Exchange Invest Weekly 015

The September 27th 2019 edition was recorded in London, England, hence sound is a bit different to normal... The recording was made under some duress as I was dressing for the Sheriffs breakfast of the City of London at the time!   Transcript There was a class of at least one Titan of the battle for Hong Kong exchanges and the London Stock Exchange heated up. This is the Exchange Invest weekly with me Patrick L Young.   Leading the news this week: the Hong Kong exchanges attempts to buy the London Stock Exchange. There was a huge showdown in London: 9000 bankers in between drinks at SIBOS managed to get together and listen to back to back presentations - question and answer sessions no less - with, first of all David Schwimmer of the LSE. And then subsequently Charles Lee, the boss of the Hong Kong exchange. Interesting discussion, or at least a rather one sided discussion. I mean, David Schwimmer was frankly foolish. He derided Hong Kong for its free laws, its free markets, its judiciary, which is well, much more independent than dubiously politicized legal systems. You know, I'm talking about regimes like say, the United Kingdom, during the course of this week. Of course, one could concern himself but China is much more closed system: but this is Hong Kong, we're talking about remember one nation two administrative systems, totally different, Hong Kong being so close to UK law. It's an absolutely totally different kettle of fish. And that's why of course Hong Kong is the astoundingly perfect gateway in the correct time zone, in the correct geographical area, to link Chinese capital with Britain's capital. Underneath the opportunities for content for trading for investment for bonds for stocks between the two which is quite sensational with the incredibly interesting spar of Milan alongside. Frankly, Hong Kong exchange remains the trusted, stable internet gateway to China. The London Stock Exchange have a one shot pony bet on a relatively youthful Shanghai Stock Exchange and we all know how many Chinese exchanges have ended in the past being, well, how about one patter, I’m talking to you this morning from London, so I suppose one could say they've been prorogued on many occasions in the past. That's not the situation with modern Hong Kong, and it's the focused myopia of LSE, undeclared, the ignorance of broader UK media, the elephant in the room we keep ignoring is in fact the bond market that plays to all Hong Kong strengths much much better than just simply trying to access the Chinese mainland through one vastly different timezone of London into the much much earlier in their overall daytime, and UTC Chinese trading day. When it actually came to the face off at SIBOS, so of course, it wasn't a face off takeover panel rules, we can't have the two men in the same room at the same time. Fortunately, they had both been booked to speak at SIBOS earlier on rare moment of excitement at SIBOS in between the many parties and drinking which seems to be the main occupation or preoccupation at the delegates these days. That was taking place in London of course, and if you find the time to watch the videos, well they make for quite arresting viewing. To put it mildly, watching the dawn in London the other day when I was doing the Exchange Invest daily newsletter to the background of the David Schwimmer interview was one of the least inspirational activities I can recall. Interviewer Jeremy Grant is a solid sharp he's not exactly super inspirational, but he understands the parish incredibly well. Alongside Vague Dave. Jeremy look well, positively Churchillian in charisma terms. Schwimmer didn't look like a man in charge of anything,certainly not his brief. He stumbled on simple questions after he extolled the great merits of the Refinitiv FX market being rolled into the London Stock Exchange. He was promptly ask...