New LME exec must grasp industry: Abbott

Jun 07, 2013 | 04:01 PM | Andrea Hotter

Tags  LME, London Metal Exchange, Martin Abbott, LME chief executive officer, HKEx, 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 industry’s interests, according to outgoing chief executive officer Martin Abbott.

Abbott, whose departure by year-end was announced June 6 (, June 6), told AMM that his decision to leave the LME was a gradual one but its six-month timeframe recognizes the LME’s need to find a suitable replacement.

"It’s important that whoever is running the exchange spends time with users and gets to understand why people use this place, but it’s also important that they never rely too much on one or two people’s views and opinions at any given time because it’s a market," he said. "One of the fascinating things about a market is the ebb and flow of vested interests—it’s what makes it interesting, and you have to understand where they are coming from."

Abbott, who has been the exchange’s chief executive officer since 2006 (, 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 (, Dec. 6). ....

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