Foreign exchange settlement firm CLS Group has appointed Tom Zschach as its new CIO, arriving from clearing house LCH.Clearnet.

Zschach will officially join on September 1, leading a multi-year project to introduce a new technology platform that will help CLS meet an increase in settlement volumes.

Zschach was CIO at LCH.Clearnet for three years, where he co-ordinated a business transformation programme which included the introduction of a new IT system, allowing the clearing house to double the number of transactions it processes each day to around six million.

He has also held senior technology roles at Bank of America Merrill Lynch, Barclays Capital and Credit Suisse First Boston.

David Puth, chief executive officer at CLS, said that Zschach's experience leading both investment banking and clearing house technology businesses will "serve CLS very well in the years ahead". Zschach has also been appointed as a CLS board member, contributing to the Executive Management Committee and Technology and Operations Committee.