CLS Services Appoints New CEO

PEOPLE NEWS

CLS Services, the private sector initiative designed to eliminate FX settlement risk by constructing a global clearing and settlement network, announced the appointment of a new chief executive last week. The move is expected to boost attempts by CLS to prevent further delays in delivery of its system to the 63 global foreign exchange settlement banks.

Joseph De Feo will succeed the present CEO of CLS, Larry Recknagel, on July 10. Mr Recknagel is leaving to pursue other, as yet unspecified, i