Fintech
The London Stock Exchange in talks with Primarybid as the fintech chairman prepares to resign
Sky News also reported that Primarybid chairman Donald Brydon will also step down.
The London Stock Exchange is reportedly in talks to buy parts of it Main offer in a bid to strengthen its offering to retail investors.
The exchange is in advanced discussions with the London-based retail investment platform to license its retail capital raising technology, as well as its regulated trading business and major operations in the UK. Sky News reported it.
However, the price the LSE intends to pay for parts of the company is unclear, the report adds.
A source close to the exchange told the newspaper that a deal with the British fintech would be a logical extension of its goal of promoting greater retail access to markets.
News of the deal comes after it was reported that the Financial Conduct Authority is set to give the green light a major series of reforms to the City’s stock market listing regime, some expect the revamped rules could be unveiled after elections in mid-July.
Sky News also reported that Primarybid chairman Donald Brydon will also step down.
According to the report, Brydon, a veteran businessman who was chairman of the parent company of the London Stock Exchange, is expected to step back from the fintech company he founded eight years ago to transform it into a pure technology company.
A spokesperson for the London Stock Exchange Group told City AM: “We do not comment on speculation. LSEG has held a minority stake in Primarybid since 2020 as part of our shared ambition to broaden retail investors’ access to public equity markets.”
Main offer declined to comment.