Deutsche Boerse reshuffles management ahead of CSDR buy-in service launch
23 October 2019 Frankfurt
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Deutsche Boerse’s Marcel Naas and Marcus Addison have taken on new responsibilities for the build and launch of the exchange’s new buy-in agent service that is billed to solve the requirements of the in-coming Central Securities Depositories Regulation (CSDR).
Since 2001, Naas has headed Eurex Repo, which provides secured funding and financing for global markets, but he will now move to the management board of the recently founded Eurex Securities Transactions Services, which will host the buy-in service once it launches in the second half of 2020.
Naas is joined in establishing the company by Addison, who previously served as head of default-management at Eurex Clearing.
According to Eurex, the buy-in agent service will offer market participants an automated and standardised solution to meet the settlement discipline rules of CSDR that enter force on 14 September 2020.
The new regulation on settlement discipline for securities trading transactions obliges the buyer in a securities transaction to initiate a buy-in process against the seller should the settlement of a transaction fail after a certain period of time. This calls for a neutral third party who acts as buy-in agent, something which was not previously required in European securities financing transactions.
In a statement on the new service, Deutsche Boerse said it aims to bridge this gap and enable market participants to comply with the regulation from day one of go-live.
Alongside their managing director positions at Eurex Securities Transactions Services, Naas will retain his other role as a member of the executive board of Eurex Global Derivatives, headquartered in Zug, Switzerland, while Addison will remain in the risk area at Eurex Clearing.
Elsewhere, Matthias Graulich will take over Naas’ leadership role at Eurex Repo, which he will now manage alongside Frank Gast, who has served as Eurex Repo’s head of funding and financing since 2013.
Graulich will continue his mandate as an executive board member of Eurex Clearing, which he has held since August 2014, as well as his responsibility for the fixed income, funding and financing strategy and product development area at Deutsche Boerse Group.
Since 2001, Naas has headed Eurex Repo, which provides secured funding and financing for global markets, but he will now move to the management board of the recently founded Eurex Securities Transactions Services, which will host the buy-in service once it launches in the second half of 2020.
Naas is joined in establishing the company by Addison, who previously served as head of default-management at Eurex Clearing.
According to Eurex, the buy-in agent service will offer market participants an automated and standardised solution to meet the settlement discipline rules of CSDR that enter force on 14 September 2020.
The new regulation on settlement discipline for securities trading transactions obliges the buyer in a securities transaction to initiate a buy-in process against the seller should the settlement of a transaction fail after a certain period of time. This calls for a neutral third party who acts as buy-in agent, something which was not previously required in European securities financing transactions.
In a statement on the new service, Deutsche Boerse said it aims to bridge this gap and enable market participants to comply with the regulation from day one of go-live.
Alongside their managing director positions at Eurex Securities Transactions Services, Naas will retain his other role as a member of the executive board of Eurex Global Derivatives, headquartered in Zug, Switzerland, while Addison will remain in the risk area at Eurex Clearing.
Elsewhere, Matthias Graulich will take over Naas’ leadership role at Eurex Repo, which he will now manage alongside Frank Gast, who has served as Eurex Repo’s head of funding and financing since 2013.
Graulich will continue his mandate as an executive board member of Eurex Clearing, which he has held since August 2014, as well as his responsibility for the fixed income, funding and financing strategy and product development area at Deutsche Boerse Group.
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