Mega bourse mergers less of a threat as exchanges and markets have morphed

LAST month, Hong Kong Exchanges and Clearing Ltd (HKEx) made a surprise US$39 billion bid for 300-year-old London Stock Exchange (LSE).

Some observers say if successful, the move could position Hong Kong as a financial link to the West. It could help reinforce its hub status at a time of high tension in the Special Administrative Region of the People's Republic of China, where anti-government protestors have been out in the streets the last four months decrying Beijing's political influence.

The news did little to permanently rattle the share prices of the Singapore Exchange (SGX) or any other major exchanges, reflecting the consensus that a successful tie-up between LSE and HKEX looked like a long shot because of regulatory and political hurdles. Even if HKEx …