Hong Kong Exchanges and Clearing Limited (HKEX) has appointed Jacky Mak as Managing Director, Head of OTC Clearing, effective Monday, 25 July 2016. Mr Mak will be in charge of business development and operations of OTC Clearing Hong Kong Limited (OTC Clear), a subsidiary of HKEX. He will report to Calvin Tai, HKEX's Head of Clearing.

OTC Clear is a central counterparty (CCP) created by HKEX to provide clearing and settlement services for over-the-counter, or OTC, derivatives transactions.

Mr Mak will succeed Kelvin Lee, who has retired after more than 25 years of service with HKEX and Hong Kong Securities Clearing Company before it became a subsidiary of HKEX.

Mr Mak has more than 20 years of experience in financial services and consulting. His roles have included chief financial officer of the Hong Kong and Taiwan branch of Societe Generale's corporate and investment banking unit and director, OTC product development of HSBC's global banking and markets group in Hong Kong. Before joining HKEX, he was a Hong Kong-based director in Bank of America Merrill Lynch's global markets division.

In addition to an undergraduate degree in computer science from the Hong Kong University of Science and Technology (HKUST), Mr Mak has an MBA and a Master's degree in investment management from HKUST. He also has completed the advanced management programme of French graduate business school INSEAD.

Ends