lseg

Der Wert der Angebote für Unternehmen an der Londoner Börse ist 27-mal so hoch wie der Wert der neuen Teilnehmer in diesem Jahr, was neue Bedenken hinsichtlich des Rückgangs der öffentlichen Märkte im Vereinigten Königreich aufwirft. $EVAA

Obwohl ursprünglich erwartet wurde, dass 2026 eine Erholung für die LSE bringen würde, gab es im ersten Halbjahr des Jahres lediglich sieben Börsengänge, die insgesamt 577,2 Mio. £ einbrachten, wie Daten des Unternehmens für professionelle Dienstleistungen EY zeigen. $EDGE

Der gesamte Marktwert der neuen Immobilien beträgt 2,2 Milliarden £ und wird vor allem durch den Börsengang einer Beteiligung am nationalen Investmentfonds aus Usbekistan angetrieben, der auch den höchsten Wert aller Ankündigungen erzielte und 511 Mio. £ erreichte. $CLO


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#lseg
LSEG has for several years been more concerned with revenue from selling data products than investing in a functioning market," he said. Recent reductions in the cost of retail price distribution help, he added, but do little to encourage participation.
On proposals to extend U.K. trading hours, Saunders argued the effect would be to stretch existing liquidity rather than create new liquidity.
He described the mechanism as a decline in liquidity density, where the same number of shares change hands, but orders are spread across a longer period, leaving the order book shallower at any given moment.
"Market makers and institutional traders do not double their risk capital just because the clock says they should," he said. "They allocate the same risk budget across a longer day."
The consequence, he believes, is that a market maker filling an order holds inventory for longer before finding a counterparty, increasing the risk that prices move against the position. Market makers compensate by widening spreads, raising the average effective cost of trading.
Furthermore, he feels execution quality would diverge by order type. Market orders would deteriorate, running through more price tiers to fill and producing execution prices materially worse than the touch price.
Limit orders would improve marginally, competing against fewer resting orders across a wider spread, but with a lower probability of being filled, and potentially sit unexecuted for hours or expiring at the close.
Saunders noted that demand for longer access to U.K. stocks does exist, but is conditional on sufficient liquidity being available. Rising costs of trading in illiquid hours would eventually suppress that demand.
Concentrating liquidity into auctions could offset the effect, he said, while a continuous order book across extended hours represents a threat to liquidity and, in turn, to the exchange’s viability.