Hong Kong Exchanges and Clearing said on Tuesday it had appointed banker Nicolas Aguzin from American investment bank JPMorgan Chase to become its next chief executive, replacing mainland Chinese Charles Li to front the US$6.45 trillion bourse.

The city’s stock exchange operator is still waiting for approval from Hong Kong authorities. If approved, the 52-year-old Argentinian will take command of HKEX for a three-year term starting on May 24.

He will also be the first foreigner to lead the city’s bourse, despite the city’s deepening ties with mainland China that have catalyzed investment flows.

Aguzin is currently the chief executive of JPMorgan’s International Private Bank. The University of Pennsylvania economics graduate was previously the chairman and CEO of the bank’s operations across Asia Pacific from 2012 to 2020.

The HKEX director board believes Aguzin’s expertise will help the bourse continue to promote its mission to engage with mainland China, and the rest of the world. Aguzin has publicly said the mainland Chinese market has such a huge potential that the scale of its stock and bond markets is expected to become on par with developed countries.

Having a foreigner as its chief executive would play a major role in the Hong Kong Stock Exchange’s internationalization process, HKEX chairwoman Laura Cha said in a press briefing.

Aguzin’s experiences would be conducive to the bourse’s future development in different areas, she said, adding that although he does not speak Mandarin, it would not hinder communication between the Hong Kong Stock Exchange and exchanges and regulatory agencies in mainland China.

“It doesn’t matter whether [the chief executive] is a Chinese or a foreigner,” financial services lawmaker Christopher Cheung said. “As the CEO, it’s of most importance that he is familiar with the domestic financial development trends and the national policy directions.”

Appointing a foreigner is beneficial for Hong Kong to enhance its international standing, said Mike Wong, chief executive of the Chamber of Hong Kong Listed Companies.

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