February 27, 2024

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Hong Kong Stock Exchange names to start with international CEO

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HONG KONG — Hong Kong Exchanges & Clearing, the world’s most important trade operator, has named JPMorgan Chase & Co veteran banker Nicolas Aguzin as its new chief govt.

Aguzin’s appointment is powerful Might 24 and will be for a three-calendar year time period, the bourse explained. As an Argentinian, he will turn into the very first overseas CEO of HKEX, which was set up in 2000 with the merger of Inventory Exchange of Hong Kong, Hong Kong Futures Exchange and the Hong Kong Securities Clearing Firm.

“He delivers with him a wealth of intercontinental and regional working experience in capital markets and money providers, including comprehensive awareness of Mainland China,” HKEX chairman Laura Cha reported in a assertion. “His broad working experience in better China, the Americas and globally can make him exceptionally properly-positioned to guide HKEX.”

Aguzin, the CEO of JPMorgan’s intercontinental non-public lender, was formerly the chairman and CEO of the bank’s Asia-Pacific business. He will change Charles Li, who remaining the bourse at the finish of 2020 soon after a 10 years in the occupation. Considering the fact that Jan. 1 Calvin Tai, main working officer, has been serving as interim chief govt.

“It is a very little bit of a surprise that a foreigner is set to be the new CEO of HKEX,” reported Steven Leung, a Hong Kong-based mostly executive director at brokerage UOB Kay Hian. “He really should use his working experience working with Chinese authorities to develop the exchange’s link with the mainland and ideally deepen the route followed by his predecessor.”

Li, who also previously labored at JPMorgan, was normally referred to as “Mr. China” for leading initiatives this sort of as the connect schemes that allowed worldwide investors to obtain Chinese shares and bonds from Hong Kong and mainlanders to invest in Hong Kong-detailed securities. He also pushed for regulatory adjustments to entice U.S.-shown Chinese corporations to undertake a secondary listing in the town.

Charles Li, who remaining HKEX last year after a decade as its main executive.

  © Reuters

Less than Li, HKEX’s revenues doubled and its profits in the 2nd and 3rd quarters of 2020 broke records, served by surging new listings and volumes.

Aguzin’s 30 several years at JPMorgan consist of a spell top the Asia-Pacific small business among 2012 and 2020. The Argentinian joined the U.S. financial institution in 1990 as a fiscal analyst and worked in New York and Buenos Aires before relocating to Hong Kong.

Aguzin “reworked our franchise in the location,” Filippo Gori, JPMorgan’s Asia Pacific CEO explained in an e-mailed assertion, referring to his time main the bank’s regional company.

HKEX shares closed .8% decrease on Tuesday. They have doubled considering the fact that the finish of 2019.

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