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The 2017 Tech 40: Charles Li

13. Charles Li
Chief Executive Officer
Hong Kong Exchanges and Clearing
Last year: 15

If global reach and product diversification — and the ability to confront the technology challenges that they pose — separate the elite exchange operators from the rest, then Hong Kong Exchanges and Clearing truly joined the club in 2013 with its $2.2 billion acquisition of the London Metal Exchange. The motivation of Charles Li, HKEX's chief executive officer since 2010, was not mere empire-building: His focus is on growth opportunities in China, including LME's potential to serve Chinese institutional traders' needs. Despite his lobbying efforts, Li has yet to get LME registered on the mainland. But he did gain approval for a surrogate, the Qianhai Mercantile Exchange, which opened in May in Shenzhen. HKEX's fifth active trading venue, Qianhai caters to demand that, according to Li, is not being met by China's three futures markets. The 55-year-old adds that very few contracts on the Chinese exchanges come with an option for physical settlement, and spot market participants are dispersed among hundreds of poorly regulated and highly fragmented trading platforms. "We can't just blindly copy the LME, because China has its own unique characteristics and challenges," Li says. "So we want to leverage the LME to begin tackling some of China's unique structural issues by building a new model that both fills a market vacuum and meets market needs. We want to serve the physical economy and eventually establish benchmark prices for China."


The 2017 Tech 40
1. Adena Friedman
NASDAQ
2. Catherine Bessant
Bank of
America Corp.
3. Robert Goldstein
BlackRock
4. Jeffrey Sprecher
Intercontinental Exchange
5. Lance Uggla
IHS Markit
6. Shawn Edwards & Vlad Kliatchko
Bloomberg
7. David Craig
Thomson Reuters
8. Michael Spencer
NEX Group
9. Don Callahan
Citigroup
10. Elisha Wiesel
Goldman Sachs Group
11. Michael Bodson
Depository Trust & Clearing Corp.
12. Terrence Duffy
CME Group
13. Charles Li
Hong Kong Exchanges and Clearing
14. Sean Belka
Fidelity Investments
15. Chris Concannon
CBOE Holdings
16. Guy Chiarello
First Data Corp.
17. Steven Lieblich
Citadel
18. David Rutter
R3CEV
19. Blythe Masters
Digital Asset Holdings
20. Alfred Spector
Two Sigma Investments
21. Neil Katz
D.E. Shaw Group
22. Lee Olesky
Tradeweb Markets
23. Richard McVey
MarketAxess Holdings
24. David Gledhill
DBS Bank
25. Seth Merrin
Liquidnet Holdings
26. Antoine Shagoury
State Street Corp.
27. Peter Brown &
Robert Mercer
Renaissance Technologies
28. Lou Eccleston
TMX Group
29. Peter Cherecwich
Northern Trust Corp.
30. Mike Chinn
S&P Global Market Intelligence
31. Chris Corrado
London Stock Exchange Group
32. Neal Pawar
AQR Capital Management
33. Gary Norcross
Fidelity National Information Services
34. Steven O'Hanlon
Numerix
35. Sebastián Ceria
Axioma
36. Brian Conlon
First Derivatives and Kx Systems
37. Tyler Kim
MaplesFS
38. Michael Cooper
BT Radianz
39. Robert Schifellite
Broadridge Financial Solutions
40. Jim Minnick
eVestment

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