Li Xiaojia, the current chairman of JP Morgan Chase in China, appears to be the most likely candidate to head bourse operator Hong Kong Exchanges and Clearing Ltd (HKEx) when the current incumbent retires next year.

Li yesterday indicated that he is leaving his current post in a telephone interview with Reuters. Hong Kong media had earlier reported that Li was likely to be the first chief executive of the bourse with a mainland background.

A source close to HKEx told China Daily that the current HKEx Chief Executive Paul Chow will retire in April 2010 and Li was the preferred candidate to take over the mantle. A formal decision in this regard would be made at bourse's board meeting in June and would also need approval from the securities regulator.