Hong Kong’s London Stock Exchange bid may get more interesting: Fmr. NYSE CEO Dick Grasso

Fox Business

Hong Kong’s $36.6 billion bid for the London Stock Exchange is a very rational move and things may get even more interesting, said former New York Stock Exchange CEO Dick Grasso.

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”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,” Grasso told FOX Business’ Maria Bartiromo on Wednesday. “You know we haven’t seen one in a while but London might turn around and bid for Hong Kong just to make it interesting.”

Ticker Security Last Change %Chg
ICE INTERCONTINENTAL EXCHANGE INC. 89.84 -0.28 -0.31%
NDAQ NASDAQ OMX GROUP INC 97.64 -0.51 -0.52%
CBOE CBOE GLOBAL MARKETS 114.41 -0.82 -0.71%
CME CME GROUP INC 202.98 -2.45 -1.19%

Grasso also notes that there is “a lot of money in exchanges these days” which may explain the hefty $36.6 billion bid.

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“Hong Kong has always been a market with a capitalization right up there at the top, the top three or top four,” he said.

“The question becomes, you know, 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.”

Additionally, the deal opens up a cross-global opportunity.  “I think the attractiveness of London would put Hong Kong in a position to be a 24 by X market,” he said.

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