He will be appointed as Chief Executive Officer of CLS Group and President and CEO of CLS Bank International, effective 30 June 2010 on the retirement of Rob Close after nine years with CLS. This executive change is part of the group's planned succession strategy.

In announcing the appointment of Alan as Rob's planned successor, Gerard Hartsink, Chairman of CLS Group and CLS Bank International said: "Alan brings a wealth of experience to lead the continued growth and development of CLS. Going forward, there is an enormous opportunity for CLS to further deliver collaborative initiatives for the benefit of the FX industry. We are delighted that Alan has accepted this position to lead the Group in meeting these challenges. Alan has significant experience within the financial services sector. His strategic leadership ability together with his capital markets product and technology experience will be invaluable to CLS in its continued growth and evolution."

Gerard Hartsink said: "Rob has done an outstanding job during his time at CLS. Rob's leadership has ensured that the group has made significant steps forward in all areas of its activity. CLS has met all the challenges of recent market events and there is a high level of confidence in CLS across the market. CLS is seeing continued strong growth in participation, rising volumes and values and developed and launched a number of new products to meet the fast-changing dynamics of the FX market. Rob has also been at the forefront of determining the direction the Group will take in the coming years. On behalf of CLS Group, I would like to thank Rob for his contribution and wish him a well deserved retirement when it happens."

Alan added "I am looking forward to leading CLS to the next stage of its development and it is an honour to follow Rob Close as CEO of CLS and to be working with him during our transition to build on the credibility and innovative solutions CLS has provided to the marketptplace."

Rob Close commented: "Alan is an accomplished individual and I am confident will be an excellent leader of CLS in its evolution. A key role for me now is to ensure a very seamless handover during the coming months as we work together."

Today CLS is settling an average daily volume of 719,000 instructions with an average daily value of $3.9 trillion. In February, it settled a new record for average daily volume of 1,733,262 sides. Continued growth in participation has resulted in the bank now settling in excess of 75% of the available eligible market trades. In 2009, participation in CLS increased by 70% and now comprises over 7,000 participants. CLS currently settles in 17 major currencies, which account for 95% of the daily value traded.