Latest news with #DavidSchwimmer
Times
5 days ago
- Business
- Times
SEC reforms tipped to ‘turn on the tap' for London Stock Exchange
The US market regulator is considering plans to change how foreign companies are listed in New York, which could provide a much-needed boost to the London Stock Exchange. Under ideas circulated by the Securities and Exchange Commission (SEC), foreign companies that are quoted in New York could be required to have a secondary listing in another location if they aren't already listed elsewhere. This demand, if enacted, could affect prominent companies including Arm, the Cambridge-based chip designer that is listed in New York. Foreign companies could also be subject to American accounting rules, which might have the effect of forcing them to move their entire domicile to the US. Lawyers at the global legal firm DLA Piper said the work under way at the SEC could 'turn on the tap' for London to attract secondary listings from these so-called foreign private issuers (FPIs). This would lift the London Stock Exchange, which has faced criticism for losing out on initial public offerings (IPOs) to New York. It has also been deserted by a number companies that have switched their listings to America in the quest for higher valuations. • How to save London's stock market, by LSE boss David Schwimmer Companies using the FPI rules are not subject to quarterly reporting requirements and can use international accounting standards to retain their New York listings. However, the SEC said it had devised these rules decades ago on the basis that they would be 'subject to meaningful disclosure and oversight in their home jurisdictions'. Before 2003, the vast majority of FPIs were European and subject to oversight by their domestic regulator. But 20 years later, the largest jurisdiction in terms of 'issuer incorporation' was the Cayman Islands, and the largest by headquarters was China, the SEC said. Rob Newman, co-head of capital markets for DLA Piper in the UK, said that if the changes were implemented, there could be repercussions for a wide range of companies. 'What we're talking about is companies [like] Arm Holdings, which chose to list in New York, doesn't have its stock traded anywhere else, and is currently relying on exemptions of being a foreign private issuer,' he said. Another company to take advantage of the FPI regime has been Virax Biolabs, a Glasgow-based biotech company that listed its shares on Nasdaq after incorporating in the Cayman Islands. In a letter to the SEC, Virax Biolabs' chief executive, James Foster, said: 'Our company was advised by our underwriter at the time of IPO to incorporate in the Cayman Islands as a means to facilitate a US listing. Our operational headquarters, executive leadership and business administration have always been located in the United Kingdom. We would not have adopted the Cayman structure but for this advice.' The SEC has asked for responses to its consultation by early September. It is unclear when it would make any rule changes.
Yahoo
20-07-2025
- Business
- Yahoo
LSE plots 24-hour trading to revive interest in shares
Shares in UK-listed companies could be traded 24 hours a day under radical plans from the London Stock Exchange Group (LSEG) to tap into booming demand from night owl traders. The LSEG, which owns the flagship London stock market, is accelerating plans to launch a 24-hour trading platform to boost the appeal of the gloomy UK market and encourage overseas investors and younger traders to buy British shares. Changing trading patterns in the US, where transactions are increasingly done outside of working hours by a new generation of Gen Z retail investors on smartphone apps, is leaving traditional bourses exposed. Cryptocurrency markets, such as Bitcoin trading, already trade around the clock and more people trade shares in the small hours on platforms like Robinhood, making traditional market hours increasingly anachronistic. London-listed shares currently only trade between 8am and 4pm. The LSEG declined to comment on the plan, first reported by the Financial Times, but chief executive David Schwimmer has made no secret of his desire to boost the London market. Mr Schwimmer has transformed LSEG into a data and technology giant to rival Bloomberg following a $27bn (£21bn) takeover of Refinitiv, with the stock exchange now accounting for just 3pc of the group's