LME unveils new chief executive Garry Jones

The former boss of NYSE Liffe was today named as the new man in charge of the London Metal Exchange.

Garry Jones will replace Martin Abbott as chief executive of the 136-year-old City institution, which was bought last year by Hong Kong Exchanges and Clearing for  £1.4 billion. The LME said deputy chief executive Diarmuid O’Hegarty, who was seen as the leading internal candidate for the job, had resigned after missing out on the top job  and will leave the company early next year.

“I am acutely aware of the LME’s rich history, and I am excited about working with the team at the exchange to realise the potential of that heritage,” Jones said.

The LME was founded above a London hat shop in 1877, and accounts for 80% of traded volume in global metal futures transactions.

It has been embroiled in controversy in recent months, and faces several class-action lawsuits alleging “anti-competitive behaviour” in aluminium warehousing.