25 September 2019

SIBOS exclusive: Hong Kong Exchange still hopes to buy London Exchange as CEO says it’s time to “think big”

Written By FinTech Alliance in Stock Exchanges

SIBOS exclusive: Hong Kong Exchange still hopes to buy London Exchange as CEO says it’s time to “think big”

At SIBOS 2019, CEO of Hong Kong Echanges and Clearing Limited Charles Li, reiterated the company’s desire to make a deal with the London Stock Exchange.

In Brief:

  • Currently the LSE is staying with its original plan to purchase Refinitiv instead.

  • Li said it’s “time to think big” and a global exchange infrastructure must be developed.

  • In his note to investors, he said it was a priority to connect emerging and developed markets.

What does this mean?

Li sat down with PwC’s Jeremy Grant at SIBOS 2019 and made what was essentially an argument for the takeover to go ahead. His response to Grant’s ‘why now’ question was that “now Is the time to think big”. “The world is becoming more polarised,” he commented. “We need to have market infrastructure globally that is able to underpin the two centres of gravity (east and west).”

Saying the idea for the transaction was “simple”, he argued that together the two exhanges could create “an unrivalled global market infrastructure across all asset classes, global currencies and time zones”.

He added that HKEX is becoming, through its investors, the exchange that owns the largest share in most Chinese companies.

At present, the LSEX has rejected the offer and on 9 October the HKEX will decide whether a hostile takeover is an option. HKEX has said it won’t make the purchase if the Refinitiv deal goes ahead.

You can view a video of Li's discussion here. 

 

 

Up Next ...
05 November 2024

MeaWallet Introduces New Features to Support Click to Pay, Enabling Safer, Faster Online Shopping

MeaWallet product updates support businesses facing mandatory regulatory requirements that state they must support Click to Pay

05 November 2024

Nium and HyperGuest Join Forces to Streamline Payments for the Travel and Hospitality Industry

This partnership will enhance payment efficiency and security for HyperGuest’s global network of travel and accommodation partners with Nium’s virtual card solution...

05 November 2024

Mastercard's 'Pay Local' Brings Global Payment Access to Digital Wallets

This initiative particularly benefits travelers, as it eliminates the need to preload prepaid accounts, making global payments more seamless

04 November 2024

Finance apps are in ‘need of improvement’, says a quarter of Brits

A recent survey by UK mobile specialists Apadmi reveals that ...

More in Stock Exchanges

FCA to ‘simplify’ IPO rules

03 May 2023

Move comes after Arm snubs London listingIN BREIF:- The simplification ...

Hong Kong makes bid for London Stock Exchange

11 September 2019

The Hong Kong Stock Exchange (HKEX) has made an unsolicited offer to buy the London Stock Exchange (...

There are no Knowledge Bank in this category

There are no Events in this category