Charles Li, Hong Kong Exchanges and Clearing
The changes will take effect on 1 January 2016,
subject to regulatory approvals.
“We have ambitious plans for the next three
years that will require us to have the right people working
together under a structure designed to best suit the Group’s
development plans at this time,” said HKEx Chief Executive
Charles Li. “We believe the changes we are announcing today
position our businesses in Hong Kong and London (the HKEx Group)
optimally to take advantage of the many opportunities we see over
the next few years.”
The key changes are listed below.
Trevor Spanner, chief executive of LME Clear – the London Metal
Exchange’s clearing house – and head of Global Clearing (Europe),
will relocate from London to Hong Kong in January 2016 to become
chief operating officer of HKEx and head the new Platform
Development Division that will include Group Project Management
and selected information technology (IT) development teams. This
new division will oversee and execute the Group’s major platform
projects, including Next Generation trading and clearing
platforms, and strategic connectivity projects.
Henry Ingrouille, our current COO, has decided
to pursue interests outside of HKEx, but will remain with HKEx
until the end of March 2016 to help manage the transition.
Clearing Division and Markets Division
Two divisions, namely the Clearing Division and
Markets Division, headed by Calvin Tai and Roger Lee
respectively, will be created as an initial effort to gradually
consolidate all Hong Kong clearing and trading businesses
together to better exploit synergies over time. Mr Tai is
currently head of Global Clearing (Asia) and Mr Lee is the Global
Markets Division’s head of Market Operations. Clearing Division
will include the Group’s Hong Kong clearing businesses and
clearing risk management. Markets Division will include cash
trading, derivatives trading, market data, and market
surveillance and monitoring functions.
Market Development Division
A new Market Development Division will be created
and co-headed by Romnesh Lamba, who currently heads Global
Markets, and Li Gang, who currently co-heads the Mainland
Division. This new division will comprise the current Mainland
Division and the non-operating areas of the current Global
Markets Division, including Client Business Development and
Product Development. Market Development will be responsible for
developing new revenue and product initiatives in both the
international and Mainland markets across all asset classes.
Mao Zhirong, currently Co-head of the Mainland Division, will
continue to be responsible for Mainland business development
including regulatory, policy and exchange relationships.
In addition, in order to align our new strategic initiatives with
our external communications, Corporate Communications will become
part of Market Development.
LME and LME Clear
Adrian Farnham, COO of LME Clear, will replace Mr
Spanner as chief executive of LME Clear and Iain Greig, chief
technology officer (CTO) of LME Clear, will succeed Mr Farnham as
COO of that business.
Trevor Spanner will be reappointed to the Board of LME Clear and
will also join the Board of the LME. Adrian Farnham will also
join the Board of LME Clear in his capacity as chief executive of