London’s Square Mile Struggles to Find Its Way in Brexit Britain
- New round of listing reforms planned as IPO volumes stay low
- Rule changes are uncertain while UK leadership contest runs
London is in danger of becoming a mere “regional stock market” down the line unless it significantly raises its game -- that is the warning from Mark Austin, the latest person charged with sprucing up the UK’s listing rules and helping the city maintain its position as one of the world’s leading financial centers.
“We need to be fleet of foot, ambitious and bold,” said Austin, a partner at law firm Freshfields Bruckhaus Deringer, who was commissioned to lead a government review into London’s capital markets. For companies wanting to list in Europe rather than the US, “London was often the go-to option; that is not necessarily the case any more. They are increasingly also eyeing Amsterdam or other venues, be it for valuation, or easier regulation,” he said in an interview.