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David Schwimmer, Chief Executive Officer, London Stock Exchange Group (LSEG), gave one of the keynote speeches at the World Federation of Exchanges (WFE) London New Year reception on Monday, 21 January.
This was Mr. Schwimmer’s first attendance at a WFE event since the LSEG's return to the WFE after a five-year absence.
David Schwimmer’s career at Goldman Sachs included advising exchanges, working as chief of staff to chief executive, Lloyd Blankfein, when he was the bank’s chief operating officer, and jointly running the bank’s business in Russia from 2006 to 2009.
Mr. Schwimmer began his address by recalling a presentation he gave to the WFE about twenty years ago on exchanges demutualising.
Among the deals David Schwimmer worked on was the NYSE ArcaEx merger. The merger was conceived and shepherded through by Mr. Schwimmer, who effectively advised both sides on everything from price to structure.
The WFE reception also marked the launch of a new report from WFE Research on factors that attract international investors to emerging markets.
Mr. Schwimmer noted that HSBC research has predicted that "Over the coming decade or so, roughly 70% of global growth will be from countries we currently describe as emerging," and "account for roughly 50% of global GDP by 2030".
Mr Schwimmer went on to say that “Last year FTSE Russell decided to include China A Shares in FTSE Russell’s global benchmarks and this could drive about $10bn net passive inflows once fully implemented in the first phase.”
While Chinese equity markets have sunk into bear territory, the country is set to be the biggest world economy in 2030 with the largest contribution to global growth.
Schwimmer added. “Better connectivity also contributes to more liquid markets” and noted “we continue to work in partnership with Shanghai Stock Exchange on Shanghai-London Stock Connect enabling global investors to have better access to Chinese companies and vice versa.”
This month London Stock Exchange Group launched the second edition of its ‘Companies to Inspire Africa' report, identifying and celebrating some of Africa's most dynamic growth businesses. Commenting on the report Mr. Schwimmer, said:
"London Stock Exchange Group's ‘Companies to Inspire Africa' report showcases inspirational and entrepreneurial businesses from across the African continent, representing a wide variety of industries and countries. It is particularly encouraging to see the increasing influence of women in leadership roles in these fast-growing companies, playing a pivotal role in shaping the future of African business. These high growth companies have the potential to transform the African economy and become tomorrow's job creators.”
Nearly a quarter of the companies in this year’s report are led by women, almost double that of the report published in 2017.
