Aguzin becomes first non-Chinese to head Hong Kong bourse with regulator’s approval
- Aguzin’s appointment is effective from May 24 for a term of three years, HKEX said on Tuesday
- Aguzin has previously served as chairman and CEO of JPMorgan’s operations across Asia-Pacific
Hong Kong’s Securities and Futures Commission (SFC) has approved the appointment of JPMorgan Chase & Co banker Nicolas Aguzin as chief executive of Hong Kong Exchanges and Clearing (HKEX), the world’s most valuable bourse operator.
The approval comes on a day when Financial Secretary Paul Chan Mo-po asked the SFC and HKEX to study allowing special purpose acquisition companies (SPACs), or so-called blank-cheque companies, to raise funds on the city’s stock market.
While he is not a Mandarin speaker, Aguzin, known to his colleagues as “Gucho”, has previously served as chairman and CEO of JPMorgan’s operations across the Asia-Pacific region. He is currently the CEO of the American lender’s international private bank.
Aguzin has a good international network and experience, and he has been in Hong Kong and Asia for a long time, said Gordon Tusi, chairman of the Hong Kong Securities Association. “The appointment of a foreign veteran banker should help strengthen international investors’ confidence in the Hong Kong market. This also shows Beijing wants to maintain Hong Kong as an international market that is open to talent from around the world,” he added.
SFC executives vetted Aguzin against the watchdog’s fit and proper persons criteria, according to a source familiar with the SFC’s decision. “The SFC has taken into account the fact that Hong Kong is an international financial centre, and it makes sense that the best international talent run the local bourse,” the source said, adding that neither the Beijing nor the Hong Kong governments were involved in the approval process.