LME chief Garry Jones steps down

Garry Jones announced retirement after almost four years with the LME.

The London Metal Exchange’s (LME) chief executive officer, Garry Jones, has announced his resignation after almost four years at the exchange.

Jones will be retiring from all positions, including his role as co-head of global markets at the Hong Kong Exchanges and Clearing (HKEX) group and director at LME Clear.

Current chief operating officer at the LME, Matthew Chamberlain, has been appointed as interim chief executive with immediate effect, while HKEX and the LME search for a permanent successor.

Under Jones’s leadership, he carried out the expansion of its electronic trading platforms in a bid to modernise the exchange, while maintaining Europe’s only open outcry trading pit.

However, he leaves the 139-year old exchange following tensions between the LME and its trading members after it raised trading fees by 35% in 2015. It was forced to climb down last year after rumours suggested brokers were looking to set up an opposing exchange.

Jones took on the role chief at the LME in 2013, after leaving NYSE Euronext where he was head of global derivatives.

He has held various senior leadership positions throughout his 20 years in the industry, including chief executive at ICAP’s electronic broking in Europe and chief executive of BrokerTec.

Jones will serve as an advisor to the LME until the end of the year

Discussing Jones’ retirement, HKEX’s chief executive officer, Charles Li, said: “We thank Garry for the contributions he has made to the transformation of the LME over the last few years and we wish him the best in his new endeavours.”

Andrew Dodsworth, LME’s head of market operations, will take over as interim chief operating officer.