Hong Kong Exchanges and Clearing Ltd offered Martin Pratt, the Chief Executive position for HKEx. Pratt, an expert broker and currently the Chief Operating Officer of Triland Metals Ltd, would be leading the HKEx at a turbulent time in its long years of history. 

Triland Metals, owned by Japan's Mitsubishi Corp was selected over the LME's Chief Operating Officer, Diarmuid O'Hegarty and Garry Jones, past CEO of NYSE Liffe, sources said.

HKEx needed to commission a qualified metals trader and a thorough understanding of the LME's complicated trading structure. Pratt's non-involvement with the catastrophe over the warehousing fiasco in the exchange also made him the ideal choice. Pratt would take over Chief Martin Abbott, who confirmed his intentions to resign last month.

Experts from the industry said Pratt's expertise in soft commodities would help HKEx incorporate its reach beyond metals. His high profile in the industry is also expected to work to his advantage.