sales, trading and investment research across multiple asset classes, including FX, and for Currenex, the bank’s electronic FX brokerage business.

Puth takes over from Gerard Hartsink, who was installed as the interim executive chairman of CLS in April.That followed the surprise departure of Alan Bozian, who had been chief executive at the utility from 2010.

“As the pace of regulatory and industry change in the FX market continues to accelerate, the CLS board is convinced that David is the right choice for our firm,” says Hartsink. “With his vision and experience, the board believes that David is uniquely qualified to lead CLS through this challenging period in the FX industry.”

Puth takes over responsibility for the day-to-day management and operations of CLS just weeks after it was designated as a systemically important financial market utility (FMU) by the Financial Stability Oversight Council (FSOC).

The FSOC was established under Title VIII of Dodd-Frank to designate an FMU as systemically important to the US financial system. It is made up of a group of top regulators, including US Treasury secretary Timothy Geithner and Federal Reserve chairman Ben Bernanke.

“Joining CLS is a natural next step for me,” says Puth. “I am eager to join my CLS colleagues in delivering the next stage of CLS’ strategy, during one of the most critical times for financial markets.”

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