Finance
British Brokerage TP ICAP Favors New York Listing for Data Unit
- Broker sees US having better sense of financial data sector
- Deliberations come amid debate about City of London’s future
It would be the latest blow for London’s capital markets, which have seen some companies choose to switch their main listings to New York.
Photographer: Stephanie Keith/BloombergThis article is for subscribers only.
Even London’s biggest inter-dealer broker is looking to the US as it considers an initial public offering of a lucrative data business, the latest sign that the City is struggling to compete with New York for equity capital markets activity.
TP ICAP Group Plc is considering listing its Parameta Solutions data unit in New York rather than its hometown because it believes it will get better liquidity in the US than the UK, the firm said in an emailed statement. Listing in the US is also more reflective of Parameta’s business, since 95% of its revenue is dollar-denominated, the company said.