LONDON (Reuters) – Britain will modernise its listing rules to attract more high-growth and “blank cheque” SPAC company flotations to London, Finance Minister Rishi Sunak said after a government-backed review said the capital was on the back foot after Brexit. The London Stock Exchange is facing tougher competition from NYSE and Nasdaq in New York, and from Euronext in Amsterdam since Britain fully left the European Union on Dec. 31. In a bid to keep London globally competitive after Brexit, Sunak commissioned a review of listings rules last November. But asset managers and company directors warn about eroding corporate governance standards by easing listing rules. Hill also recommends liberalising listing rules for special purpose acquisition companies or SPACs, whose flotations in New York have surged over the past year, with Amsterdam also attracting some recently.

Source: Egypt Independent March 03, 2021 08:03 UTC