Hong Kong Exchanges and Clearing Limited (HKEx) has appointed Derrick Fung as its Head of Clearing, effective 1 April this year.  He will succeed Stewart Shing, who is retiring today.  Mr Fung will report to HKEx Chief Operating Officer Gerald Greiner.

Mr Fung is currently Head of Cash Clearing Operations, his role since joining HKEx in 2001. From 1991 to 2001 Mr Fung worked in Hong Kong and Taiwan for a major international bank, where his last position was financial controller of the Hong Kong branch. Mr Fung is a Chartered Financial Analyst and qualified as a Chartered Accountant in Australia.

Mr Shing joined the Hong Kong Securities Clearing Company Limited (HKSCC) in 1991, served as its Chief Executive from 1996 to 2000 and played a major role in the integration of Hong Kong’s exchanges and clearing houses when HKSCC became a wholly-owned subsidiary of HKEx in 2000.  He re-joined HKEx in 2003 as Head of Clearing and assumed additional responsibilities as Acting Head of Risk Management from July 2007 to March 2008.  

“Derrick Fung has done an excellent job as Head of Cash Clearing Operations and we are confident he will do an excellent job in his new role,” said HKEx Chief Executive Paul Chow.  “He has over 20 years of business experience, and he knows our operations well.”  

“Stewart Shing was a pioneer in the design, development and implementation of the Central Clearing and Settlement System in the early 1990s and HKEx has benefited greatly from his solid technical knowledge, leadership skills, dedication and professionalism,” said Mr Chow.   “We are grateful for Mr Shing’s contributions to HKEx and wish him a happy and healthy retirement.”