Zschach Joins CLS as CIO
Based in London, Zschach will take over from incumbent CIO Sankar Aiyar, and will report to David Puth, CEO. He will join the executive management committee and contribute to the technology and operations committee of the CLS board as part of his role.
Zschach was formerly the CIO at LCH.Clearnet for three years, and has held posts at a number of financial institutions, including Bank of America Merrill Lynch, Barclays Capital and Credit Suisse First Boston.
CLS, an acronym for continuous-linked settlement, aims to eliminate Herstatt risk in the FX market through its unique system of payment-versus-payment settlement.
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