Global search to replace SFC's David White
A worldwide search will be conducted to find a replacement for the Securities and Futures Commission (SFC) executive director in charge of market supervision, David White, who will leave the commission in March next year.
An SFC spokesman confirmed yesterday a mutual agreement had been signed between the SFC and Mr White stating his contract would be terminated at the end of this year.
Mr White has agreed to extend his employment for three months to March next year to ensure the SFC has sufficient time to seek a replacement.
The reasons underlying Mr White's departure remain under wraps, with some sources speculating the Government is unhappy with his performance during the recent market turmoil. Mr White has declined to comment.
Another source said he was asked to leave because the Government wanted someone with experience in information technology to meet the exchange's future development plans.
'The Government has a long-term plan to merge the three clearing houses,' the source said.
'It also wants to further enhance the settlement system to achieve scripless settlement. We want an expert in these areas.' The source said the commission has appointed a head-hunter to launch a worldwide search to fill the post.
It is seeking someone with at least 15 years' experience in regulation and with international contacts, the source said.
Mr White, 51, joined the SFC in May, 1995, as executive director for the supervision of markets.
His duty is to supervise the activities of the exchanges and the clearing houses, encouraging the development of the securities and futures markets in Hong Kong and managing the investors' compensation fund.
Before he joined the SFC he was a director of the Australian Stock Exchange between 1992 and 1995. Prior to that, Mr White worked at County Natwest in Sydney and London in broking and investment management.
Commission chairman Andrew Sheng Len-tao is understood to have appraised Mr White's work over the past year focusing on his contribution to ensure the market system remained stable during the Asian turmoil.
