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Enoch Yiu

Stock exchange chief executive Alec Tsui Yiu-wa is the front-runner to be appointed chief executive of Hong Kong Exchanges and Clearing (HKEC), according to sources.

 The recruitment exercise for the top job at the merged exchange to be created in January, has included attempts to attract international candidates, but Mr Tsui has already established a strong position from which to win it.

 Former stock exchange chief executive Paul Chow Man-yiu has also been named as a possible SAR candidate. However, sources say he is likely to prefer to remain in his position at HSBC.

 Mr Tsui is understood to have won the support of both the Government and stock and futures exchanges' board members as the most suitable candidate for the post at the HKEC.

 It is believed that he would receive a boost to his existing salary of $6.5 million if he accepted the position.

 The position of chief operating officer at the HKEC, which has also been advertised in Hong Kong and internationally, has several potential candidates but a clear favourite has not emerged, sources said.

 Mr Tsui's appointment would provide continuity of management and help ensure a smooth move towards the formation and development of the new exchange.

 'The new exchange will be set up in January. In this circumstance, it is important to have someone who is close and well-informed about the exchanges' affairs to head the new entity,' one source said.

 The chairman of the new exchange, Charles Lee Yeh-kwong, announced the planned recruitment of the chief executive officer and chief operating officer immediately after brokers approved the merger plan on September 26.

 The new entity is to combine the two exchanges as well as their three associated clearing houses.

 The merger plan was approved last week by the High Court.

 Legislators are expected to approve it by the end of the year.

 Mr Lee said the recruitment exercise was continuing and he declined to comment on the process.

 Mr Tsui also refused to comment on his possible appointment.

 The HKEC recruitment advertisement says the chief executive officer must be someone who has 'political savvy in the broadest sense of the description'.

 He also needs to have 'a global perspective in trends and development of exchanges and clearing houses'.

 Mr Tsui's efforts in assisting the Government to achieve its goal of merging the two exchanges have bolstered his chances of winning the role.

 The experience he gained during the Asian financial turmoil has also assisted his candidacy, sources said.

 In his past three years as the chief executive of the stock exchange, he has also laid the groundwork for a possible alliance between the exchange and the United States-based Nasdaq.

 On another front, Mr Tsui has helped prepare the launch of the Growth Enterprises Market, which is aimed at assisting high-technology companies to raise funds.

 Sources said these projects fit in with the Government's wishes for the HKEC to introduce more new products and to build up more overseas alliances. This would help the Government to achieve its ambitious plan of seeing the HKEC become one of the top five stock markets in the world in the near term.

 The Hong Kong stock exchange is now the world's 10th largest market.

  Mr Tsui has earned a reputation for maintaining good relations with the Securities and Futures Commission (SFC), which would also be an advantage as efforts are made to foster co-operation between the two bodies.

 He started his career as a management consultant for Arthur Andersen.

 He switched to China Light and Power in 1980 to be its senior corporate studies officer and left in 1988 when he was manager of financial planning and analysis.

 Mr Tsui then moved to the SFC as general manager for financial and information technology, before working up his way to become assistant director (licensing) and general manager of human resources.

 In 1993, he left the SFC to join the stock exchange as executive director. He was appointed deputy chief executive in 1996 and then chief executive in early 1997.



Strong support for stock exchange chief to continue at HKEC