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Britain’s exit from the European Union has “cannibalized” London’s listing pool, according to JPMorgan Chase & Co.’s chief executive officer for Europe, the Middle East and Africa.
Vis Raghavan told Bloomberg Television’s Francine Lacqua on Tuesday that uncontrollable geopolitical shifts were acting against the listing environment in London and across Europe.
“Historically, London has been a big magnet for emerging market listings,” drawing in Russian and Indian companies, Raghavan said. A lot of that has disappeared, with China becoming more domestically focused, he added, before turning his focus to Brexit. “Clearly, Brexit has kind of cannibalized the listing pool and a lot of European companies are now listing on European exchanges.”
Raghavan, however, said that London had been a great money center and said the rule of law and quality of regulation are a “huge plus” for the City. It is now important not to “gold plate” UK’s regulation, he said, adding it’s crucial to preserve the attractiveness of London and maintain access to multicultural talent....
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