Hong Kong Exchanges and Clearing was reportedly pressured to make the announcement of its new chief due to a media leak rather than intentions to break protocol and pressure the securities regulator.
The announced appointment of ex-J.P. Morgan private banker Nicolas Aguzin as the new chief before securing the approval of the Securities and Futures Commission (SFC) was not meant to pressure the regulator into agreement, according to an «SCMP» report citing an unnamed source, contrary to market speculations.
«The HKEX fully respects the vetting decision of the SFC,» the source said.
13 HKEX directors joined an urgent online meeting hours after news broke of Aguzin’s appointment.
Three Options
According to the report, HKEX directors discussed three options following the media leak. The first option was to deny the news while the second option was to decline to comment.
The board unanimously decided on the third option: to announce the appointment after markets close while maintaining that SFC approval was required.
This was done in the interest of transparency and public interest, the report added.
International Choice
The choice to select Aguzin – also known as «Gucho» – was based on considerations to have a foreign figure lead the bourse to strengthen the confidence of investors worldwide in Hong Kong.
Hong Kong and mainland candidates were also reportedly considered but there were passed over due to the lack of contributions to building and strengthening international ties.
HKEX chairwoman Laura Cha had informed the board that she had communicated with local and mainland officials that a foreigner could become the bourse’s chief but did not disclose a name.
