London Stock Exchange boss: City’s global status at risk

London will lose its status as a global financial hub without a post-Brexit shake-up of City rules, the chairman of the London Stock Exchange has warned. 

Michael Findlay said the City would drift towards ‘regional market’ status if it did not cut red tape around listings. 

He said the UK has a ‘once-in-a-generation opportunity to implement radical reforms’ to attract more companies to the capital and keep pace with rivals.

In a submission to the Financial Conduct Authority, reported by The Sunday Telegraph, he said officials must strip back excessive stock market rules. 

Regulations around IPOs should be loosened and the current premium and standard segments of the stock exchange should be scrapped, he said. 

Findlay added: ‘We are in a foot race with our competitors, and we cannot afford to be ignorant of that.’