Hong Kong exchange re-appoints chief, sets out strategic plan

Hong Kong Exchanges and Clearing (HKEx) today renewed Paul Chow’s contract as chief executive for a further two-year term from May 1, 2007 to April 30, 2009. The move follows the exchange’s announcement last Thursday (December 7) of its strategic plan for 2007–2009.

The reappointment of Chow is subject to written approval from Hong Kong’s Securities & Futures Commission. He was appointed chief executive and director of HKEx on May 1, 2003.

HKEx’s strategy for the coming three years includes various trading and clearing initiatives.

The exchange intends to introduce further mainland China-related and renminbi-denominated products, saying it will seek to develop and promote derivatives products, including renminbi futures, that capture local and global interest in mainland China.

It will also look at developing other new products and services, such as commodity futures and climate-related products.

Moreover, the exchange plans to improve its trading rights regime, by conducting a review to bring the regime more into line with international practice, and better facilitate access to its markets. HKEx will also carry out reviews to address barriers to expansion of cash and derivatives market trading.

In addition, the exchange will conduct a review and look at appropriate mechanisms to facilitate access by firms based overseas, and will also review its IT systems and services for possible efficiency improvement.