The chief executive of the company which owns the London Stock Exchange (LSE) says he’s optimistic about the future despite a wave of businesses departing the capital - and suggested there’s little evidence to suggest a move abroad ultimately benefits companies.
However, that’s not an immediate concern for David Schwimmer, chief executive of London Stock Exchange Group (LSEG), which owns the London Stock Exchange.
“When you look at the facts and you look at the strength of the London market in terms of the broader capital raising, you look at the reforms and innovations that are coming to this market, I feel very good and very confident about the direction of travel,” he added.
The actual London exchange only now contributes around three per cent of LSEG revenues for the year, with the wider business being focused on data analytics and technology services.
Higher perceived valuations in US markets have led to some departing these shores for the other side of the Atlantic, with ARM opting to IPO in New York instead of London and the likes of Just Eat, Ashtead, Flutter and Tui all choosing to swap primary listings in a similar vein.
