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LCH.Clearnet's Rory Cunningham assumes chairmanship of EACH

15 January 2008  |  2938 views  |  0 Source: European Association of Central Counterparty Clearing Houses

At its meeting yesterday in Amsterdam, Rory Cunningham of LCH.Clearnet, who took over as Chairman of EACH on 1 January, announced the new composition of EACH's Executive Committee.

Ann Flodström of OMX, the retiring Chairman, will continue on the Executive Committee and Urs Wieland of SIS x-clear will join Rory, Ann and Marcus Zickwolff (EACH Secretary, representing Eurex Clearing). Danilo Battistelli of Cassa di Compensazione e Garanzia (CC&G), who first served as a member of the Executive Committee at its inception in 1991, has stood down as a member of the Committee but will continue to represent CC&G.

Paying tribute to Ann and Danilo, Rory said "I am honoured to assume the Chairmanship of EACH at this critical time for Europe's CCPs, and will do my best to represent the interests and views of all EACH members. We all continue to endure testing times as we implement the Code of Conduct and contribute to the development of TARGET2-Securities and other initiatives. In particular I look forward to continuing the excellent working relationship established with our sister Associations, FESE (the Federation of European Securities Exchanges) and ECSDA (the European Central Securities Depositories Association) in liaising with our users and the European political and regulatory bodies."

In recognition of Ann's and Danilo's significant contributions to EACH over many years, Rory added: "All members of EACH expressed their warmest thanks to Ann for having steered EACH in recent years through the difficult negotiations on the Code and other important issues. Danilo's wise counsel has also been of particular assistance to us and I am very pleased that both will continue to contribute to EACH's workload. I also look forward to working more closely with Urs as we deal with the challenges that face us."

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