a badge of pride

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Companies such as Smurfit Kappa have highlighted that valuation gap in seeking to move their primary listings to New York. Weaker liquidity is also blamed for London missing out on big listings, such as that of UK chipmaker Arm last year.
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Once upon a time the cachet, and cash, attached to FTSE inclusion was seen as easily outweighing the governance strictures of joining the club of “premium” stocks on the London market. No longer. Changes to listing rules are undeniably chipping away at the shareholder protection the UK market once wore as a badge of pride.

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