HKEX Names JPMorgans Aguzin as New Chief Executive

0
67

HONG KONG, Feb 9 Reuters The Hong Kong stock exchange operator on Tuesday named JPMorgan Chase Cos international private bank head Nicolas Aguzin as its chief executive, a role in which he will be expected to step up the bourses links with China.

The appointment of a nonChinese person as CEO of the Hong Kong stock exchange operator surprised the market, and Aguzin will have to balance the wishes of authorities in Beijing, international institutions, and Hong Kong local brokers and traders.

Aguzin, an Argentine, takes over HKEX at a time when shares of the company are near record highs boosted by high trading volumes, particularly through the stock connect schemes which link the Hong Kong bourse with mainland markets.

He will replace Charles Li, another former JPMorgan banker, who announced his resignation as CEO of Hong Kong Exchanges and Clearing HKEX in May.

Aguzin, whose appointment is subject to approval from markets watchdog the Securities and Futures Commission, has been appointed for three years, starting May 24, HKEX said in a regulatory filing.

Im surprised the CEO wasnt more Chinese affiliated, said Ashley Pittard, head of global equities at asset manager Pendal an HKEX shareholder

The future for the Hong Kong exchange is to tie up with mainland exchanges as a gateway to Chinas financial hub so this is an interesting decision.

Aguzin is the first non mainland or Hong KongChinese to be permanent CEO of HKEX since its formation in 2000 in a merger of…

LEAVE A REPLY

Please enter your comment!
Please enter your name here