HKEx goes for major restructuring
Hong Kong Exchanges and Clearing has announced a major restructuring programme, aimed at rolling out its 2010-2012 strategic plan.
Foremost among the changes is a departmental reshuffle, combining the bourse’s cash and derivatives departments into one new Trading Division headed by Calvin Tai, presently derivatives market chief.
HKEx, which has the most liquid regional equity options market, enjoyed trading of 10.4m derivatives contracts during May, up by more than 1m year on year. The bourse believes integrating its cash and derivatives market departments will offer operational synergies, and easier implementation of strategy.
Eric Yip, head of the bourse’s cash market, will become deputy chief operating officer from July. Yip will focus primarily on implementation of initiatives from the strategic review.
Meanwhile, derivatives specialist Simon Cheung will join HKEx in September as vice president for platform development. He has previously advised...