Many stock exchanges around the world are shrinking. But London’s has become glaringly depleted. Last year, 86 companies delisted or transferred their primary listing from London, making it the worst year for exits since the global financial crisis. This year so far has also been disappointing: just nine companies floated on the London Stock Exchange (LSE) in the first half of 2025.
That’s why AstraZeneca’s decision last week to upgrade its listing on the New York Stock Exchange to equal status with its listings in London and Stockholm has provided a speck of reassurance. Market observers had worried that the pharmaceuticals giant – the second largest company on the LSE – was preparing to exit the UK altogether. But the new arrangement reaffirms the organisation’s commitment to London. It also underscores the growing appeal of dual listings.
A dual listing, where a company’s shares are traded on more than one exchange, is an attractive strategy for firms looking to reach a broader range of global investors. Last week, Fermi, a US-based data centre company, launched its dual listing in New York and London – a coup for the UK’s beleaguered equity markets. Two homegrown fintechs, Wise and Revolut, are reportedly considering the same strategy.
And they are not alone: 83% of FTSE 100 executives have considered moving their company listing to a foreign stock market or seeking a dual listing, according to a new poll by Deutsche Numis, a UK investment bank. This trend could inject fresh momentum into the UK’s frozen capital markets and help to jump-start London’s IPO activity, argues Claire Trachet, chief executive of Trachet, an M&A advisory firm. Tech and growth companies may become more inclined to include London in their IPO plans, even if it’s not their sole listing.
According to Trachet, firms listing in the UK and US gain the best of both worlds: access to the US’s deep capital pools, as well as proximity to European investors and credibility from London’s strong regulatory regime. “This is about more than optics,” she explains. “It creates options for founders and investors. Dual listings can re-open exit routes that have been effectively frozen in the UK – with knock-on effects across the wider M&A pipeline.”
A wake-up call for policymakers
Still, dual listings in London should not be mistaken for an endorsement of the UK’s current market environment – far from it. The growing interest in this strategy among LSE-listed firms should serve as a wake-up call for policymakers. Companies are choosing London in addition to, not instead of, other global markets. And they often go this route to hedge against regulatory complexity or limited investor appetite.
The UK government must ensure that a London listing adds value rather than complexity to a company’s capital-raising journey, stresses Trachet. Without changes to address longstanding barriers to UK capital markets, such as stamp duty on share trading and restrictive governance requirements, London risks becoming a secondary venue for internationally ambitious firms, she says.
Labour’s recent announcement to remove stamp duty on new listings is a step in the right direction, says Andrew Bresler, CEO of Saxo, a UK investment platform. But the tax must be abolished to make a real impact, he stresses. “The UK is now an outlier internationally, with very few other markets applying such a levy. Stamp duty is a negligible contributor to Treasury reserves, especially when set against the financial services industry’s role in generating around 12% of total national tax revenue.”
Abolishing the duty would remove a clear barrier to international investment in UK equities, unlocking capital from retail investors and encouraging UK investors who favour US markets to re-engage with their home market, Bresler says. “It would improve liquidity, strengthen London’s competitiveness and send an unambiguous signal that the UK is open for business.”
Dual listings mean options – not allegiance. With firms hedging their bets across markets, the UK can no longer rely on its legacy to retain listings. The government must introduce some much-needed market reforms to maintain London’s status as a global financial hub.
Many stock exchanges around the world are shrinking. But London’s has become glaringly depleted. Last year, 86 companies delisted or transferred their primary listing from London, making it the worst year for exits since the global financial crisis. This year so far has also been disappointing: just nine companies floated on the London Stock Exchange (LSE) in the first half of 2025.
That’s why AstraZeneca’s decision last week to upgrade its listing on the New York Stock Exchange to equal status with its listings in London and Stockholm has provided a speck of reassurance. Market observers had worried that the pharmaceuticals giant – the second largest company on the LSE – was preparing to exit the UK altogether. But the new arrangement reaffirms the organisation’s commitment to London. It also underscores the growing appeal of dual listings.
A dual listing, where a company’s shares are traded on more than one exchange, is an attractive strategy for firms looking to reach a broader range of global investors. Last week, Fermi, a US-based data centre company, launched its dual listing in New York and London – a coup for the UK’s beleaguered equity markets. Two homegrown fintechs, Wise and Revolut, are reportedly considering the same strategy.
