Hong Kong's regulator chooses a new boss

Ashley Alder, head of the Hong Kong branch of UK law firm Herbert Smith, has been chosen by the territory’s Securities and Futures Commission (SFC) to be its new chief, the Financial Times reported, citing an unnamed source. The individual claimed that by choosing another UK citizen, the regulatory body “hopes to raise the independence of the regulatory world,” because some felt that “a local is more susceptible to pressure from China.” The SFC’s previous head, Martin Wheatley, left Hong Kong for a position at the UK Consumer Protection and Markets Authority. Long-time Hong Kong shareholder activist David Webb called Alder an “excellent choice.” The official announcement is expected to be made on Monday.