LME’s CEO Garry Jones Parts Ways with London Metals Bourse

The London Metal Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (LME), which is wholly owned by Hong Kong Exchanges and Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term (HKEx), today announced the departure of its current CEO Garry Jones, who also retires from all his positions within the HKEX Group including his roles at the LME and LMEC.

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Mr. Jones, an industry veteran with 30 years of experience in exchanges and financial services, will remain an informal adviser to the bourse until the end of 2017.

While HKEX and the LME search for a permanent successor, Matthew Chamberlain, the LME’s Chief Operating Officer, will take over as interim chief executive of the 140-year old exchange. In addition, the LME’s Head of Market Operations Andrew Dodsworth was promoted to interim COO with immediate effect.

“We thank Garry for the contributions he has made to the transformation of the LME over the last few years and we wish him the best in his new endeavours,” HKEX chief executive Charles Li said.

Mr Jones’ retirement comes after a challenging year for the world’s leading metal exchange which saw its trading volumes dropping by nearly eight percent in 2016. This was due to a revolt by its members after the London exchange hiked fees by 31 percent in January 2015. The step prompted consumers and producers to favour OTC trading and even considered setting up a rival exchange, hitting LME volumes.

Jones Garry joined the LME in November 2012, a year after HKEXx acquired the world's largest and oldest metals market. Prior to this position, he was global head of derivatives at NYSE Euronext and chief executive of its London-based Liffe derivatives market.