Back in 2016, Intercontinental Exchange Inc., the owner of the New York Stock Exchange, revealed that it was considering an offer for the London Stock Exchange Group Plc. After a couple of months of due diligence, it walked away, citing “insufficient engagement” by the LSE. A decade earlier, Nasdaq was given the cold shoulder from management that saw London as “the natural center of the world’s equity flows.”
As it turns out, the American exchanges didn’t need to buy LSE to win London’s market – they just needed patience. US markets are steadily picking off London’s prized listings one by one, exemplified by fintech pioneer Wise Plc’s recent decision to shift its primary listing to New York. Wise, worth about $15 billion, adds to a growing list of departures. Construction-equipment firm Ashtead Group Plc announced its move in December, while former FTSE 100 constituents CRH Plc, Ferguson Enterprises Inc and Flutter Entertainment Plc have already relocated.