The London Metal Exchange (LME), which is wholly owned by Hong Kong Exchanges and Clearing (HKEx), today announced the departure of its current CEO Garry Jones, who also retires from all his positions within the HKEX Group including his roles at the LME and LMEC.
Mr. Jones, an industry veteran with 30 years of experience in exchanges and financial services, will remain an informal adviser to the bourse until the end of 2017.
While HKEX and the LME search for a permanent successor, Matthew Chamberlain, the LME’s Chief Operating Officer, will take over as interim chief executive of the 140-year old exchange. In addition, the LME’s Head of Market Operations Andrew Dodsworth was promoted to interim COO with immediate effect.
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“We thank Garry for the contributions he has made to the transformation of the LME over the last few years and we wish him the best in his new endeavours,” HKEX chief executive Charles Li said.
Mr Jones’ retirement comes after a challenging year for the world’s leading metal exchange which saw its trading volumes dropping by nearly eight percent in 2016. This was due to a revolt by its members after the London exchange hiked fees by 31 percent in January 2015. The step prompted consumers and producers to favour OTC trading and even considered setting up a rival exchange, hitting LME volumes.
Jones Garry joined the LME in November 2012, a year after HKEXx acquired the world’s largest and oldest metals market. Prior to this position, he was global head of derivatives at NYSE Euronext and chief executive of its London-based Liffe derivatives market.