Hong Kong Chief Executive has approved Ronald Arculli's appointment as Hong Kong Exchanges and Clearing Chairman, according to a government press release.

Arculli's chairmanship takes immediate effect and will coincide with his term as a Director of the HKEx Board, which expires at the end of the 2008 annual general meeting.

Financial Secretary Henry Tang said: "we are confident that with Arculli's leadership, HKEx will strive to further enhance our market quality and competitiveness, and strengthen our position as the premier capital formation center for the Chinese mainland."

Ronald Arculli, 66, is the Managing Partner of a law firm. He is the Hong Kong Jockey Club Chairman and Health & Medical Development Advisory Committee Vice-Chairman.

He was awarded a Gold Bauhinia Star medal in 2001.

Source: Xinhua