Open the books

Author: | Published: 16 Jul 2018

The UK is opening up the listing process. It may encounter difficulties along the way

The race to attract new business has begun. Competition between exchanges to host the listings of a new generation of companies – fast-growing technology businesses, so-called new economy companies and sovereign-controlled entities – has increased dramatically in recent months.

News in 2016 that Saudi oil giant Aramco was in the process of choosing a venue to sell five percent of its shares set the wheels in motion. While the London Stock Exchange (LSE) has been the main contender to be awarded the highly lucrative listing, its counterparts in New York and Hong Kong have also been vying for pole position – as have those in Toronto and Singapore reportedly. Ever since the announcement, exchanges have been ramping up regime improvements in a bid to entice companies that wouldn't traditionally have had the profile to list.

The UK, in...