Hong Kong stock exchange operator to open London office
Hong Kong Exchanges and Clearing (HKEX) confirmed today that it will open an office in London in the first half of 2023.
It said the new office will expand the group’s international reach and promote greater global connectivity.
HKEX chief executive Nicolas Aguzin, said: “HKEX has strong ties with the financial community in London through the London Metal Exchange, and this new office will further strengthen our commitment to supporting the ambitions of our broad range of customers around the world.”
HKEX also hopes to promote the attractiveness of its international equities business, its connectivity with mainland China’s capital markets and its rapidly expanding derivatives product suite.
“The opening of the London office will make it easier for HKEX to connect with investors and other market participants during the European working day and enable the group to build stronger ties with its clients throughout the region,” Aguzin said.
HKEX has been operating in London since 2012, when it bought London Metal Exchange (LME) for £1.4bn in 2012. This brought LME members closer to China, the world’s largest metals buyer.
In 2019, the stock exchange operator abandoned an audacious £32bn bid for London Stock Exchange in an attempt to create a “world-leading market infrastructure group”.
HKEX has been struggling to convince investors to enter the Chinese market over the last few years due to Covid-19 and increasing tensions between China and the West.
The bourse operator posted a 20 per cent decrease in profit in 2022, although it recorded a very strong fourth quarter.