revenues. Britain's stock market is facing a crisis after shrinking trading volumes and a dearth of new listing. Recent tax raids by the Government and tariffs woes have also dented companies. According to figures released by EY on Monday, UK-listed companies issued 59 profit warnings during the second quarter of 2025, a 20pc rise compared to the same period last year. A shift to 24-hour trading would mirror strides in the US where so-called 'dark pools' – which are private exchanges where buyers and sellers meet in secret – have become increasingly popular ways to trade shares overnight. Some dark pools, such as Blue Ocean, allow for shares to be traded once US markets close and last year the US Securities and Exchange Commission (SEC) approved a licence for a new Bermuda-based trading platform 24X to offer out-of-hours trading. Mainstream US stock exchanges such as the New York Stock Exchange (NYSE) have sought to keep pace with the developments by extending trading hours. The NYSE asked the SEC for permission to extend its trading window outside of its traditional 9:30pm to 4pm time earlier this year. However any move to extend trading hours is likely to face fierce criticism from conventional fund managers. They use the closing price of shares to set the value of their funds, with trillions of pounds dependent on the closing price. Round-the-clock trading would make setting prices even more difficult, while fund managers are likely to resist moves to monitor the market 24/7. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
20-07-2025
- Business
- Telegraph
LSE plots 24-hour trading to revive interest in shares
Shares in UK-listed companies could be traded 24 hours a day under radical plans from the London Stock Exchange Group (LSEG) to tap into booming demand from night owl traders. The LSEG, which owns the flagship London stock market, is accelerating plans to launch a 24-hour trading platform to boost the appeal of the gloomy UK market and encourage overseas investors and younger traders to buy British shares. Changing trading patterns in the US, where transactions are increasingly done outside of working hours by a new generation of Gen Z retail investors on smartphone apps, is leaving traditional bourses exposed. Cryptocurrency markets, such as Bitcoin trading, already trade around the clock and more people trade shares in the small hours on platforms like Robinhood, making traditional market hours increasingly anachronistic. London-listed shares currently only trade between 8am and 4pm. The LSEG declined to comment on the plan, first reported by the Financial Times, but chief executive David Schwimmer has made no secret of his desire to boost the London market. Mr Schwimmer has transformed LSEG into a data and technology giant to rival Bloomberg following a $27bn (£21bn) takeover of Refinitiv, with the stock exchange now accounting for just 3pc of the group's revenues. Britain's stock market is facing a crisis after shrinking trading volumes and a dearth of new listing. Recent tax raids by the Government and tariffs woes have also dented companies. According to figures released by EY on Monday, UK-listed companies issued 59 profit warnings during the second quarter of 2025, a 20pc rise compared to the same period last year. A shift to 24-hour trading would mirror strides in the US where so-called 'dark pools' – which are private exchanges where buyers and sellers meet in secret – have become increasingly popular ways to trade shares overnight. Some dark pools, such as Blue Ocean, allow for shares to be traded once US markets close and last year the US Securities and Exchange Commission (SEC) approved a licence for a new Bermuda-based trading platform 24X to offer out-of-hours trading. Mainstream US stock exchanges such as the New York Stock Exchange (NYSE) have sought to keep pace with the developments by extending trading hours. The NYSE asked the SEC for permission to extend its trading window outside of its traditional 9:30pm to 4pm time earlier this year. However any move to extend trading hours is likely to face fierce criticism from conventional fund managers. They use the closing price of shares to set the value of their funds, with trillions of pounds dependent on the closing price. Round-the-clock trading would make setting prices even more difficult, while fund managers are likely to resist moves to monitor the market 24/7.
