SFE Chief To Become CEO Of The Australian Centre For Global Finance

The Board of the Sydney Futures Exchange (SFE) has accepted the resignation of its Chief Executive, Mr Leslie Hosking, following his decision to take-up an Australian Government appointment as Chief Executive of the Australian Centre for Global Finance in January 2000. Mr Rick Holliday-Smith, Chairman of SFE, said: "Les Hosking leaves SFE with our congratulations and best wishes for his future role, and our thanks for his significant contribution to the development of the futures industry in Australia during 15 years as Chief Executive. "Today's news does not diminish SFE's commitments to an electronic trading platform and the strengthening of its position regionally and globally. Mr Hosking will continue to lead the Exchange until the end of the year ensuring there is no disruption to the move to full electronic trading already successfully begun with the transfer of the Share Price Index contract to SYCOM® IV on 4 October. "The Board will be taking steps to appoint Mr Hosking's replacement in the coming months and has an executive structure in place to ensure management stability and an orderly transition." Mr Hosking was appointed Chief Executive of SFE on 2 January 1985. He has overseen the expansion of SFE into the Asia Pacific's largest financial futures and options exchange, with an annual turnover of 30 million contracts, worth A$10.5 trillion. During Mr Hosking's tenure SFE has established a worldwide reputation for being responsive and innovative in the area of change management, as the world's financial markets have become increasingly global.