27-8-2013 — /EuropaWire/ — Hong Kong Exchanges and Clearing Limited (HKEx) and The London Metal Exchange (LME), part of the HKEx Group, are pleased to announce the appointment of Garry Jones as the Chief Executive of the LME to succeed Martin Abbott, whose resignation was announced in June. Mr Jones will be appointed to the LME Board.
Mr Jones is expected to join LME on 30 September 2013, subject to the approval of The Financial Conduct Authority (FCA) of the UK. Upon taking up the position as LME’s Chief Executive, he will also become HKEx’s Co-head of Global Markets and a member of HKEx’s Management Committee.
Mr Jones has over 30 years of experience in exchanges and financial services and was most recently Chief Executive Officer (CEO) of NYSE LIFFE, a leading global exchange offering a wide range of fixed income, currency and commodities derivative products, and Group Executive Vice President and Head of Global Derivatives for NYSE Euronext. His LIFFE experience included soft and agricultural commodities trading with physical delivery; market participants comprised producers, trade buyers, intermediaries and brokers as well as the investment community. Previously he had been CEO of Brokertec Europe and ICAP Electronic Broking after a career in trading and business management in the UK and US across a number of investment banks and hedge funds, including Japan’s Daiwa Securities, France’s Banque Paribas and Merrill Lynch of the US.
Mr Jones has been a member of the board of directors of the Qatar Exchange, LCH.Clearnet Group and the Federation of European Securities Exchanges. He was a founder member of the Futures and Options Association’s European Industry Council and was a member of the senior level Practitioner Panel that advised the Financial Services Authority (FSA) on new policy initiatives under the UK’s former regulatory regime (the FCA and Prudential Regulation Authority later replaced the FSA).
Mr Jones holds Bachelor and Master of Arts degrees in Geology from Oxford University in the UK and a Master of Business Administration degree from the Stanford University in the US.
At the same time, Diarmuid O’Hegarty, LME’s Deputy Chief Executive, has informed HKEx and the LME of his decision to resign. His resignation will take effect following service of a six month notice period.
Mr O’Hegarty joined the LME in 1998 and was appointed Deputy Chief Executive in 2012, having previously served as Director of Regulation and Compliance. He has served as a member of LME’s Executive Committee and of HKEx’s Management Committee. Throughout this time, Mr O’Hegarty has served the LME and the HKEx Group with distinction.
Sir Brian Bender, Chairman of the LME, said: “Garry has a wealth of international experience of exchanges, markets and trading and is very familiar with UK rules and regulations. We are confident that under Garry’s leadership, the continued success of the LME is assured. I would also like to take this opportunity to thank Diarmuid for his contributions to the LME over many years.”
Charles Li, Chief Executive of HKEx said, “We are very fortunate to have been able to attract a tried and tested leader of Garry’s calibre. Garry has deep experience from both NYSE LIFFE and ICAP of leading complex businesses and has been at the heart of some of the most transformative developments in the exchange sector. We started our search process looking for a leader of the LME but I am convinced that we have succeeded in attracting someone who will also help to shape the direction of the entire HKEx Group.
“I would also like to thank Diarmuid, who has been a significant contributor to the success of LME’s integration into the HKEx Group. He will be sincerely missed and I wish him all the best for the future.”
Garry Jones said, “I am delighted to be part of the transformation of the LME as an organisation and of the exchange’s response to the changing demands of the market and its users. I am looking forward to using my experience for the benefit of the LME and the HKEx Group. I am acutely aware of the LME’s rich history and I am excited about working with the team at the exchange to realise the potential of that heritage.”
For further information or to speak to an LME spokesperson, please contact:
Head of Media Relations
t +44 (0)207 264 5538
About the London Metal Exchange
The London Metal Exchange, a member of HKEx Group, is the world centre for industrial metals trading.
More than 80% of global non-ferrous metals business is conducted on our three trading platforms: LMEselect (electronic), the Ring (open outcry) and the 24-hour telephone market. The world’s metal community uses the LME to trade futures, options, and our latest contract, LMEswaps, to hedge against adverse price movements – prices which are discovered on our markets and used as the global benchmark.
Participants can trade aluminium, copper, tin, nickel, zinc, lead, molybdenum, cobalt, steel billet and two regional aluminium alloy contracts. In 2012, 159.7 million lots were traded on the LME, the equivalent of 3.7 billion tonnes and $14.5 trillion in notional value.
At the close of the year, 7.5 million tonnes of material was held on LME warrant in 765 storage facilities across 36 locations internationally.