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  • BACK OVER TO YOU.

  • MARIA: THANK YOU SO MUCH.

  • DICK GRASSO IS WITH US THIS

  • MORNING.

  • WE HAVE TO GET YOUR REACTION TO

  • HONG KONG OFFERING TO ACQUIRE

  • THE LONDON STOCK EXCHANGE FOR

  • $36.6 BILLION, DICK.

  • >> THAT'S A LOT OF MONEY.

  • BUT THERE IS A LOT OF MONEY IN

  • EXCHANGE THESE DAYS.

  • I THINK THAT HONG KONG HAS BEEN

  • VERY SUCCESSFUL BECAUSE IT'S INT

  • INTEGRATED BOTH ITS TRANSACTION

  • BUSINESS AND ITS CLEARANCE,

  • COMPARISON AND SETTLEMENT

  • BUSINESS.

  • I THINK THE ATTRACTIVENESS OF

  • LONDON WOULD PUT HONG KONG IN A

  • POSITION TO BE A 24 BY X MARKET.

  • 36 OR $37 BILLION, THOUGH, IS A

  • VERY BIG PREMIUM AND I GUESS THE

  • WORK HAS BEEN DONE WHICH

  • SUGGESTS THERE ARE BOTH

  • SYNERGIES THAT CAN BE TAKEN OUT

  • AND GREAT CROSS-TRADING

  • OPPORTUNITIES.

  • YOU KNOW, HONG KONG HAS ALWAYS

  • BEEN A MARKET WITH A

  • CAPITALIZATION RIGHT UP THERE AT

  • THE TOP, TOP THREE OR TOP FOUR.

  • AND I THINK IT'S A LOGICAL MOVE

  • ON THEIR PART.

  • IT WILL BE INTERESTING TO SEE

  • WHAT LONDON'S REACTION IS.

  • YOU KNOW, THIS IS PROBABLY ONE

  • OF THOSE RARE MOMENTS WHERE WE

  • MAY SEE A REVERSE PAC MAN AGAIN.

  • WE HAVEN'T SEEN ONE IN A WHILE.

  • BUT LONDON MIGHT TURN AROUND AND

  • BID FOR HONG KONG TO MAKE IT

  • INTERESTING.

  • THE QUESTION BECOMES CAN YOU

  • MAKE MONEY, GIVEN THAT PREMIUM?

  • AND THE PREMIUM IS RICH BUT

  • THERE IS A LOT -- PARTICULARLY

  • IN LONDON ON THE BACK END THAT

  • CAN BE VERY PROFITABLE.

  • SO IT'S GOING TO BE INTERESTING

  • TO WATCH.

  • I'M CERTAIN THIS IS NOT THE

  • FINAL BID.

  • >> AS FAR AS THAT, THE HONG KONG

  • BID, THOUGH, YOU MENTIONED THE

  • RICH PREMIUM, IS THIS AN

  • ENDORSEMENT OF LONDON AS A

  • FINANCIAL CENTER, REGARDLESS OF

  • HOW THE BREXIT DEAL WORKS OUT OR

  • DOESN'T?

  • MARIA: THAT'S GOOD QUESTION.

  • >> IT'S AN EXCELLENT QUESTION.

  • I THINK THAT BREXIT IS KIND OF A

  • SIDE SHOW WITH RESPECT TO

  • EXCHANGES.

  • EXCHANGES CAN'T BE

  • COUNTRY-CENTRIC ANYMORE.

  • THAT'S WHY YOU SEE HONG KONG

  • BIDDING FOR LONDON.

  • LONDON HAS A TERRIFIC BUSINESS

  • AS IT IS, BUT IT ALSO HAS BEEN

  • -- IT PREDATES THE NEW YORK AND

  • THE AMERICAN MARKETS BY A COUPLE

  • HUNDRED YEARS.

  • LONDON HAS A GEOGRAPHIC

  • ADVANTAGE THAT THEY COULD BE,

  • TOGETHER WITH HONG KONG, A 24 BY

  • FIVE MARKET.

  • MARIA: IS THERE ANY RETANS

  • MARIA: IS THERE RNY RETANS

  • MARIA: IS THERE REL RETANS

  • MARIA: IS THERE RELUCETANS

  • MARIA: IS THERE RELUCTAANS

  • MARIA: IS THERE RELUCTANCS

  • MARIA: IS THERE RELUCTANCE IN

  • YOUR VIEW, GIVEN THE FACT WE'RE

  • WATCHING HONG KONG PUSH BACK ON

  • CHINA'S THOR

  • CHINA'S RHOR

  • CHINA'S RULR

  • CHINA'S RULE.

  • PEOPLE ARE PUSHING BACK ON CHINA

  • IN HONG KONG.

  • DO YOU THINK OF HONG KONG ANY

  • DIFFERENTLY THAN YOU DID YEARS

  • AGO?

  • I ALWAYS THOUGHT OF HONG KONG AS

  • THIS INTERNATIONAL FINANCE HUB,

  • EQUAL TO LONDON, EQUAL TO NEW

  • YORK.

  • IN RECENT MONTHS, MY OWN

  • PERCEPTION HAS CHANGED BECAUSE

  • OF THE CHINA POWER GRAB.

  • AND WE ONLY HAVE 28 YEARS LEFT,

  • RIGHT, JAMES, 50 YEAR PACT FROM

  • THE HANDOFF.

  • >> I THINK -- WELL, FIRST, MOST

  • IMPORTANTLY, HONG KONG DOESN'T

  • MAKE THIS BID WITHOUT BEIJING'S

  • APPROVAL.

  • OKAY.

  • SO YOU KNOW THAT BEIJING WAS

  • INVOLVED.

  • IT'S A WONDERFUL DIVERSIONARY

  • TACTIC.

  • WHETHER OR NOT THE DEAL ACTUALLY

  • HAPPENS, IT TAKES A LITTLE BIT

  • OF THE HEAT OFF BEIJING TO KNOW

  • OR TO SAY TO THE WORLD, HONG

  • KONG REALLY IS INDEPENDENT.

  • LOOK AT THE BID THEY MADE FOR

  • LONDON.

  • ON THE COMMERCIAL SIDE, THOUGH,

  • IT MAKES A LOT OF SENSE.

  • I MEAN, WHETHER IT'S HONG KONG

  • BUYING LONDON OR LONDON BUYING

BACK OVER TO YOU.

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A2 hong kong london maria bid china

Hong Kong offers $36.6 billion bid for London Stock Exchange

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    林宜悉 posted on 2019/10/11
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