The Hong Kong Exchanges and Clearing Limited (HKEx) announced that it will appoint Ketan Patel as Group Risk Officer starting from January 1st, 2015. He has been serving as Co-Head of Clearing Risk Management and headed the Fixed Income, Currency and Commodities and Over-the-counter (OTC) Clearing Risk Management team.
After he assumes his new role, Mr. Patel will supervise all of the Hong Kong Exchange Group’s risk functions and will take helm at the new Risk Management Division. It will include the the Enterprise Risk Management, which is currently part of the Listing and Regulatory Affairs Division, which will become part of the new Risk Management Division. After a board approval procedure, Mr. Patel will join HKEx Group’s Management Committee.
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In the Clearing Risk Management, Chris Jones will continue to serve as the Chief Risk Officer of LME Clear. Starting from January 2015 he will be reporting to Mr. Patel and Trevor Spanner, Head of Global Clearing (Europe). In addition, Felix Wang will continue as Head of Clearing Risk Management Hong Kong and will report to Mr. Patel and Calvin Tai, Head of Global Clearing (Asia).
HKEx is looking for a suitable canditate to take over Mr. Patel’s current roles when he moves to his new role. The Chief Executive of HKEx, Charles Li, stated, “We decided the risk management functions of the Group should be pulled together under one Division to reflect their importance. Ketan has a very good combination of knowledge and experience that made him an ideal candidate for this very significant new role.”
Before joining HKEx, Mr. Patel was serving as Director of Risk Management and Executive Director at the US-based CME Group from 2005 to 2011.