Anyway, the deal is also significant because it marks a watershed for the UK strategically. LME is a key piece of infrastructure, not just for the UK but the world. While HKEx is free to buy LME, the LME does not have the freedom to buy HKEx. Why? Because HKEx's largest shareholder, with 5.8pc, won't allow it. Readers used to UK standards of share listings and corporate governance may be surprised by this. But don't be because HKEx's biggest shareholder is the Hong Kong government, which runs the island under China's "one country, two systems" philosophy, and the Hong Kong government has decreed any investor wanting to buy more than 5pc of HKEx has to get its permission. Its politicians also appoint HKEx's chairman and five of its directors, thus controlling the board too. Ownership of HKEx is well and truly sewn up, making it immune to a bid from those same free market companies, such as LME, that it's busy buying in London.