He will also become a member of the Euroclear Group Management Team.

Bernard Frenay, 44 years old, joins Euroclear from BNP Paribas Fortis, where he was Deputy Chief Financial Officer, responsible for the end-toend management and control of financial reporting for Fortis Bank. He has held various finance positions within Fortis, including asset and liability management, budgeting, financial planning, accounting, management information and group consolidation, since joining the company in 1990. Mr. Frenay has been a member of the board of Fortis Bank Luxembourg and Fortis Luxembourg Finance.

At Euroclear, Mr. Frenay will be responsible for all financial aspects of the Euroclear group, including statutory accounting, budgeting, management reporting and corporate finance. He will report to André Rolland, Executive Director and Chief Financial Officer, and is replacing Paul Taylor, who left Euroclear in July 2009 to pursue other interests.

Commenting on the new appointment, André Rolland, Executive Director of Euroclear SA/NV, said: "Having a strong and solid financial foundation is a critical enabler for Euroclear to provide robust and resilient posttrade market-infrastructure services. As we continue to reduce our fees competitively, it is equally important to manage our cost base prudently, particularly given current market conditions and the need to continually invest to remain a best-of-class service provider. We are delighted to welcome Bernard and look forward to sharing his 20 years of business experience and financial knowledge in furthering our goals."