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Futures chief set to go over electronic delay

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Futures exchange chief executive Randy Gilmore will likely be forced to resign following the delay in the start-up of electronic trade for Hang Seng Index (HSI) futures, according to sources.

Mr Gilmore's three-year term is to expire at the end of next year, but the sources said he was 'likely to quit soon' under pressure from futures exchange board members as well as the Government and the Securities and Futures Commission.

Futures exchange spokesman Royce Yuen said Mr Gilmore was on holiday, and refused to comment further.

While Mr Gilmore is away, William Grossman, the general counsel, is the exchange's acting chief executive.

Geoffrey Yeh Meou-tsen, chairman of the futures exchange, said an announcement would be made on Monday, but he did not give additional details.

The Government and the SFC were unhappy about the inability of the futures exchange to shift HSI futures to the Hong Kong Automated Trading System (HKATS) on August 2 as planned, the sources said.

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