Garry Jones named LME CEO

Will head LME’s expansion into commodities and beyond.

The Hong Kong Stock Exchange named Jones as CEO of the London Metal Exchange, the futures exchange with the world's largest market in options and futures contracts on base and other metals.

Jones, a former top executive at the NYSE Liffe, has limited experience in metals, however. He inherits a difficult role at a time when the LME is facing issues over warehousing metals and its impact on consumers.

Analysts said HKEx selected an executive with a solid grasp of soft and agricultural commodities that will help HKEx expand its franchise beyond metals.

They noted that Jones’ experience across asset classes will enable HKEx to leverage its commodities business to grow in the much larger markets of currencies, fixed income and equities as it capitalizes on renminbi internationalization.

Jones will begin on September 30 and will be a member of the LME board in addition to his role as CEO. He replaces outgoing CEO Martin Abbott.

The announcement of a candidate seen as an outsider to the metals market caught many by surprise but underlined HKEx’s drive to move beyond metals.