Posted in Financial Centre, Hong Kong Stock Exchange, LSE, London, London Stock Exchange, New York, New York Stock Exchange
The London Stock Exchange retained its number one spot as the world’s most successful borse in the first half of the year.
A report from Dealogic gives the LSE initial public offerings worth £16.8bn ($34bn), compared with New York’s £15.1bn ($31bn). Hong Kong trailed in third place with just £7.4bn despite its proximity to the burgeoning Chinese growth engine.
With reports that this bonanza may have peaked, especially from Russia, Michael Long, an analyst with Keefe, Bruyette and Woods, said : “There is a concern that a lot of the Russian listing is a bit bubbly.”
However, he didn’t see much sign of New York improving its relative market share on IPOs. “It’s cheaper to do them here, regulations are less complicated and strenuous, and they argue there’s a bigger international investor base here than in the U.S.”
The good times continue.
Posted in Consolidation, Euronext, Hong Kong Stock Exchange, LSE, London Stock Exchange, NYSE, Nasdaq, New York Stock Exchange, Russia, Sarbanes-Oxley
This has been a record year for world stock markets with IPOs raising £116 billion ($227bn), according to Ernst & Young.
The Hong Kong Stock Exchange did best, grabbing 17pc of the total. But the London Stock Exchange came a close second, with 15pc, ahead of the New York exchange on 11pc, Euronext on 8pc, and Nasdaq, at a lowly 6pc.
Much of the bonanza has come from Russian and Chinese companies seeking havens in lightly-regulated financial centres. The LSE has scored heavily over the American outfits because of the negative effect of the Sarbanes-Oxley legislation.
Posted in Clara Furse, Consolidation, Hong Kong Stock Exchange, LSE, London Stock Exchange, Nasdaq, Share Price, Singapore Stock Exchange
With the hedge funds getting restless (they own 30pc of LSE shares) and Nasdaq adopting a laid-back posture (it owns 25.1pc), you might think that the London Stock Exchange was between a rock and a hard place.
Nasdaq, it seems, is quite prepared to sit out the next six months, whereupon it can withdraw its £2.4bn ($4.49bn) offer and make a lower bid for the LSE. This leaves the hedge funds champing at the bit, while the large profits they came in to claim are receding over the horizon.
Meanwhile, back at the ranch, Chief Executive Clara Furse, now apparently supporting an independent, British LSE, is looking eastwards for a possible takeover target. The Singapore Stock Exchange is being mentioned, even though Hong Kong is larger. Maybe Chinese regulation doesn’t appeal.
Furse probably has around five weeks to stitch up a deal or announce her intentions. Whatever happens, Clara knows she’s in for a bumpy ride.
