British broker TP ICAP is planning to list its data and analytics business in New York in a major snub to London.
The world’s largest inter-dealer broker, set up by City grandee Michael Spencer, hopes to float a minority stake in its Parameta Solutions arm by the end of June.
A move to New York would mark another setback for the City as London struggles to attract initial public offerings (IPOs) while also suffering an exodus as companies leave or are taken over.
The issue extends from the main London market – with FTSE 100 giants Shell and Glencore considering a move to New York and Unilever choosing to list its ice cream business in Amsterdam – to the junior Alternative Investment Market (AIM).
Research by accountant UHY Hacker Young shows the number of firms on AIM has fallen by 61 in the past 12 months to 679 – the lowest since 2001 and down from a peak of 1,694 in 2007.
The report blamed ‘the cost burdens and excessive red tape that come with being listed on AIM’.
TP ICAP, the world’s largest inter-dealer broker hopes to float a minority stake in its Parameta Solutions arm by the end of June.
Colin Wright, chairman of UHY Hacker Young, said ‘cutting back on some of the regulations surrounding AIM could help’.
TP ICAP chose New York for the Parameta listing because ‘the US has the deepest, most liquid public markets’. The broker also reported a 12 per cent rise in 2024 profit to £303million.
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