Hong Kong Exchanges and Clearing Limited (HKEx) announced today (Wednesday) changes to its Group structure as it prepares to launch and implement its strategic plan for 2016 to 2018, which will be announced in early next year.
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.
Platform Development
Trevor Spanner, Chief Executive of LME Clear – the London Metal Exchange's (LME) clearing house – and Head of Global Clearing (Europe), will relocate from London to Hong Kong in January 2016 to become Chief Operating Officer (COO) 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 that business.
Ends