HKEX appoints Xing Guiwei to Risk Management Committee

Rick Steves

The committee’s role is to formulate policies on risk management matters relating to the activities of HKEX, the Stock Exchange and the Futures Exchange, and their respective clearing houses, and to submit such policies to the Board for its consideration.

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Hong Kong Exchanges and Clearing Limited (HKEX) has appointed Xing Guiwei as a member of its Risk Management Committee (statutory) (RMC).

The appointment aligns with the Securities and Futures Ordinance. Xing Guiwei assumes the position previously held by David Allen Grimme, the former chairman of Hong Kong Interbank Clearing Limited (HKICL).

Effective January 1, 2024, the RMC is now constituted by Laura M CHA as Chairman, along with members CHOW WOO Mo Fong, Susan, HO Hon Kit, Daryl, KWOK Pui Fong, Miranda, LEUNG Chung Yin, Rico, LEUNG Pak Hon, Hugo, SUN Yu, and XING Guiwei.

The Risk Management Committee (statutory) was established in compliance with Section 65 of the SFO. It consists of not more than 8 members, including the Board Chairman as the chairman of the Committee.

The committee’s role is to formulate policies on risk management matters relating to the activities of HKEX, the Stock Exchange and the Futures Exchange, and their respective clearing houses, and to submit such policies to the Board for its consideration. It is also tasked to review and assess policies employed by HKEX about significant risk areas, and to advise on matters raised by the Directors and the management that may have an impact on the stability and integrity of the securities and derivatives markets of Hong Kong.

Bonnie Chan to become next CEO of HKEX

Bonnie Chan has been designated as the new Chief Executive Officer of the Hong Kong Exchanges and Clearing Limited (HKEX), making her the first woman to helm the exchange.

This historic appointment reflects HKEX’s commitment to gender diversity and empowerment within its ranks. Chan’s appointment as CEO is part of a larger reshuffle within the senior ranks of the exchange, with her transition into the top job scheduled for May 2024, following the end of Nicolas Aguzin’s tenure​​​​.

Chan brings a wealth of experience to her new role at HKEX. She began her career in legal practice and then moved into the financial services sector. Before her first stint at HKEX, she was the executive director of legal and compliance at Morgan Stanley from 2003 to 2007. Chan initially joined HKEX in 2007 as head of IPO transactions, a role she held until 2010 when she moved to the law firm Davis Polk as a partner. She returned to HKEX in 2020 and has since been sharing the role of co-Chief Operating Officer​​​​.

During her previous roles at HKEX, Chan has been instrumental in various capacities, significantly contributing to the organization’s growth and strategic initiatives. Her experience and insights are expected to be invaluable as she leads HKEX in its next phase, especially at a time when the exchange is expanding its global footprint and continuing to serve as a vital bridge between Mainland China’s markets and international investors.

Chan’s appointment as CEO is particularly notable as HKEX continues to focus on international expansion and innovation in financial products. With her comprehensive background in both legal and financial sectors, she is well-positioned to guide HKEX through the dynamic and evolving landscape of global financial markets.

A look into HKEX’s moves since 2021

As can be found here, the Hong Kong Exchanges and Clearing Limited (HKEX) has seen notable advancements and strategic initiatives during the tenure of its Chief Executive, Nicolas Aguzin. Since his appointment in May 2021, HKEX has continued to expand its international presence and innovate in its offerings, aligning with the dynamic shifts in the global financial landscape.

Under Aguzin’s leadership, HKEX has significantly enhanced its connection between Mainland China’s markets and international investors. The HKEX Connect programmes have played a pivotal role, providing exclusive access to stocks, bonds, ETFs, and swaps between Hong Kong and Mainland China. A notable achievement is that over 70% of all international investments into China’s A-share equities market are held via HKEX’s Stock Connect programme. This program has provided unparalleled and reliable access to the onshore equities market, highlighting HKEX’s crucial role in bridging international investors with Chinese markets​​​​​​.

Additionally, HKEX has been actively involved in the development of new financial products and platforms. For instance, HKEX Synapse, a new integrated settlement acceleration platform, was developed to complement the global push towards settlement cycle reduction. This platform is particularly significant given the ongoing preparations in North America to move to a T+1 settlement cycle around May 2024​​. Furthermore, HKEX has launched new initiatives, such as a dual-counter model for trading shares in both Hong Kong Dollar and the Renminbi, which offer investors more flexibility and access to offshore Chinese currency pools in Hong Kong​​.

The international expansion of HKEX has been marked by the opening of new offices in key financial hubs. Roger McAvoy, who joined HKEX in August 2017, heads up its corporate subsidiary, HKEX (U.S.) LLC, overseeing business development for North America​​. These expansions are part of HKEX’s broader strategy to globalize and provide more integrated access to its suite of products and services.

In the realm of digital assets and sustainability, HKEX has made notable progress. The appointment of Andrew Loong as Head of Digital Assets signifies HKEX’s focus on expanding its digital assets ecosystem. Additionally, HKEX has been actively supporting the development of an international carbon marketplace, forming the Hong Kong International Carbon Market Council to explore climate-related opportunities​​​​.

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