Tim Fitzpatrick has been appointed as the new chief executive of CHAPS Co, the UK's same day high-value payment system, effective from 18 January 2016. He is currently HSBC's global payments and cash management chief operating officer and its group head of payment services. CHAPS processes 92 per cent of all sterling value payments, with the vast majority (78 per cent) being wholesale financial payments, both domestic and international. It settles an average of £269 billion on behalf of more than 5,000 institutions and individuals every day. Shares in state-owned Japan Post Holdings and its financial units soared above their initial public offering price, vindicating the Japanese government's largest asset sale in nearly three decades, the WSJ reports. Japan Post holding company shares traded 26 per cent higher than the IPO price. Shares in Japan Post Bank rose 15 per cent, and shares in Japan Post Insurance soared 56 per cent. Together the holdings are set to fetch about US$12 billion, the world's biggest IPO since Alibaba Group's US$25 billion deal in 2014.