HKEX taps JPMorgan’s Nicolas Aguzin as chief executive to helm the world’s most valuable stock market operator
- Aguzin’s appointment, subject to approval by Hong Kong’s Securities and Futures Commission (SFC), would take effect from May 24 for a three-year term
- Aguzin, an Argentinian and a permanent resident of Hong Kong, would become the first non-ethnic Chinese to lead the city’s bourse
A selection committee chose JPMorgan’s Nicolas Aguzin to lead the bourse, succeeding Charles Li Xiaojia – a former banker from the same US bank – in the role, according to an HKEX announcement. The role, subject to approval by Hong Kong’s Securities and Futures Commission (SFC), takes effect from May 24 for a term of three years, HKEX said.
The appointment comes at an important juncture in HKEX’s development, when new listings and investment funds flowing south from mainland China have swelled the city’s market value to HK$54 trillion (US$7 trillion), helping Hong Kong surpass Tokyo to become the world’s third-largest capital market. China-domiciled enterprises made up 52 per cent of the 2,545 companies listed in Hong Kong at the end of January, 90 per cent of the market’s trading volume and 81 per cent of its capitalisation.
“HKEX needs someone with strong China connection,” said Tom Chan Pak-lam, chairman of the Institute of Securities Dealers, adding that the chosen candidate was a surprise. “We do not know if the new CEO has the similar ties like [former CEO] Charles Li to connect China with the world.
Aguzin, known to his colleagues as “Gucho”, is CEO of JPMorgan’s international private bank. Before that, he was chairman and CEO of the US bank’s operations across the Asia-Pacific region.
