Marco Archer has been named to succeed Valia Theodoraki as chief executive of the Cayman Islands Stock Exchange, effective immediately, as she has returned to the UK to take up a newly-created role as vice president of marketing for the exchange.
Theodoraki had headed up the exchange for 14 years.
Archer most recently had been Finance and Economic Development minister in the Cayman Islands government until the island’s general election in May. Prior to joining the government he worked in various roles over more than 12 years in the Cayman Islands financial services industry, according to a statement announcing his appointment.
He is described as having an honours degree in law from the University of Liverpool as well as a BSc in economics and finance, and an MBA, and being “well known and respected” in the island’s financial services community. Stock exchange officials said he had been chosen after a “lengthy recruitment process”.
Founded in 1996 and fully owned by the Cayman Islands government, the Cayman Islands Stock Exchange, or CSX (pictured above), is best known for its hedge funds and other specialist product listings. It currently lists more than 2,000 securities, which have a combined market capitalisation of more than US$190bn, according to its website.
Anthony Travers, chairman of the CSX, noted that the exchange “has looked ahead and is positioning itself” for the post-Brexit era, when, he said, it is anticipated that the City of London “may enhance the benefits it can obtain from the financial strength of [its] offshore financial centres, like the Cayman Islands, by attracting further inward investment”.
He added: “Post Brexit, we anticipate the perspective of the UK will shift from a narrow Brussels focus to a more global approach to the provision of financial services. A closer relationship with the Cayman Islands, therefore, would no doubt benefit the City of London.”