LME Clear board structure

The constitution of the Board is defined in the Articles of Association of LME Clear. The Board comprises: 

  • four executive directors (the "Executive Directors"); and 
  • five non-executive directors (the "Independent Directors").

The Executive Directors are the Chief Executive of LME Clear, the Chief Executive of the LME, the Co-Head of Global Markets at HKEx and the Group Risk Officer. In respect of the Independent Directors, two of these are appointed by HKEx UK and three are appointed by the Board.

The initial make-up of the Board was confirmed in a Press Release issued on 17 December 2013. As of May 2016, the Directors are as follows.

LME Clear Directors

Richard Thornhill - Chairman

Richard Thornhill was with Slaughter and May for 36 years, and as the senior partner of Slaughter and May’s Hong Kong office he was responsible for all practice and operational matters of the office, including the Beijing office. Mr Thornhill practised corporate law, which covered equity and debt capital markets work, financings and mergers and acquisitions. He holds an MA degree from Oxford University.

Trevor Spanner - HKEX Chief Operating Officer

Trevor Spanner is the Chief Operating Officer and Group Risk Officer of Hong Kong Exchanges & Clearing Limited (“HKEX”). Responsibilities include the Group’s Next Generation platform and connectivity projects, strategy & project management and Group Risk oversight and policy development.

Trevor relocated to Hong Kong in January 2016, serving previously as the Chief Executive of LME Clear Limited. He joined The London Metal Exchange (“LME”) as Head of Post Trade Services in November 2011 and led the design and implementation of the new clearing house for the LME market, LME Clear. Mr. Spanner is a Board Member of LME and LME Clear.

Trevor joined LME from EuroCCP - the European clearing house of the DTCC. He played a leading part in the development and launch of the clearing house, and as Chief Operating Officer he was responsible for its day-to-day business operation. EuroCCP was hugely influential in the reshaping of the clearing landscape following MiFID 1, and continues to be a major participant in post trade development in Europe.

Prior to EuroCCP Trevor held senior executive positions in with Merrill Lynch, UBS and Deutsche Bank, responsible for delivery of global clearing & settlement services for equities, FX, securities and exchange traded derivatives. In these roles he additionally led and successfully implemented a number of key strategic projects and technology platforms.

Trevor holds a BA (Hons) degree from the University of Kent and is a Chartered Accountant (ACA).

Ketan Patel - HKEx Group Risk Officer

Mr Patel is a member of the Hong Kong Exchanges and Clearing Limited (HKEx) Management Committee and is the Group Risk Officer. Mr Patel joined HKEx in 2012 as Co-deputy Head of Risk Management until 2013 where he was promoted to the position of Co-head of Clearing Risk Management and Head of FIC & OTC Clearing Risk Management. Mr Patel also served as the chairman of the Default Management Group for OTC Clear until December 2014. Prior to joining HKEx, Mr Patel was at CME Group between 2005 to 2011 where he held the positions of executive director and director of risk management. Mr Patel holds a Bachelor in Management from Purdue University, USA and a Master of Business Administration (Economics and Analytical Finance) from Booth School of Business, The University of Chicago.

Adrian Farnham - LME Clear CEO

Mr Farnham joined Turquoise Global Holdings Ltd (LESG) in 2007 as chief operating officer and became chief executive officer in 2010. He was instrumental in the market launch of Turquoise, working with Cinnober Technology on the initial implementation of the platform. In 2011 he led the platform expansion into derivatives. Prior to Turquoise, Mr Farnham worked as an executive director of operations at Morgan Stanley for 13 years. In 2013 he was appointed as the Chief Operating Officer of LME Clear, overseeing the building and eventually the day to day running of LME Clear. In January 2016 he was appointed as LME Clear’s Chief Executive.

Marco Strimer - INED

Mr Strimer, a Swiss citizen, is Head of Operations at Bank Notenstein AG, a leading Swiss Private Bank. Before joining in 2011, Mr Strimer was Global Head of Operations at Bank J. Safra Sarasin. Before that he was CEO of SIX x-clear (a bank under Swiss law and recognised overseas clearing house (ROCH) in the United Kingdom) belonging to SIX Group. Besides his position as CEO he was also a member of the Executive Board and in charge of risk management within the Securities Services Division of SIX Group. As CEO of SIX x-clear he expanded the clearing services from SIX Swiss Exchange to also cover the London Stock Exchange and most of the multilateral trading facilities (MTFs) in Europe, covering various products. His career started in 1991 in a Swiss Bank where he gained international banking experience as well as during a four-year stay abroad. In 1994, he joined former INTERSETTLE which eventually became part of the SIX Group. During this time he was in senior positions at SIX Securities Services, CSD and Global Custodian.

Marye Humphery - INED

Mrs Humphery is an investment banking professional with over 30 years’ experience. She is currently working as an independent consultant providing strategic advisory services on European market infrastructure and financial services business, operations and administration.

Antony Stuart - INED

Mr Stuart was appointed as an Independent director of LME Clear Limited on 26 April 2016. Mr Stuart is a Chartered Accountant and Investment Banker. He was a Managing Director and Executive Committee member with N M Rothschild, where for thirty years he advised on strategy, financing and M&A for a wide variety of companies in the UK, Europe and Australia. He has held a number of non-executive directorships since his retirement in 2011 and currently is the Hon Treasurer and a Council member at the University of Surrey. He is also an Independent director of The London Metal Exchange.

Stephen Yiu

Mr Stephen Yiu was appointed to the Board of LME Clear Limited on 12 June 2017. Mr Yiu was the Chairman and CEO of KPMG China and Hong Kong from 2011 to 2015.
He joined KPMG Hong Kong in 1983 after graduating from Hong Kong Polytechnic and was seconded to KPMG in London from 1987 to 1989. He became a partner of the firm in 1994 and served as the Partner in Charge of Audit from 2007 to 2010. He became Chairman and CEO of KPMG China and Hong Kong on 1 April 2011. He was also a member of the Executive committee and board member of KPMG International as well as KPMG ASPAC from 2011 to 2015.

Mr Yiu was a member of Audit Profession Reform Advisory Committee and Mainland Affairs Committee of the Hong Kong Institute of Certified Public Accountants. He is currently a Council Member of Hong Kong University of Science and Technology and St Paul Co-educational College, an esteemed secondary and primary school in Hong Kong. Mr Yiu is a board member of the Independent Insurance Authority of Hong Kong; a newly established regulator for the insurance industry. He has recently been appointed an independent non-executive director of China Mobile Limited, the biggest mobile network operator in the People’s Republic of China.