Citi Hong Kong’s head of securities services joins HKEX

Cindy Chen will oversee the post-trade business development team, as well as the blockchain project HKEX is working on with Digital Asset.

Hong Kong Exchanges and Clearing (HKEX) has hired the former head of securities services at Citi Hong Kong to head up its post-trade business development.

Cindy Chen has joined the HKEX post-trade business development team, which was established earlier this year to develop the exchange operator’s post-trade services in equities, fixed income and currency markets.

As head of the unit, Chen will be responsible for identifying new business opportunities and working with HKEX’s clients to expand its clearing services. She will report to Calvin Tai, who is joint-chief operating officer, and head of clearing at HKEX.

Chen will also oversee the distributed-ledger technology (DLT) project, which was announced in October as part of a partnership with blockchain technology specialist, Digital Asset. The project will see HKEX trial the technology to help complete post-trade allocations and processing for northbound trades under Stock Connect within a tight settlement window.

Chen joins HKEX from Citi Hong Kong where she has worked for more than 20 years in various senior roles, most recently heading up the bank’s securities services business.   

“Her considerable expertise, knowledge of Hong Kong and international financial markets and her proven track record in business development will be of immense value to us as we look to further develop our post trade business,” Tai commented. “I know she will be a very valuable addition to the team.”

Tai’s role at HKEX is set to be expanded in January next year, after HKEX confirmed its joint-operating chief and head of markets, Roger Lee will retire after more than 20 years with the exchange. Tai, will take on the COO role solely upon Lee’s retirement, and will also assume the role of head of markets until a successor is appointed.