The chief financial officer has resigned from Hong Kong Exchanges and Clearing Limited, the holding entity for the Stock Exchange of Hong Kong, Hong Kong Futures Exchange and Hong Kong Securities Clearing Company.

Effective from 13 January 2013, Stephen Jeffrey Marzo transfers his responsibilities to current deputy CFO Vincent Kwong Yau Shing on an acting basis. A selection committee will be formed in due course to identify his official replacement, a statement from the exchange said.

Marzo has no disagreement with the HKEx board and that there isn't any matter related to his resignation that need to be discussed with shareholders, HKEx said. The Hong Kong Exchanges and Clearing board comprises 12 independent non-executive directors, with Chow Chung Kong as chairman. 

Although the market remains one of the most vibrant in the world, there have been some setbacks. Significantly from a wealth management and wealth creation point of view, the number of funds raised by initial public offerings on the Hong Kong market slumped 65 per cent in 2012 from the levels of the previous year, at HK89.8 billion ($11.6 billion), but the IPO market should rebound to raise between HK120 billion to HK150 billion in 2013, predicts PricewaterhouseCoopers.