Dr Saville has a distinguished background in the financial services industry with extensive capital markets expertise throughout the value chain in all major markets. The major theme in his career has been promoting competition between providers of services to market users.
- He joined the Bank of England in 1973, after completing a doctoral thesis (Theoretical Physics, Oxford). He retrained as an economist (at the LSE) and specialised in econometric modelling. Dr. Saville is an author of the neo-Keynsian book on monetary policy: “A Critique of Monetary Policy” (1993).
Between 1988 and 1993 Dr. Saville managed the UK’s foreign reserves and borrowing. His team made profits against demanding benchmarks, observed credit risk standards and promoted innovation in London markets for international bond and money markets and their derivatives. He provided adequate liquidity to intervene in forex markets throughout the ERM crisis, while maintaining strategic risk positions and achieving successful debt issuance.
Dr. Saville was then appointed founder and Chief Executive Officer of CREST, then one of the world’s largest and most sophisticated securities settlement systems. Dr. Saville built and developed CREST to provide RTGS in central bank money, to absorb Bank of England settlement systems for bonds and money markets and to perform position and settlement netting for the LCH’s equity CCP. The first phase (equities only) was delivered ahead of time and below budget.
After the delivery of CREST, the Queen bestowed a CBE on Dr Saville in 2000.
Dr. Saville resigned from CREST in 2003 to become an executive Director of Computershare (the leading global share registrar), where he was responsible for its operations in the UK, Ireland, Germany and South Africa.
He spent 3 years directing the modernisation of the Lloyd’s insurance market.
Dr. Saville then served as an independent Director/Consultant within the European Central Bank (ECB) for 5 years, advising on strategic positioning and functionality of the highly successful TARGET2-Securities settlement infrastructure for European securities delivered by the 4 largest Euro area central banks. He was also a member of the Programme Board and Chair of the Technical Committee of the Programme Board.
He has held many non-executive directorships. Currently, he chairs the risk committee of EuroCCP NV.