Wise, a company previously known for its money transfer services, is transitioning its primary stock listing to NASDAQ, reflecting a significant trend among firms leaving the London Stock Exchange (LSE) for the US. This move highlights issues plaguing the LSE, such as high costs, low liquidity, and attractive valuations elsewhere. Major companies, like Marsh & McLennan, have also exited the LSE, which now struggles to keep pace while aiming for growth in technology and financial sectors post-Brexit, revealing a need for reform to attract and retain listings.
"Wise announced it plans to shift its primary stock listing to the NASDAQ, underscoring tectonic shifts in the global listings landscape."
"The past five years have seen a steady drip of high-profile companies leaving the LSE in favor of the US, totaling over $100 billion in market cap."
"Despite the UK's post-Brexit ambitions to become a tech and finance hub, its primary exchange seems increasingly less appealing to the very firms that represent its future."
"Marsh & McLennan cited the disproportionate costs and administrative burdens of maintaining a secondary listing in London as a main factor for its delisting."
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