Corporate News

London Stock Exchange Group Expands Private‑Market Liquidity and Welcomes Stamp‑Duty Reform

On 11 December 2023, the London Stock Exchange Group (LSEG) announced that Forge Europe UK Ltd has become a registered auction agent on its Private Securities Market (PSM). This registration enables Forge to facilitate the buying and selling of shares in private companies that are listed on the PSM, thereby extending access to private‑market liquidity for investors and issuers operating under the UK’s PISCES (Private Investment in Public Companies) framework.

The move aligns with LSEG’s broader strategy to enhance market depth and improve capital‑raising options for mid‑market firms. By leveraging the PSM’s existing infrastructure—such as its electronic trading platform, settlement processes, and regulatory oversight—Forge can offer a transparent, efficient channel for price discovery and liquidity provision. This development is particularly timely given the recent surge in demand for alternative investment vehicles and the growing appetite for private‑market exposure among institutional investors.

On 12 December 2023, the Exchange publicly welcomed the UK government’s decision to introduce a stamp‑duty holiday for newly listed companies. LSEG described the reform as a significant change after a prolonged period of stability in the stamp‑duty regime. The holiday, which waives the stamp duty that typically applies to the purchase of shares in initial public offerings (IPOs) and secondary market issuances, is expected to lower the cost of capital for startups and growth‑stage enterprises. By reducing transaction costs, the reform is likely to accelerate the pace of new listings and broaden the pool of companies seeking liquidity on LSEG’s platforms.

These two announcements underscore LSEG’s ongoing commitment to broadening market participation and supporting new listings. The integration of Forge into the PSM enhances the Group’s role as a facilitator of private‑market transactions, while the stamp‑duty holiday positions LSEG at the centre of a policy environment that encourages market entry. Together, they reflect a coherent approach to fostering a more dynamic, inclusive capital market ecosystem.

No other material changes affecting the Group’s operations were reported in the supplied sources.