Market Turnover


HKEX Establishes International Advisory Council

21 Feb 2019

Hong Kong Exchanges and Clearing Limited (HKEX) today (Thursday) is pleased to announce the establishment of an International Advisory Council (the Council). The Council comprises experts in economics, business and finance from around the world who will act as advisors to the Board of Directors of HKEX (the Board).

Stuart Gulliver, former Group Chief Executive and Chairman of the Group Management Board of HSBC Holdings plc; Mary Schapiro, Vice Chair for Global Public Policy and Special Advisor to the Founder and Chairman of Bloomberg LP, and former Chair of the US Securities and Exchange Commission; and Joseph Tsai, Executive Vice Chairman of Alibaba Group, have been appointed as founding members of the Council, which will be chaired by Laura M Cha, HKEX Chairman.

As one of the world’s leading exchange groups, HKEX will continue to develop and grow and the establishment of the Council will provide the Board with expert insight and perspective.  The Council will meet at least twice a year and contribute to HKEX’s understanding of our global environment, including developments in major international financial centres, the evolving global geopolitical landscape, advancements in technology and global policy and regulatory initiatives.

Laura M Cha, HKEX Chairman, said, “I am honoured to welcome Stuart Gulliver, Mary Schapiro, and Joseph Tsai to HKEX’s new International Advisory Council.  Each are true global leaders, whose knowledge, experience and insight span geographies, markets and sectors. The establishment of the Council will provide invaluable support to the Board in the development of HKEX’s strategy and delivery of our vision to be Asia’s leader in global markets.”

The Council will be chaired by HKEX’s Chairman for a term coterminous with his/her chairmanship at HKEX.  Other members of the Council will be appointed for an initial term of three years, subject to renewal. 



Biographies of International Advisory Council’s Members (other than the chairman)


Mr Gulliver has more than 37 years international banking experience, having joined HSBC in 1980.  He was the former Group Chief Executive and Chairman of the Group Management Board of HSBC Holdings plc before his retirement in February 2018.  He played a leading role in developing and expanding Global Banking and Markets, and has held key roles in the Group's operations worldwide, working in London, Hong Kong, Tokyo, Kuala Lumpur and the United Arab Emirates.

His former appointments also include Chairman of HSBC Bank plc, HSBC Bank Middle East Limited, HSBC Private Banking Holdings (Suisse) SA and HSBC France. He was also Deputy Chairman of HSBC Trinkaus & Burkhardt AG and a member of its supervisory board, and Chairman of The Hongkong and Shanghai Banking Corporation Limited.


Ms Schapiro is the Vice Chair for Global Public Policy and Special Advisor to the Founder and Chairman of Bloomberg LP.  She served as the Chair of the US Securities and Exchange Commission (SEC), from January 2009 to December 2012. During her four years as SEC Chair, Ms Schapiro presided over one of the busiest rulemaking agendas in the SEC’s history, during which the SEC also executed a comprehensive restructuring program to improve protections for investors and pursued aggressive enforcement of the federal securities laws. Prior to becoming SEC Chair, Ms Schapiro was the Chair and Chief Executive Officer of the Financial Industry Regulatory Authority (FINRA) from 2006 to 2008, and served in numerous other key executive positions at FINRA and its predecessor from 1996 to 2006, including Vice Chair and President of NASD Regulation. Ms Schapiro also served as Chair of the Commodity Futures Trading Commission from 1994 to 1996. She was an Independent Non-executive Director of the London Stock Exchange Group from 2015 to 2018.

Ms Schapiro currently serves on the board of Morgan Stanley and CVS Health Corporation. She is also Vice Chair of the Advisory Board of Promontory Financial Group, and is a member of the Morgan Stanley Institute for Sustainable Investing Advisory Board.  She is also a member of the International Advisory Council of the China Securities Regulatory Commission.

Ms Schapiro is a graduate of Franklin and Marshall College and also received a Juris Doctor from George Washington University School of Law.

Joseph TSAI

Mr Tsai joined Alibaba in 1999 as a member of the Alibaba founding team and has served on the board of directors since Alibaba’s inception. He is currently the Executive Vice Chairman of Alibaba Group and is responsible for its strategic investments, mergers and acquisitions. Mr Tsai is a member of the investment committee of Alibaba Group and Ant Financial and serves on the boards of several of Alibaba’s investee companies. Prior to May 2013, he served as Alibaba Group’s chief financial officer.

From 1995 to 1999, Mr Tsai worked in Hong Kong with Investor AB, the main investment vehicle of Sweden's Wallenberg family, where he was responsible for Asian private equity investments. Prior to that, he was vice president and general counsel of Rosecliff, Inc, a management buyout firm based in New York.

From 1990 to 1993, Mr Tsai was an associate attorney in the tax group of Sullivan & Cromwell LLP, a New York-based international law firm. He is qualified to practice law in the State of New York and received his bachelor's degree in Economics and East Asian Studies from Yale College and a juris doctor degree from Yale Law School.


About HKEX

Hong Kong Exchanges and Clearing Limited (HKEX) is one of the world’s major exchange groups, and operates a range of equity, commodity, fixed income and currency markets. HKEX is the world's leading IPO market and as Hong Kong’s only securities and derivatives exchange and sole operator of its clearing houses, it is uniquely placed to offer regional and international investors access to Asia’s most vibrant markets.

HKEX is also the global leader in metals trading, through its wholly owned subsidiaries, The London Metal Exchange (LME) and LME Clear Limited. This commodity franchise was further enhanced with the launch of Qianhai Mercantile Exchange, in China, in 2018.

HKEX launched the pioneering Shanghai-Hong Kong Stock Connect programme in 2014, further expanded with the launch of Shenzhen Connect in 2016, and the launch of Bond Connect in 2017.



Updated 07 May 2020