Julia Hoggett, CEO @ LSEG plc: The Myths and the Reality of The London Stock Exchange

Julia Hoggett argues London’s stock exchange is misunderstood, citing data that most UK companies listing in the US have underperformed or delisted.

• Of 20 UK companies that listed in the US raising over £100M in the last decade, 9 have delisted and only 4 are trading up.
• Free-float adjusted share turnover on the FTSE 100 is higher than on the S&P 500 or NASDAQ.
• UK pension reform post-Maxwell scandal pushed funds into fixed income and away from equities, directly suppressing domestic risk capital for 20-30 years.
• The UK’s 11 largest DC pension schemes have committed 5% of assets to private companies by 2030 under the Mansion House Compact.
• Stamp duty costs the UK ~£3-4B/year in Treasury revenue but taxes investment in UK stocks while leaving US and European stocks untaxed.
• Yahoo Finance reportedly understates London market liquidity by a factor of over 3x, distorting perception among founders.
• A company IPOing in the top 75% of FTSE 100 by valuation can achieve index inclusion in 5 days, versus no guaranteed S&P 500 inclusion for non-US companies.

2025-03-28 · Watch on YouTube