Issue link: https://maltatoday.uberflip.com/i/1498480
4.5.2023 6 MARKETS Symbol Volume Value Trades High Low Open Closing Change Code Traded Traded Trades Price Price Price Price EQUITIES GO 10 27.80 1 2.780 2.780 2.780 2.780 0.000 HSB 1,000 740.00 1 0.740 0.740 0.740 0.740 0.000 MIA 150 840.00 1 5.600 5.600 5.600 5.600 -0.050 PG 290 603.20 1 2.080 2.080 2.080 2.080 0.000 CORPORATE STOCKS G32GA 147,600 155,108.40 6 105.120 105.000 105.000 105.120 0.120 CORPORATE BONDS AX26A 3,000 2,565.30 1 85.510 85.510 85.510 85.510 -9.490 BV30B 11,100 9,990.00 1 90.000 90.000 90.000 90.000 -2.000 DF26A 15,000 14,999.00 2 100.000 99.990 99.990 100.000 0.050 GH27A 25,000 24,375.00 2 97.500 97.500 97.500 97.500 0.000 HF27A 7,100 6,851.50 2 96.500 96.500 96.500 96.500 -1.350 HF28A 4,300 3,810.23 1 88.610 88.610 88.610 88.610 -7.390 HP25A 15,200 15,184.80 2 99.900 99.900 99.900 99.900 0.050 IB32A 15,000 14,895.00 2 99.900 99.000 99.000 99.900 0.900 IH25A 3,000 3,030.00 1 101.000 101.000 101.000 101.000 -1.000 IH26B 4,100 4,017.59 1 97.990 97.990 97.990 97.990 -0.010 MO31A 5,000 4,711.50 2 94.250 94.000 94.000 94.250 0.250 26A 15,000 14,400.00 1 96.000 96.000 96.000 96.000 -0.500 MY32A 4,600 4,473.50 1 97.250 97.250 97.250 97.250 0.000 PC26A 5,000 4,779.30 2 95.600 95.500 95.600 95.500 -2.000 SD27A 18,000 17,280.00 2 96.000 96.000 96.000 96.000 0.000 SF27A 13,400 12,745.00 4 96.000 92.500 96.000 92.500 2.490 ST27A 19,000 18,675.00 4 99.500 97.500 97.500 99.500 2.000 TG26A 5,600 5,488.00 1 98.000 98.000 98.000 98.000 0.000 TI27A 5,000 4,550.00 1 91.000 91.000 91.000 91.000 -8.000 Malta Stock Exchange Regulated Main Market Trading Date: 3 May 2023 UK plans to loosen IPO rules amid angst over dearth of deals THE UK is proposing "significant changes to the listing rulebook" in a bid to make London more attractive as a financial center as moribund capital markets stoke fears about the city's ability to compete with New York and Asian hubs. e Financial Conduct Author- ity wants to replace its premium and standard listing categories with a single offering in a bid to attract more companies, accord- ing to a statement Tuesday. e regulator said the changes would make UK listings less com- plicated and onerous. It would make it easier for companies to have two classes of shares, which is favored by some entrepreneurs who want to keep control of their businesses even after they have gone public, and would remove mandatory shareholder votes, in- cluding on acquisitions. e proposals follow a dramatic drop in the number of new list- ings in London and as other com- panies seek to move their shares to New York, sparking concerns about whether the UK can retain its place as one of the world's big- gest financial centers after Brexit. Any reduction in rules would shrink investors' protections and that requires a wider public de- bate, the FCA said. "Our proposed reforms would significantly rebalance the bur- den of regulation to the benefit of listed companies and investors who are willing to set their own risk appetite and terms of engage- ment," Nikhil Rathi, the FCA's CEO, said Tuesday. e Square Mile welcomed the proposal but urged more changes. "e work mustn't stop here," said Chris Hayward, policy chairman at City of London Corporation. Andrew Griffith, the City min- ister, described the move as "an important step forward," noting in a statement "it is important our rule book keeps pace with prac- tices elsewhere." e FCA already imposed a string of reforms after Jonathan Hill's listings review in 2021, in- cluding lowering the required free float and allowing some dual share classes. It has now launched a fresh consultation until June 28 over potentially doing away with additional burdens involved in a premium listing which have his- torically made companies eligi- ble for inclusion in FTSE indices. Implementing the outcome of the consultation would happen later this year or early in 2024. "If implemented, London would be able to stand toe to toe with our international competitors," Hill said in a statement. "I agree that we certainly need to have a wider debate about risk and growth." In a speech at the Global Invest- ment Management Summit in London in March, Rathi said "po- litically and culturally," questions needed to be asked about various parties are comfortable moving to a system dependent on disclosure rather than detailed rules. "If we move down this route, there will need to be clear ac- ceptance that some investors, even those who do read and un- derstand every word of the dis- closure, will lose money," Rathi said. "When these events happen, there can be no question of com- pensation for those investors left nursing losses on the grounds of perceived regulatory failure." His comments come amid a highly-charged debated about London's future. A decision by Cambridge-based technology company Arm to list in New York after considering a premium dual listing in both the UK and US sparked criticism of the FCA for not relaxing related party transac- tion rules "- a condition Arm was reported to have wanted. Still, Deutsche Bank's decision to buy London-based broker Numis, which was announced on Friday, was seen as a vote of confidence in London's long-term future. The FCA already imposed a string of reforms after Jonathan Hill's listings review in 2021