Hong Kong Exchanges & Clearing’s (HKEX) $39 billion bid for London Stock Exchange (LSE) Group presents the London exchange with two alternative models of how an exchange should look in the modern world.
HKEX’s bid is an argument for scale; LSE’s existing deal with Refinitiv positions it for a future based on data.
It is easier to see why HKEX would make the bid than why LSE would accept it – which it hasn’t, instead turning it down with considerable sting, although every sensible target refuses the first bid.
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