Published: 2009/12/01
Bursa Malaysia Bhd today announced the appointment of Datuk Yusli Mohamed Yusoff as chairman and Chong Kim Seng as its new chief executive officer with immediate effect.
Chong will be spearheading the expansion and development of Bursa Malaysia Derivatives Bhd’s products and services offerings and its derivatives market infrastructure.
The new board structure follows the completion on Nov 30, 2009 of the acquisition by CME Group Inc (CME Group) of a 25 per cent equity interest in Bursa Malaysia Derivatives Bhd from Bursa Malaysia Bhd.
Effective yesterday, the Board of Bursa Malaysia Derivatives Bhd comprises four directors, three representing Bursa Malaysia Bhd and one representing CME Group, said Bursa Malaysia and CME in a statement.
It said Yusli, Omar Merican and Nadzirah Abdul Rashid of Bursa Malaysia and Phupinder Gill, president of CME Group, would serve on the board.
Yusli said: "I believe we have the right team and structure in place to carry out the company's goals, not only in growing the derivatives business but also in enhancing the visibility of our star product, the crude palm oil futures (FCPO).
"I look forward to working closely with this team to ensure that the Malaysian derivatives market sees further growth and attracts greater interest from international traders and hedge funds."
Prior to the acquisition by CME Group, Bursa Malaysia Bhd's derivatives businesses was consolidated into Bursa Malaysia Derivatives Bhd, via a restructuring exercise.
Under the exercise, Bursa Malaysia Derivatives Bhd acquired 100 per cent equity interest in Bursa Malaysia Derivatives Clearing Bhd from Bursa Malaysia Bhd.
The structure and members of Bursa Malaysia Derivatives Clearing Bhd's Board is now the same as that of the Bursa Malaysia Derivatives Bhd Board. -- Bernama