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The London Stock Exchange (LSE) is watching its reputation unravel as businesses ditch it faster than at any time since the 2008 financial crisis famously called “The Great Recession.” The numbers are shocking: 88 companies have either delisted or moved their primary listing away from London in 2024, leaving just 18 newcomers to plug the gap. They’re sprinting toward what they see as greener pastures in New York. Despite endless promises, reforms, and marketing campaigns from the UK government, regulators, and the LSE itself, nothing has stemmed the tide. FTSE 100 firms lead the charge out of London Big players from the FTSE 100 index, London’s crown jewels, are among the deserters. Since 2020, six heavyweight companies have made the leap to New York, taking their combined market valuations—worth nearly £280 billion—with them. To put that into perspective, that’s about 14% of the total market cap of the FTSE 100 gone in just four years. The latest defector? Ashtead, an equipment rental giant worth £23 billion. Its board has had enough of London’s sluggish markets and sees a brighter future in New York. It joins the likes of gambling juggernaut Flutter, valued at £39 billion, and building materials colossus CRH, which boasts a £55 billion valuation. Both have jumped ship within the past 18 months, citing better liquidity and a deeper pool of investors in the U.S. The reasons behind this corporate flight aren’t exactly a mystery. Liquidity is king, and U.S. markets offer it in spades. Businesses moving their primary listings to New York are lured by a bigger pool of investors and higher trading volumes. Goldman Sachs pointed out last year that the gap between the valuations of U.S.-listed and UK-listed companies is widening. The FTSE 100, dominated by old-economy sectors like energy and mining, has gained a…

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Filed under: News - @ December 15, 2024 4:22 pm