The European Association Of Central Counterparty Clearing Houses (EACH) Elects Chairman And Executive Committee

The European Association of Central Counterparty Clearing Houses (EACH) has re-elected Ann Flodström of OMX to serve a third year as Chairman. Ann Flodström is Senior Vice President of Derivatives Operations, OMX. She will be succeeded on 1 January 2008 by Rory Cunningham, Director, Strategy at LCH. Clearnet Group. Elected also were members of the Executive Committee to serve with Ann Flodström, and Rory Cunningham: Danilo Battistelli, CC&G Cassa di Compensazione e Garanzia S.p.A. and Orlando Chiesa, Eurex Zurich AG.

“We will continue the work we have initiated in the last two years to make crossborder clearing and settlement activities more efficient as well as ensuring that the evolving discussions on clearing and settlement in and around Europe are fully informed,” says Ann Flodström.

"As the voice in Europe for central counterparty clearing, EACH has played an important role in shaping the future of Europe's post-trade infrastructure. The Code of Conduct, in particular, has been a major achievement for exchanges, clearing houses and central securities depositories, and I look forward to continuing work with colleagues in EACH and the related associations FESE and ECSDA once it has been fully adopted,” says Rory Cunningham.

Ann Flodström biography
Ann has worked intensely in the financial industry for over twenty years, with a particular focus on clearing. Before joining OMX Derivatives Markets, she served as Vice President Clearing for Stockholm’s Clearinghouse SCH, the clearing house for Sweden´s Option and Futures Exchange SOFE, as well as Vice President Budgeting and Planning for the Swedish Central Bank. Ann participated in the development of the Swedish CSD, VPC, after acquisition by the major Swedish banks. Her indepth knowledge in the field includes CCP, Central Counterparty Clearing for both derivatives and cash; Design FMS solutions for clearing of different markets such as electricity, equities and fixed income; and CSD infrastructure. In addition to her appointment at EACH, Ann also serves on the Board of CCAB, Clearing Control AB and as a member of the Swedish Central Bank Council for Payment Systems.

Rory Cunningham biography
Rory joined LCH.Clearnet (then ICCH, and more latterly LCH) in 1982 as a programmer working on realtime mainframe systems to support the introduction of LIFFE and other markets, and later developed some of the earliest PC applications for the company. Later he became a business analyst and became involved in the introduction of traded options on the commodity markets and the introduction of the LME clearing service, specialising in margining. In 1987 he joined the Risk Management department and led the investigation of SPAN and other risk management techniques. From 1992 to 1998 he was responsible for LCH's Treasury and developed a particular interest in collateral and payments issues. He then moved to a business development role and was responsible for LCH's equities business development until 2001. He then took on a wider strategic role and participated in studies such as into the clearing proposition for new asset classes and the value proposition of a CCP, and continued his interest in risk and regulatory issues. Most recently Rory has been heavily involved in presenting LCH.Clearnet's contribution at UK and European level to competition issues, and in particular to the development of the Code of Conduct.