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In the latest of a series of letters to the London Stock Exchange Group (LSEG), a coalition of 87 council pension schemes called for Julia Hoggett, the chief of the London Stock Exchange, to stop pushing for regulatory change and provide evidence for claims that stringent rules were damaging London’s public markets.
“What has been said by the CEO of the LSE, as the chair of the Capital Markets Industry Task Force (CMIT), in respect of the relaxing of the listing regime, does not present the requisite analysis and or evidence that would stand up to market rigour,” Doug McMurdo, chair of the Local Authority Pension Fund Forum (LAPFF), wrote in a letter to Don Robert, the chair of LSEG.
“It is on this basis we remain firm,” he added.
It marks the third such demand after two previous letters sent to the LSEG chair earlier this year, McMurdo said in the letter. In its previous warning in May, he said Hoggett risked “poisoning the well” of London’s markets by watering down investor protections.
The claims stem from Hoggett’s role as head of CMIT, a group of City grandees that has been banging the drum for reform of City regulation and issuing warnings over the competitiveness of London as a financial centre.
CMIT, which also counts Peter Harrison, the chief executive of Schroders, and Sir Jonathan Symonds, chair of GSK, among its members, has been at the heart of conversations around the City’s competitveness since its formation in 2022.
Among its campaigns have been a push for greater domestic investment from pension funds and more nuanced debate around the paypackets of City executives. In the past year, regulators have also pushed through an overhaul of listing rules that they concede will introduce more risk to the system....
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