Dismissing the London Stock Exchange as “Jurassic Park” is harsh. But hedge fund boss Paul Marshall, writing this week in the Financial Times, made a valid point. Income funds are a powerful force in the UK. Their hunger for dividends deters fast-growing start-ups from listing.
Marshall’s consequent vision of a vibrant 24-hour global stock exchange based in New York is not entirely fantastical. It could be a good thing for international investors.
By happenstance, fellow hedge fund tycoon, Steve Cohen is on a similar track. His vehicle Point72 Ventures is backing 24 Exchange, which is seeking regulatory approval for a US stock market that is open all hours.
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