Singapore has appointed an American, Thomas Kloet, as chief executive of its newly merged stock and futures exchange after an exhaustive year-long search.
Despite the lure of a reputed US$1 million a year salary and stock options, Singapore Exchange needed to engage more than one head-hunting company to fill the position.
Mr Kloet, 41, a managing director at Dutch merchant bank ABN Amro in Chicago, will be the most senior foreigner ever appointed to either Singapore's stock or futures exchange since colonial times.
His appointment, effective from April 24, is in line with a government push to bring in foreign talent to further Singapore's bid for survival as one of Asia's cutting-edge financial hubs.
One of Mr Kloet's first priorities will be to forge alliances with other exchanges, in the region and globally.
The Singaporeans have made little secret of their desire to strike a strategic alliance with Hong Kong's stock and futures exchange but so far have made little headway.