Hong Kong Exchanges & Clearing, Asia’s largest stock exchange by market value, reported a slight gain in first-quarter net profit, beating analysts’ expectations with results that were boosted by an uptick in trading volume.

The exchange, world’s second largest by value, also announced the appointment of Paul Kennedy as chief financial officer, a position vacant since earlier this year. Kennedy has previously worked at KPMG, Hong Kong’s Securities and Futures Commission and HSBC.