(Adds launching platform by mid-2017)
LONDON Oct 12 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 Ltd, 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 $2.2 billion takeover of the
London Metal Exchange in 2012 at the top of the commodity boom.
The platform is due to be launched by mid-2017, a separate
statement from HKEX said.
HKEX has said that the platform would begin trading metals
before branching out into other commodities, pending regulatory
approval, but previously had not given a launch date.
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
(Reporting by Eric Onstad; Editing by Mark Potter and Louise