The Sun
14-07-2025
- Entertainment
- The Sun
Celebrity Bake Off shock as former contestant makes surprise comeback two years after losing show
COMEDIAN Rose Matafeo is making a return to the The Great Celebrity Bake Off tent in a historic first. The Kiwi star, 33, first appeared on the Channel 4 reality show in 2023 and her comeback will be the first time a celebrity has returned to the baking tent. 4 4 A source told The Sun: "Rose did it a couple of years ago but is coming back for the next series, which has just been filmed. "It won't air until next year, but it's really exciting." The source added: "It's the first time a contestant has returned and the reason behind why she's been able to come back will be explained onscreen. "It's a big surprise that producers want to keep secret." The Sun approached Channel 4 for comment. Rose will once again join the special series which serves as a Stand Up 2 Cancer charity special. The comedian starred alongside Friends legend, David Schwimmer in the 2023 series, as well as former Little Mix singer, Jesy Nelson and actor Tom Davis. The American actor beat Rose to be named the top baker on the day, and even dissed her efforts leading to Rose labelling him as "rude." Rose is just one of many big names announced for the upcoming season of the cancer charity fundraiser, with Towie legend Mark Wright also joining the line-up. Hollywood star Ambika Mod, who rose to prominence in This Is Going To Hurt, and shot to stardom in One Day, was the most recently announced star. The Sun exclusively revealed that the hit Channel 4 show snapped Ambika up, and she will appear in the upcoming Celebrity Bake Off series. "Bosses were thrilled to sign Ambika up - she's a fan of the show so loved doing it," a source told us. Former Geordie Shore Vicky Pattison star has signed up to be judged by the likes of Paul Hollywood and Prue Leith. We previously revealed that Babatunde Aleshe has also signed up for the Stand Up To Cancer special. He will joining the likes of Love Island 's Molly-Mae Hague and former Celebrity Big Brother star JoJo Siwa. Other names include RAG 'N' Bone Man, Edith Bowman, and 8 Out of 10 Cats favourite Jon Richardson. 4
Observer
22-06-2025
- Business
- Observer
FCA looks to revitalise London's sluggish markets
New PISCES markets could begin trading before the end of this year, in what the UK government hopes will be a boost for fast-growing companies in search of a stepping stone before reaching IPO (Initial Public Offering). The framework known as the Private Intermittent Securities and Capital Exchange System (Pisces), will allow the creation of a new type of private stock market, regulated by the Financial Conduct Authority (FCA), with a much leaner regulatory burden compared to firms on public stock exchanges. In the FCA's own words, 'Pisces will give the investors more opportunities to buy stakes in growing companies. And private companies can tap into a broader range of investors and asset managers, leading to greater support for future fundraising.' LSEG (London Stock Exchange Croup) boss David Schwimmer has expressed excitement about the new framework adding that investor interest 'is not just from the UK – it's global.' A statutory instrument setting out the regulations was put before Parliament last month for it to set out the final rules on the scheme. Industry sources suggested the regulator has some work to do to ensure the scheme's framework fits with market expectations. A key point of contention is a requirement that Pisces shares be traded intermittently, which the rules define as 'occasional, not frequent, and of limited duration.' That would put it at odds with public stock markets, which allow for continuous daily trading between fixed hours. Mike McCudden, CEO of liquidity venue JP Jenkins, which hopes to operate its own Pisces exchange later this year, said he was 'surprised' that intermittent trading was the starting point for Pisces. Dozens of private companies have had their shares admitted for trading to the firm's platform, worth a combined £2bn. The precise form that trading could take could also determine which investors get involved. The FCA says the use of a central securities depository or CSD (known as Crest in the UK) will be optional for Pisces market operators. Those who elect not to use the system, which facilitates the electronic settlement of share trades, could exclude certain types of funds from participating who require CSD functionality. That would mean some Pisces markets end up with quite different sets of investors, and levels of liquidity, than others. Another area of concern is on share buybacks. While the manoeuvre is common on the London Stock Exchange, it is thought that the Treasury regards it as a waste of capital resources, so has banned its use on Pisces markets, which are designed to encourage investment into innovation. But there are concerns that the ban could be another dampener on liquidity, which could stunt the market's growth. 'Whilst there are legitimate concerns here in terms of constraining growth potential – something that we believe sits at the heart of Pisces – (the use of buybacks) also affords a flexible capital reorganising mechanism that may be vital especially if a company is looking towards a full IPO,' McCudden said. There are hopes that these issues and others could be cleared up under a five-year regulatory sandbox (it provides a controlled environment for firms to test new innovations), which will allow the FCA to test the design before finalising permanent regime in 2030. The sandbox environment is designed to enable the FCA to check everything is working as well as it could be and allow the regulator to make refinements more quickly. The regulatory sandbox system is one that has attracted international praise for its flexibility in the past. But there is no guarantee that regulators will agree with everyone in the industry. McCudden said he was desperate for the sandbox to be used constructively to ensure the outcome addresses real challenges within the London market. Andy Jalil The writer is our foreign correspondent based in the UK.
