Two weeks after the Hong Kong Stock Exchange's bid for the London Stock Exchange was sternly rejected, the heads of the two exchanges took the feud public, exchanging digs over the true gateway to China in a conference attended by 8,000 delegates.
London Stock Exchange chief executive David Schwimmer was first to speak at the conference and made note of his view’s about the true Chinese financial center of the future.
«For the long term? For the financial center of China? We view Shanghai as the financial center of China,» Schwimmer said at the financial conference, Sibos 2019, describing the mainland outlook optimistically and naming recent milestones in furthering connectivity.
Schwimmer’s session was immediately followed by Hong Kong Stock Exchange chief executive Charles Li, who took the opportunity to counter his sparring partner, close reading the comments and rebutting each of them.
Capital Controls: «Still Talking About it for 20 Years»
Schwimmer cited the removal of capital controls as a gradual yet positive trend but Li emphasized the importance of a timeline that could stretch beyond expectations.
«We view the capital controls around the Chinese market as constantly evolving, and the trend is that they are slowly but surely being removed,» Schwimmer said.
«The idea China will relax controls […] we will still be talking about it for 20 years,» Li said in the subsequent session. «Capital controls will be with us for our generation.»
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