LONDON, April 21 Hong Kong Exchanges and
Clearing Ltd (HKEx) on Friday appointed Matt
Chamberlain chief executive of the London Metal Exchange (LME),
the world's largest and oldest metals market.
Chamberlain had been acting CEO since January, when a
combination of falling trading volumes and a perceived lack of
strategy at the 140-year-old exchange led to the resignation of
former chief Garry Jones.
"Matthew's experience and knowledge of the LME means that he
is uniquely suited to lead the business in the next stage of its
evolution," Charles Li, the head of HKEx, which bought the LME
in 2012, said in a statement.
Chamberlain was previously the LME's chief operating officer
and head of business development. Before joining the exchange he
worked at banking group UBS, where he advised HKEx on
the acquisition of the LME.
HKEx also said it had appointed James Proudlock managing
director and head of market development, reporting to
Chamberlain and Adrian Farnham, the head of the LME's clearing
house, LME Clear.
Proudlock had been deputy chief executive of LME Clear since
December, joining the LME from JPMorgan.
"We are confident that Matthew, together with Adrian and
James, are the right leadership team to bring further success
for the Group as we continue to grow our business and extend our
geographical reach," said Li.
The LME dominates the trading of metals such as aluminium,
copper and zinc, but incursions into its territory from rivals
such as the Shanghai Futures Exchange (ShFE) and CME Group CME.O
have seen the its share of overall copper trading fall to near
60 percent from 80 percent in 2008.
(Reporting by Peter Hobson; Editing by Mark Potter)