He will succeed Gerard Hartsink who will retire as Chairman and Member of the Board in October 2014, after seven years as Chairman and twelve years on the Board of Directors.

Mr Harvey, an independent member of the CLS Board of Directors since 2012, brings over 30 years of global finance experience to the role, most recently as Group Chief Technology and Services Officer and Group Chief Information Officer at HSBC. He also sits on the Senior Advisory Board at Oliver Wyman, a major management consultancy firm and is an Independent Director at Amber Road, a leading provider of on-demand global trade management software and solutions.

"CLS plays a pivotal role, providing stability in the largest and most liquid market, foreign exchange," said Ken Harvey. "I look forward to working with my fellow Board members and the executive team as we take the organization and our offering forward to new markets and regions, to the benefit of the global financial eco-system."

Outgoing chairman, Gerard Hartsink added: "Ken is ideally suited for this role; he has proved a vital addition to the Board during his tenure and will bring continuity to leadership at CLS. I look forward to working closely with him to ensure a smooth transition and would like to thank my fellow Board members for their support and hard work during my tenure."

"We are very pleased to have Ken take the role of Chairman," said David Puth, CEO of CLS. "His strengths, both as a recognized leader in business technology and as a former senior executive in the banking industry, position him very well to lead the Board. Additionally, his extensive international experience in Asia, Europe and the Americas will help take CLS forward into our next phase of growth."

The Board of Directors and the Executive Management Committee are extremely grateful to Gerard for his exceptional contribution to CLS throughout a pivotal period of the organization's development and wish him every success in his future endeavors.