Hong Kong has appointed former bourse executive Bryan Chan Ping-keung to manage the new central clearing and settlement system for gold as it eyes developing a comprehensive gold trading ecosystem that meets international standards.
Chan will become the inaugural chief executive of Hong Kong Precious Metals Central Clearing from October 2, with a term of three years, the government announced on Monday.
He will lead HKPMCC to supervise and drive the operation and development of the central clearing and settlement system for gold that is scheduled to launch officially in the first quarter of next year.
This includes providing efficient and reliable clearing and settlement services for over-the-counter gold transactions, working closely with upstream and downstream industry participants such as refiners and financial institutions to create synergy, and working with the government in developing the ecosystem.
Chan served as an administrative officer from 1988 to 2000, when he worked as the principal assistant secretary for financial services, responsible for securities and derivatives market policies, as well as the merger and listing of Hong Kong Exchanges and Clearing (0388).
He joined HKEX in 2000 and was later promoted to managing director and co-head of equities and fixed income currency, global markets division.
Chan possesses deep knowledge and extensive experience in financial markets, market infrastructure and government operations, alongside outstanding management and leadership capabilities, said Secretary for Financial Services and the Treasury Christopher Hui Ching-yu.
Hui said he is confident that Chan will lead HKPMCC to enhance the operation of the system continuously, collaborate closely with stakeholders across various sectors and bring greater convenience for global markets to participate in the development of Hong Kong's gold market, enhancing the voice and influence of Hong Kong's gold trading ecosystem in the Asian time zone.
