HKEX appoints Calvin Tai as interim CEO

Maria Nikolova

Charles Li is set to step down as Chief Executive on December 31, 2020, but to remain as Senior Advisor to the Board.

Charles Li has informed the Board of Directors of Hong Kong Exchanges and Clearing Limited (HKEX) of his plans to retire early from his role as the Chief Executive of HKEX.

Mr Li will remain as the Chief Executive of HKEX and an ex-officio member of the Board until the end of December 2020. Effective January 1, 2021, he will take up the role of Senior Advisor to the Board for 6 months, continuing to provide guidance, and ensuring a smooth transition.

The Board announces the appointment of Calvin Tai as Interim Chief Executive of HKEX and ex-officio member of the Board, effective 1 January 2021, following Mr Li’s retirement as the Chief Executive of HKEX, and an ex-officio member of the Board on 31 December 2020.

Pursuant to section 70 of the Securities and Futures Ordinance, the appointment of Mr Tai as the Interim Chief Executive of HKEX has been approved in writing by the Securities and Futures Commission.

Mr Tai is currently Co-President and Chief Operating Officer of HKEX and will continue in these roles concurrently with his appointment as Interim Chief Executive. Mr Tai joined the HKEX group (the Group) in July 1998 and has extensive experience and deep knowledge of the Group. The Board is confident that, under Mr Tai’s leadership, HKEX will continue to successfully deliver upon its business objectives as set out in the 2019-2021 strategic plan, and that the Group’s operations will continue to benefit from strong oversight and execution.

As set out in the announcement dated 7 May 2020, a selection committee, led by HKEX Chairman, Laura M Cha, with HKEX Directors, Apurv Bagri, Benjamin Hung and Rafael Gil-Tienda, has been formed to conduct a formal search process for a new HKEX Chief Executive. Considerable progress has been made and an announcement will be made in due course.

Read this next

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”