New Municipality Minister Bim Afolami is expected to reveal on Thursday that the new intermittent trading venue for private companies will be named Pisces, Sky News has learned.
The new city minister said on Thursday the government's bid to orchestrate a “renaissance” of London's capital markets as it revealed new details of proposals for a new platform that would allow investors in private companies to trade shares. It is planned to praise ambition.
Sky News reports Bim Afolami, who replaced Andrew Griffiths as Treasury Secretary in November, will use a speech on Thursday to reiterate the government's determination to push forward its financial services regulatory reform agenda ahead of the next general election. I got what was planned.
Officials said on Wednesday that Mr Afolami was expected to reveal the name of the new Intermittent Trading Venue (ITV) promised as part of his Mansion House reforms last year would be Pisces.
One senior City executive said the creation of a strong ITV could help large private companies instill the idea of trading shares and ultimately encourage more companies to go public in the UK. He said it would be a major step forward for London's capital markets.
The city's watchdog endorsed the plan last September, saying it would “expand access to liquidity for institutional investors while expanding investment opportunities for private companies and their shareholders.”
Executives from the London Stock Exchange Group have also expressed enthusiasm for its creation.
Mr Afolami, himself a former city executive, is expected to say on Thursday: “I want to be clear that the capital markets play an important role in the UK economy.''
“We generate returns for our investors by allocating capital and promoting investment, growth and job creation.
“All of this drives activity across the economy.”
The new minister's speech comes at a time when the city's attractiveness as a financial center is increasingly the subject of heated debate.
Some blue-chip companies based in the UK, such as semiconductor design company Arm Holdings, chose to float in the United StatesWhile an increasing number of companies are listed in London, Includes flutter entertainmenthas been pursuing a New York listing.
Mr Afolami, speaking at the headquarters of financial data and media group Bloomberg, will say the UK economy would benefit from a more balanced approach to risk-taking in the financial sector.
“Our approach to capital markets must carefully balance appropriate regulation with investors' risk appetite. Our approach since 2008 has focused too much on the former and not enough on the latter. '' he said.
“Only through prudent and purposeful risk-taking can we achieve progress, economic growth and a renaissance in our capital markets.”
Since Jeremy Hunt became Prime Minister, the government has announced two major policy packages.
called edinburgh reform and Apartment renovationThis included moves to increase pension fund investment in British companies and proposals aimed at reinvigorating the culture of private investment.
“As a result of these reforms, we are looking to refit the UK public market after three and a half years.
“But…further progress needs to be made to fully deliver on the promise of capital markets.”
Afolami is focused on retail success, officials said. Secondary offering of NatWest Group shares It comes after Mr Hunt's autumn statement announced that the Treasury would consider such a sale later this year.
The government has relatively little room to hammer out a deal, but it hopes to evoke the culture of private investment created by Thatcherite privatization in the 1980s.