Money Briefs : Indonesia's ICDX appoints new CEO

Indonesia's ICDX appoints new CEO

JAKARTA • The Indonesia Commodity and Derivatives Exchange (ICDX), controlled by the Widjaja family, appointed Mr Lamon Rutten as its chief executive officer, with effect from yesterday.

Mr Rutten, 54, was a former managing director and chief executive at Mumbai-based Multi Commodity Exchange of India and a member of the World Bank's International Task Force for commodity risk management in developing countries.

Mr Megain Widjaja, who will become a director at the exchange, will be a co-CEO in the interim to ensure a smooth transition for Mr Rutten.

The ICDX, founded by Mr Widjaja's father Fenny Widjaja in 2009, is the country's biggest derivatives exchange. Mr Widjaja's grandfather and family patriarch, Mr Eka Tjipta Widjaja, controls a business empire that includes Golden Agri-Resources, the world's second-largest palm oil producer.

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'Better tools needed' to assess market risk

MANILA • Two of the main contenders for the job of central bank governor in the Philippines said global uncertainties require sharper monitoring of financial market risks.

Deputy governors Nestor Espenilla and Diwa Guinigundo, whose names have been touted as possible successors to governor Amando Tetangco when his term expires in July, called for stronger measures to assess and analyse market developments. The nation's solid fundamentals give the central bank space to enhance policy tools, they said.

Mr Tetangco's looming departure comes at a time when emerging nations are bracing themselves for capital outflows as the US embarks on a steeper tightening path. The Philippines is forecast to remain among the fastest-growing economies in the world.

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A version of this article appeared in the print edition of The Straits Times on February 01, 2017, with the headline 'Money Briefs'. Print Edition | Subscribe