The London Stock Exchange (LSE) is at a crossroads in its 210-year history. Dubai, which has a 20 per cent holding in the venerable institution, has just as much at stake at this critical juncture.
The LSE's failure to clinch the so-called merger with TMX of Canada has effectively put up a "for sale" sign, and how Dubai reacts now will be crucial in determining the future of the London market, indeed global markets. Qatar, which has a 15 per cent stake, will also play a decisive role.
Xavier Rolet, the French chief executive of the LSE, finds himself potentially in the middle of an international auction. If he looks west, he sees Nasdaq OMX as a potential buyer. If he looks east, he sees SGX, the stock exchange of Singapore.
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