LONDON, April 21 (Reuters) - Hong Kong Exchanges and Clearing Ltd (HKEx) on Friday appointed Matt Chamberlain chief executive of the London Metal Exchange (LME), the world’s largest and oldest metals market.
Chamberlain had been acting CEO since January, when a combination of falling trading volumes and a perceived lack of strategy at the 140-year-old exchange led to the resignation of former chief Garry Jones.
“Matthew’s experience and knowledge of the LME means that he is uniquely suited to lead the business in the next stage of its evolution,” Charles Li, the head of HKEx, which bought the LME in 2012, said in a statement.
Chamberlain was previously the LME’s chief operating officer and head of business development. Before joining the exchange he worked at banking group UBS, where he advised HKEx on the acquisition of the LME.
HKEx also said it had appointed James Proudlock managing director and head of market development, reporting to Chamberlain and Adrian Farnham, the head of the LME’s clearing house, LME Clear.
Proudlock had been deputy chief executive of LME Clear since December, joining the LME from JPMorgan.
“We are confident that Matthew, together with Adrian and James, are the right leadership team to bring further success for the Group as we continue to grow our business and extend our geographical reach,” said Li.
The LME dominates the trading of metals such as aluminium, copper and zinc, but incursions into its territory from rivals such as the Shanghai Futures Exchange (ShFE) and CME Group CME.O have seen the its share of overall copper trading fall to near 60 percent from 80 percent in 2008. (Reporting by Peter Hobson; Editing by Mark Potter)