WHAT ARE THE COMPETING VISIONS FOR THE WORLD'S FINANCIAL CENTERS?

Bonnie Chan, CEO of the Hong Kong Stock Exchange, and Julia Hoggart, CEO of the London Stock Exchange, discuss the evolving role of stock markets and competing visions for the world's financial centers. They emphasize the core function of capital markets: matching opportunities with capital, regardless of technological advancements. Both CEOs highlight the increasing mobility of capital and the need to embrace technology to broaden investment opportunities. Julia mentions the London Stock Exchange's initiative to be indifferent to whether a company is public or private, including a private securities market. Bonnie stresses Hong Kong's role as a super connector between China and the rest of the world, facilitating two-way capital flows across various asset classes. Both leaders acknowledge the competition from emerging players like crypto exchanges and the importance of collaboration among traditional exchanges. They address the trend of capital gravitating towards the U.S. market and the need to retain capital in other regions. Julia highlights the LSEG's investment in technology and its focus on directing capital into the real economy, while Bonnie mentions the potential for dual listings to support the growth of technology companies. They conclude by demystifying tokenization, emphasizing its use for real assets within a regulated environment.