New LME exec must grasp industry: Abbott
Jun 07, 2013 | 04:01 PM
| Andrea Hotter
NEW YORK The London Metal Exchange should look to hire a new chief executive officer who is in tune with the views of market users and who understands the constantly evolving nature of the industrys interests, according to outgoing chief executive officer Martin Abbott.
Abbott, whose departure by year-end was announced June 6 (amm.com, June 6), told AMM that his decision to leave the LME was a gradual one but its six-month timeframe recognizes the LMEs need to find a suitable replacement.
"Its important that whoever is running the exchange spends time with users and gets to understand why people use this place, but its also important that they never rely too much on one or two peoples views and opinions at any given time because its a market," he said. "One of the fascinating things about a market is the ebb and flow of vested interestsits what makes it interesting, and you have to understand where they are coming from."
Abbott, who has been the exchanges chief executive officer since 2006 (amm.com, Aug. 2, 2006), steered the exchange from being a not-for-profit organization run by its shareholders, the members, to the commercially modeled enterprise owned by Hong Kong Exchanges & Clearing Ltd. (HKEx) as it is today (amm.com, Dec. 6). ....
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