LONDON's efforts to elevate its capital markets on the international stage were dealt a fresh blow yesterday as data firm Wandisco became the latest UK tech outfit to reveal it was eyeing up a New York listing.

The AIM-listed firm said it was in the "early stages" of scoping out a dual listing in New York to sit alongside its London-listed shares.

While Wandisco reaffirmed its commitment to its London-listing, the announcement comes after a bruising week for London Stock Exchange officials in which Cambridge chipmaker Arm opted for a Wall St. IPO and building supplier CRH announced it would swap its London listing for New York.

UK regulators and officials have been on a drive to overhaul and boost the appeal of the UK's markets in the past two years, pushing through the Hill Re- view of the listings regime and the Austin Review of the UK's secondary markets in a bid to tempt more listings.

The Financial Conduct Authority has also brought in reforms in a bid to ease red tape. However, speaking with City A.M., Mark Austin, partner at law firm Freshfields and the author of the Austin Review, said London needed to act fast.

"The UK is not lost but it is at an inflection point as a financial centre and listing destination. But we know what we need to do to fix it and we are doing it," he said.

"We are already in the process of meaningfully reforming our relevant law and regulation and discussions are now also gaining momentum in relation to the changes we need to make to market practice," he continued.

A more risk-friendly approach to pension investment has long been a demand of the UK's growth sectors and is seen as key to the City's appeal.

(c) 2023 City A.M., source Newspaper