LME names Garry Jones, ex-NYSE Liffe, as new ceo [UPDATE]

Garry Jones, the former head of NYSE Liffe, has been named the new ceo of the London Metal Exchange (LME), replacing Martin Abbott.

The London exchange’s owner, Hong Kong Exchanges and Clearing (HKEx), and the LME also said Diarmuid O’Hegarty, the LME’s deputy ceo and a candidate for the top job, had submitted his resignation.
Jones, who left NYSE Liffe in 2012, is expected to start in his new role on September 30, HKEx and LME said in a joint statement.
The new ceo’s immediate challenges will include steering the LME through changes to its under-fire warehousing regime, while longer-term tasks include ensuring the LME is better placed to grow its Chinese business.
“They have deliberately chosen someone totally detached from what’s happening in the market and this [appointment] helps wipe the slate clean with the warehousing queues and other issues,” a market analyst said.

Other market participants believe that the...


Shivani Singh

August 27, 2013

10:35 GMT