HKEx announces revised corporate structure

HKEx announces revised corporate structure

04/03/10

Hong Kong Exchanges and Clearing Limited (HKEx) has revised its organisation structure to align it with HKEx's strategic direction, as set forth in the 2010-2012 Strategic Plan.

Key drivers of the existing business remain largely unchanged in the new structure as HKEx plans to continue to focus on its core business and operational excellence and benefit from its strengths in those areas.  The main changes reflect HKEx's desire to extend and expand its business to preserve its competitive advantage and capture opportunities. 

The attached organisation chart highlights the revised structure, as further described below:

Primary Market
The Issuer Marketing Department has been moved to the new Market Development Division.  The Listing Division remains under Primary Market.

Secondary Market
The Information Services Department has been renamed the Market Data Department to better reflect the broad opportunities available in this growing business.  The department remains under Secondary Market, along with the Clearing and Risk Management divisions and the Cash Market and Derivatives Market departments.

Information Technology
The Information Technology Division has been moved from Support Services to its own area to reflect the increasing importance of market systems and platforms to HKEx's operations and growth.

Market Development
The new Market Development Division comprises the Issuer Marketing, Corporate Strategy, and Research and Corporate Development departments, as well as the new Platform Development and Mainland Development departments.  The Mainland Development Department includes HKEx's Beijing Representative Office. 

The Market Development Division will focus on capturing future China opportunities, broadening HKEx's issuer base, assessing new product development concepts and enhancing the competitiveness of HKEx's market structure and market systems.  The division will work with different business units on further development and implementation of the initiatives in the new strategic plan.

Corporate Services
Support Services has been streamlined and renamed Corporate Services.  The new Advisory Services team will assist the Chief Executive with special projects and report to him.  The Finance and Administration Division and Corporate Communications, Human Resources and Legal Services divisions remain under Corporate Services. 

Personnel Changes
Lawrence Fok has been appointed Chief Marketing Officer and will report to the Chief Executive.  Mr Fok will continue to play a key role in HKEx's efforts to persuade new issuers to list in Hong Kong.  In addition, Mr Fok will act as HKEx's ambassador to various constituents on the Mainland and overseas. 

As previously announced, Romnesh Lamba joined HKEx in early February this year as Executive Vice President and Head of Market Development.  He will spearhead HKEx's strategy and development initiatives under this division.

Peter Curley, currently Executive Vice President of Corporate Strategy, will move to Advisory Services.  Stewart Shing, a former HKEx executive who rejoined the organisation in early February this year as an Adviser, is also part of the Advisory Services team.

"Our business will continue to evolve in line with the competitive landscape in Asia and the rest of the world, so our organisation must remain nimble," HKEx Chief Executive Charles Li said.  "Our new structure will help us collaborate more with our constituents and counterparts and develop stronger ties with them as we move to the next phase of our development."