Initially, the representative office will be staffed by four full-time employees and headed by Katherine Starks, who joins Euroclear from GL Trade.

Yannic Weber, Managing Director and head of Euroclear's Commercial Division, stated: "The opening of a representative office in Frankfurt underscores Euroclear's commitment to, and belief in, the continued growth of business opportunities in Europe's largest economy. As we already settle the majority of cross-border transactions in German government bonds, we look forward to expanding our client base across even more products. We welcome Katherine's business knowledge and expertise to lead our new Frankfurt-based team in making our clients in the region even more satisfied with the service and care they receive from Euroclear."

Katherine Starks, Director and head of the Euroclear Bank representative office in Frankfurt, commented: "Since joining Euroclear, I have been extremely impressed with the quality of staff and indeed the organisation as a whole. Having worked for financial-transaction services providers in Germany since 1987, I look forward to sharing my acquired insight into what German financial institutions expect from their business partners. Our new Frankfurt-based team will broaden the robust service levels on which Euroclear clients have come to rely and will explore further business possibilities in this rapidly expanding market."

Mrs. Starks joins Euroclear from GL Trade AG, Frankfurt, a leading provider of trading solutions for banks and other trading organisations. As Sales Director, she was responsible for a team of sales executives in Germany. Prior to GL Trade, Mrs. Starks worked for a trading-platform software provider in futures and options; previously she held numerous positions at CQG International (Frankfurt), a provider of real-time quotes and charting software for financial institutions.