Compressing Britain’s two company listing segments to attract more tech firms could put an existing “gamechanger” at risk.
Britain wants to use its post-Brexit flexibility in financial rulemaking to compete better with New York in company listings. And is trying to persuade chip designer Arm to list in London rather than on Wall Street.
The Financial Conduct Authority (FCA) has already eased some listing rules and has proposed going further by merging the standard.
Clare Cole, FCA director for market oversight, said that having a single segment would cut costs. And make it easier for investors to compare companies. Hoggett said bold action, not incrementalism, was in need to improve London’s attraction for private and public companies.
Tom Duggan, deputy director for securities markets at Britain’s finance ministry, agreed that more needed to be done. Adding that the government would create simpler prospectuses for companies to list. Nigeria Must Increase Productivity To Improve Naira Value — Conor Lawlor, managing director for capital markets at UK Finance.
“This appetite for change is finite, it won’t be around forever and we need to strike while the iron is hot,” Lawlor said.
-Reuters.
