Name: Dr. Efthimia Kefalea
Job title: Head of Derivatives Clearing Development & Digital Innovation
Organisation: Eurex
1. Brief description of nominee’s role and job.
Dr Efthimia Kefalea is Executive Director and Head of Derivatives Clearing Development & Digital Innovation at Eurex Clearing AG. She leads the strategic evolution of clearing services for listed and OTC derivatives, driving innovation and digital transformation to deliver advanced, client-centric solutions for global market participants.
Her focus is on practical innovation – modernising clearing infrastructure, enhancing efficiency and ensuring Eurex Clearing remains at the forefront of industry development.
2. Short bio (career highlights, education, interests/hobbies).
Efthimia oversees the development of clearing services across listed and OTC derivatives and leads initiatives that modernise the Clearing House. With more than 20 years in the financial industry, she has contributed to major structural and technological transformations.
A recognised speaker and advocate for digital transition, she is a strong voice in bridging traditional finance (TradFi) and decentralised finance (DeFi), helping ensure a smooth and responsible evolution of market infrastructure.
She engages actively with regulators and policymakers across Europe, promoting collaboration in the digital transformation of clearing. She has authored several articles on financial innovation, introduced the first European clearing model for the securities lending market, and contributed to the application of distributed ledger technology (DLT) in collateral mobilisation.
Efthimia holds a PhD in Artificial Intelligence and Robotics from the University of Bonn and a Master’s degree in Computer Engineering from the University of Patras. Outside work, she enjoys travelling with her family and exploring new cultures with her two children.
3. What were your professional highlights and challenges of 2025?
One of my proudest achievements in 2025 was leading the initiative that made Eurex Clearing the first CCP worldwide to enable collateral mobilisation using DLT. I drove the project from concept to implementation, working closely with internal teams, partners, market participants and regulators to address challenges such as collateral fragmentation and deliver a solution that enhances efficiency and resilience.
I was also proud to lead Eurex’s participation in the BIS Agorá initiative, making us the only CCP globally involved in this project on international FX payments using DLT. It provided a platform to demonstrate how clearing expertise can contribute to shaping the future of global financial infrastructure.
For me, these projects were about combining technological expertise with market structure knowledge to build trust and collaboration, helping the industry take concrete steps towards a more connected and digital future.
4. Tell us about a few of your key achievements throughout your career?
Leading the development of a new clearing system for Eurex’s funding markets was a major milestone in my career. The project required close coordination across teams and stakeholders and delivered tangible benefits, including greater efficiency for participants and a more resilient market structure. Today, Eurex clears an average of €500 billion daily in funding markets, positioning it among the largest CCPs globally in this segment.
Another defining achievement has been driving the digital transformation of Eurex Clearing. I championed initiatives that modernised infrastructure and introduced new capabilities, including the launch of our DLT-facilitated collateral mobilisation service in June 2025 – a world first for CCPs and a clear example of technology solving practical market challenges.
These milestones reflect a broader vision: building markets that are prepared for tomorrow by embracing innovation and collaboration today.
5. What and who inspires, and has inspired, you to achieve your professional success?
I draw inspiration from the #OneTeam culture at Deutsche Börse Group, where collaboration, trust and shared purpose are central. Working in an environment that values diverse perspectives motivates me to push boundaries and deliver meaningful results.
I am also inspired by colleagues and leaders who combine deep expertise with openness to new ideas. Their willingness to embrace change reinforces the importance of innovation.
On a personal level, my family inspires me to continue learning and growing. Achievements feel more meaningful when they contribute to something larger than oneself.
6. How have you overcome setbacks, and what advice would you give to others dealing with setbacks?
Setbacks are inevitable in any career. When faced with market shifts, technical challenges or regulatory hurdles, I focus on remaining calm, analysing the situation objectively and breaking issues into manageable steps.
Collaboration has always been essential. Involving the right stakeholders early often accelerates solutions and strengthens outcomes.
My advice is simple: do not let setbacks define you – let them teach you. Stay curious, maintain perspective and remember that some of the strongest ideas emerge when initial plans do not succeed. Strong relationships make overcoming challenges both possible and rewarding.
7. What advice do you have for other women who aspire to be in leadership positions? What is the biggest takeaway you want to leave with the reader?
Be yourself, stay loyal to your values and lead with authenticity. Leadership is about bringing your unique perspective and strengths to the table. Authenticity builds trust, and trust underpins effective leadership.
Do not hesitate to speak up and take space. Confidence grows from preparation and recognising the value you contribute. Surround yourself with people who both challenge and support you, and commit to continuous learning.
The biggest takeaway: authenticity is your greatest asset. It is what makes leadership credible, sustainable and impactful.