Is the London Stock Exchange under threat?

When the fintech giant Wise floated its shares on the London Stock Exchange in 2021 it was widely seen as proof that the City still had a future as a centre for equity trading. This was London’s largest-ever tech listing: it was one of only a handful of new British companies with a global presence and it was hailed as the perfect example of how the London stock market could still be an effective home for growing businesses. Against that backdrop, its decision today to move its primary list to the United States is a crushing blow. Has Wise just killed the London stock market?

A stock market needs a certain critical mass to survive

Alongside another excellent set of results, Wise also announced today that it was shifting its primary listing to New York, although it will keep a secondary li