Garry Jones retires as head of London Metal Exchange, the world’s largest metals bourse
Matthew Chamberlain, LME’s chief operating officer, will be interim CE. Ideal successor will be someone with knowledge of China, the world’s largest metal consumer
Garry Jones retired from Monday as London Metal Exchange’s chief executive, after a three-year stint at the world’s largest metals exchange, which is owned Hong Kong Exchanges and Clearing.
Jones’ leaving comes as HKEX has ambitious plans in metals trading with the local bourse hoping to introduce gold and iron ore contracts in Hong Kong this year.
In addition, HKEX also wants to introduce a metal trading platform in Qianhai, the special economic zone in the mainland.
The exchange said Jones has agreed to serve as an advisor to the LME until the end of the year.
Matthew Chamberlain, the LME’s chief operating officer, has been appointed interim chief executive with immediate effect, while Andrew Dodsworth, the LME’s head of market operations, has been appointed interim chief operating officer with immediate effect.
Chamberlain joined the LME in November 2012. In addition to his LME roles, he is a member of HKEX’s management committee.
HKEX and the LME, meanwhile, said they were conducting a thorough search for a suitable successor for Jones.
Ben Kwong Man-bun, a director at KGI Asia, believes Jones’ departure would not affect HKEX’s plan to expand into commodities trading.
“The HKEX and LME have a team of executives [ready] to carry out the many reform plans on metals trading,” Kwong said.
The candidate to success Jones should be someone with knowledge on mainland China, Kwong added.
“China is now the world’s largest metal consumer. In future LME’s expansion would need to have a close link with mainland China, and the ideal candidate would be someone with knowledge of China to lead the LME,” Kwong said.
“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,” said HKEX chief executive Charles Li Xiaojia in a statement.
Jones joined LME in September 2013 and has led the exchange in a reform of its warehousing function and in formulating plans for mainland and Hong Kong metals market expansion. Before joining the LME, he was former chief executive of US commodities exchange NYSE Liffe.