Tim May, chief administrative officer and UK chairman, looks likely to leave. His duties have been reallocated, reducing the number of board members to five. It was proposed at the board meeting at the end of September that May leave Euroclear with effect from October 31.
Frédéric Hannequart will now be UK, Finland and Sweden chair. Bernard Frenay, head of the Euroclear Financial Division, will replace May as chairman of Xtrakter.