Deutsche Boerse CSDR buy-in agent gains Deutsche Bank veteran
29 November 2019 Frankfurt
Image: Shutterstock
Deutsche Boerse’s new buy-in agent has lured Marko Niederheide away from Deutsche Bank after 23 years with the bank.
In July, the German exchange formed Eurex Securities Transaction Services, a subsidiary of Eurex Frankfurt, to develop a neutral buy-in agent for market participants facing the challenges posed by the Central Securities Depositories Regulation (CSDR) incoming buy-in provisions.
CSDR will usher in the European securities finance industry’s first mandatory buy-in requirements for failing transactions from 14 September 2020, although this date is currently under review by the European Commission.
Deutsche Boerse’s buy-in agent, which is the first of its kind to be created as a direct response to CSDR’s settlement discipline provisions, is set to go live in September next year ahead of the regulation.
At Eurex Securities, Niederheide will join the company’s co-founders, Marcel Naas, formerly of Eurex Repo, and Marcus Addison, who shifted over from Eurex Clearing.
He will be responsible for business development and ensuring the product meets the market demand for a solution to the regulatory requirements of CSDR.
Niederheide has already left his position at Deutsche Bank but will not begin his role with Eurex Securities until the new year.
He brings a wealth of experience from two-decades at the German bank. In a LinkedIn post outlining his new role, Niederheide said he began his career in August 1996 as an apprentice in banking in a small branch of Deutsche Bank in his hometown of Cottbus, in northeast Germany.
He rose through the ranks to serve in roles including head of transaction services for Frankfurt and later as head of loan exposure management group operations, before assuming his most recent role as European head of global transaction banking market advocacy in 2008, based in Eschborn.
In July, the German exchange formed Eurex Securities Transaction Services, a subsidiary of Eurex Frankfurt, to develop a neutral buy-in agent for market participants facing the challenges posed by the Central Securities Depositories Regulation (CSDR) incoming buy-in provisions.
CSDR will usher in the European securities finance industry’s first mandatory buy-in requirements for failing transactions from 14 September 2020, although this date is currently under review by the European Commission.
Deutsche Boerse’s buy-in agent, which is the first of its kind to be created as a direct response to CSDR’s settlement discipline provisions, is set to go live in September next year ahead of the regulation.
At Eurex Securities, Niederheide will join the company’s co-founders, Marcel Naas, formerly of Eurex Repo, and Marcus Addison, who shifted over from Eurex Clearing.
He will be responsible for business development and ensuring the product meets the market demand for a solution to the regulatory requirements of CSDR.
Niederheide has already left his position at Deutsche Bank but will not begin his role with Eurex Securities until the new year.
He brings a wealth of experience from two-decades at the German bank. In a LinkedIn post outlining his new role, Niederheide said he began his career in August 1996 as an apprentice in banking in a small branch of Deutsche Bank in his hometown of Cottbus, in northeast Germany.
He rose through the ranks to serve in roles including head of transaction services for Frankfurt and later as head of loan exposure management group operations, before assuming his most recent role as European head of global transaction banking market advocacy in 2008, based in Eschborn.
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