HKEX names former Zhengzhou exchange boss to head new commodity platform

LONDON (REUTERS) - The Hong Kong bourse has appointed the former general manager of the Zhengzhou Commodity Exchange as the head of its new commodities platform in mainland China, it said on Wednesday.

Guo Xiaoli, who has 28 years of experience in the commodities sector, was appointed chief executive of the spot commodities platform being developed in southern China by Hong Kong Exchanges and Clearing, a statement said.

The platform in Qianhai, a new free trade zone near Hong Kong, is one of a series of initiatives HKEX has taken to boost its commodities business after the US$2.2 billion (S$3.03 billion) takeover of the London Metal Exchange in 2012 at the top of the commodity boom.

The platform is due to launch trading metals before branching out into other commodities, pending regulatory approval, the HKEX has said.

In August, when announcing a decline in first half profits, HKEX said testing of the platform was due to begin in September.

Guo set up the metals futures trading business at CITIC International and has served as deputy general manager at the Dalian Commodity Exchange. "Mr Guo is an expert on the Mainland futures market from theory to practice and he brings a wealth of experience to our Qianhai venture," HKEX Chief Executive Charles Li said in the statement.