SMX confirms CEO resigns, paper cites “strategy differences”

SMX confirms CEO resigns, paper cites “strategy differences”

Singapore: The chief executive officer of the Singapore Mercantile Exchange, Thomas McMahon, resigned on Friday, the exchange said Sunday, confirming a newspaper report.

“Thomas McMahon, chief executive officer at the Singapore Mercantile Exchange has decided to move on to pursue his personal interests within the industry, and will do so from Singapore," SMX said in a press release.

The exchange said McMahon would continue at SMX until end of June and will continue to serve as a member of the advisory board of SMX.

A report in Singapore’s Sunday Times citing unidentified sources, said McMahon’s decision was believed to be due to “strategy differences" with the company’s parent, Mumbai’s Financial Technologies (India) Limited.

The exchange has seen limited interest in the contracts it has launched over the past year or so, which include WTI and Brent crude oil, gold, base metals, and currencies. The exchange is also considering iron ore and coal futures.

McMahon’s strategy had been to push for benchmark futures, but he faced stiff competition in the commodities space from established markets like Nymex in oil, Comex in gold, the London Metal Exchange and the Shanghai Futures Exchange in metals and domestically from the Singapore Exchange.

McMahon joined SMX about two years ago. Earlier, he headed the Hong Kong Mercantile Exchange (HKMEX) and was a former director of Nymex Asia.

Financial Technologies has established 10 multi-asset exchanges across India, Dubai, Singapore, Africa, Mauritius and Bahrain.