HKEx and LME form LME Clear board
Hong Kong Exchanges and Clearing (HKEx) and the London Metal Exchange (LME) have formed the board of LME Clear, the LME's self-clearing platform currently in development.
LME Clear is on track to launch, as planned, on 22 September 2014.
The board will be comprised of five independent non-executive directors and four executive board members.
The independent non-executive directors will be Richard Thornhill, chairman; John Harrison; Marye Humphery; Nat le Roux; and Marco Strimer.
The executive directors will be Trevor Spanner, chief executive of LME Clear; Gerald Greiner, HKEx head of global clearing; Garry Jones, chief executive of the LME and co-head of global markets at HKEx; and Romnesh Lamba, HKEx co-head of global markets.
The board became effective on 16 December 2013.
"This is an important day in the development of LME Clear. Strong and robust governance is critical for clearing houses operating in the new regulatory environment," says Spanner. "The broad range of experience and skills belonging to our board demonstrates our continued commitment to building a world-class clearing house."
Greiner says: "Having attracted individuals with proven experience and competence in clearing and market infrastructure, we are confident that the launch of LME Clear will be a core addition to HKEx Group's capabilities in the clearing space."
LME Clear is headquartered in London and has been designed and built in consultation with LME clearing members. It will be fully compliant with European Market Infrastructure Regulation (EMIR).
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