23 January 2017
Hong Kong Exchanges and Clearing Limited (HKEX), The London Metal Exchange (LME) and LME Clear (LMEC) (wholly-owned subsidiaries of HKEX) announced today (Monday) that Garry Jones, the LME’s Chief Executive and an executive director of the LME and LMEC, is retiring from all his positions within the HKEX Group, including his positions at the LME and LMEC today. Mr Jones has agreed to serve as an advisor to the LME until the end of the year.
Matthew Chamberlain, the LME’s Chief Operating Officer (COO), has been appointed Interim Chief Executive of the LME with immediate effect. Andrew Dodsworth, the LME’s Head of Market Operations, has been appointed Interim COO with immediate effect.
Mr Chamberlain joined the LME in November 2012. In addition to his LME roles, he is a member of HKEX’s Management Committee.
HKEX and the LME are conducting a thorough search for a suitable successor for Mr Jones.
“We thank Garry for the contributions he has made to the transformation of the LME over the last few years and we wish him the best in his new endeavours,” said HKEX Chief Executive Charles Li.
For further information or to speak to an LME spokesperson, please contact:
Tel: +44 (0)207 113 8538
Tel: +44 (0)207 113 8534
The London Metal Exchange, a member of HKEX Group, is the world centre for industrial metals trading.
The majority of global non-ferrous metals business is conducted on our three trading platforms: LMEselect (electronic), the Ring (open outcry) and the 24-hour telephone market. The world’s metal community uses the LME to trade futures and options, and to hedge against adverse price movements. Prices that are discovered on our markets are used as the global reference prices.
Participants can trade aluminium, aluminium alloy, copper, tin, nickel, zinc, lead, molybdenum, cobalt, steel rebar and steel scrap, and four regional aluminium premiums contracts. In 2016, 156.5 million lots were traded on the LME, the equivalent of 3.5 billion tonnes and $10.3 trillion in notional value.
At the close of the year, approximately 3.6 million tonnes of material was held on LME warrant in more than 600 storage facilities across 34 locations internationally.