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A 35-year-old former investment banker has been appointed to lead the 140-year-old London Metal Exchange, as it tries to boost trading volumes and profitability.
Matthew Chamberlain, currently interim chief executive at the LME, has been appointed chief executive, owner Hong Kong Exchanges and Clearing said in a statement. Mr Chamberlain, a computer science graduate, is the youngest head of a major exchange group.
Mr Chamberlain’s appointment will take effect upon approval from the UK’s Financial Conduct Authority, HKEX said.
The LME is the world’s oldest metal exchange and sets the benchmark global prices for metals such as copper, tin, nickel and aluminium. It is the last exchange in Europe to still have an open outcry trading floor, known as “the Ring.”
The LME’s former chief executive Gary Jones left abruptly in January, following two years of falling trading volumes and disaffection among members following a 2015 hike in fees. It later backtracked and cut the fees for one of its most popular trades.
Commenting on his appointment, Mr Chamberlain said: “This is an exciting time to take on the role of Chief Executive, and I look forward to working closely with our members, clients and the broader metals community.”
Mr Chamberlain joined the LME in November 2012, after advising HKEx on its $2.2bn takeover of the exchange as a banker at UBS.