London Stock Exchange

The London Stock Exchange had its worst IPO year in three decades in 2025—just £184 million raised through September. Amsterdam now captures more European IPO proceeds. Over 150 companies have delisted or moved to US exchanges since early 2024. Brexit transformed London from Europe's unquestioned financial capital into a contestant fighting for relevance. But LSEG, the parent company, is thriving. The $27 billion Refinitiv acquisition in 2021 transformed the business model: two-thirds of LSEG's $11.8 billion revenue now comes from data and analytics, not trading. FTSE Russell indices, Tradeweb fixed-income trading, LCH clearing, Refinitiv terminals—these generate the recurring revenue that makes Wall Street analysts happy. The exchange itself is almost a marketing department. This is metamorphosis, not decline. The caterpillar (exchange) transformed into a butterfly (data infrastructure provider) while observers mourned the caterpillar's apparent demise. FTSE 100 hit record highs above 9,500 in late 2025 even as IPO drought continued. The Microsoft partnership—10 years, Azure migration, $2 billion equity investment—signals where value creation happens now: data workflow integration, not trading floors. LSE sacrificed Borsa Italiana to EU regulators to close the Refinitiv deal. That trade tells you what mattered and what didn't.