Dame Julia Hoggett, CEO, London Stock Exchange plc and Head of Digital & Securities Markets, LSEG:
“2025 has been an important year for the UK’s capital markets. The London Stock Exchange continues to be the leading European venue for equity capital raised and a global leader for fixed income listings.
“Having a strong capital markets ecosystem is something that we should all care about. The positive momentum behind the UK’s ambitious reform agenda continues and we are focused on ensuring that the entire ecosystem is working together, across private and public markets, to provide access to the vital capital companies need at every stage of their development, and that investors have access to an increasingly diverse range of assets.
“The momentum this year is very much a sign of what is to come, with many companies actively preparing for a listing in London next year. We also look forward to welcoming the first transactions on the Private Securities Market and further growth in our Digital Markets Infrastructure platform.”
Markets continue to grow:
£18.3 billion raised via 338 transactions: London continues to be the leading European stock exchange for raising equity capital, and the only European exchange in the global top ten.
- AIM saw its biggest equity raising ever in 2025, with Rosebank Industries raising £1.15 billion to fund its acquisition of US-based Electrical Components International (ECI).
£2.1 billion raised via 22 IPOs: London has welcomed 22 IPOs from across the world this year, and a further 8 companies have added a London listing in 2025. Together they represent a combined market cap of over £56 billion.
- Fermi was the largest IPO in London this year, raising £584 million. It is the largest US company to IPO in London since 2018.
FTSE 100 record high: On 12 November 2025, the FTSE 100 hit an end of day record high of 9911.42.
- Metlen Energy & Metals became the first ever EUR denominated listing to become a constituent of the FTSE 100. This followed changes to the FTSE UK Index Series methodology earlier this year.
- Following their IPOs in October 2025, Princes Group and Shawbrook Group entered the FTSE 250 within eight weeks of their listing.
Over $1 trillion in debt capital: Bond issuance on the London Stock Exchange reached the highest annual volume since 2008. London remains one of the largest markets globally for bond listings with issuances this year including the first ever digitally settled bond to list on the Exchange.
Innovation:
We continue to innovate with the launch of two significant new market platforms, the Private Securities Market and Digital Markets Infrastructure (DMI), both of which have the potential to transform the capital markets ecosystem.
Private Securities Market - The London Stock Exchange became the first operator to be granted a PISCES Approval Notice (PAN) by the FCA. 18 Registered Auction Agents (RAA), who will facilitate intermittent liquidity events between investors and private companies, have joined the Market so far and we look forward to the first transaction in 2026.
Digital Markets Infrastructure (DMI): The platform for private funds launched in September and has facilitated its first transaction. DMI delivers blockchain-powered scale and efficiencies for the full asset lifecycle - from issuance, tokenisation and distribution, to post trade asset settlement and servicing.
Celebrating milestones:
30 years of supporting growth: In June, AIM celebrated 30 years of powering growth, innovation, and opportunity. Since its launch in 1995, AIM has become one of the world’s most successful growth markets, helping over 4,000 companies raise more than £138 billion to fund innovation, scale operations, and create jobs across the UK and internationally.
In November, AIM implemented a range of changes to its rule book with immediate effect following a market wide consultation. These include measures designed to facilitate quicker and more efficient M&A activity; encourage a founder friendly environment; and to support companies joining AIM.
25 years of ETF listings in London: Since the first Exchange Traded Fund (ETF) was welcomed to the London Stock Exchange in April 2000, the market has grown to host 2,638 ETPs with over £1 trillion in AUM, including a record high of 389 new ETP listings in 2025.
- Following the FCA’s approval to open Crypto ETNs to institutional investors last year, and to retail investors this year, the London Stock Exchange has welcomed 19 Crypto ETNs across 33 currency lines, including innovative offerings such as Bitcoin and Ethereum Core products and staked ETNs.
10 years of sustainable bond listings: We celebrated 10 years of sustainable bond listings in London this year, growing from the first major exchange globally to launch a dedicated green bond segment in 2015, to the multi segment Sustainable Bond Market. Since inception, more than 950 sustainable issuances have listed in London, raising in total over $460 billion.
Positive impact of reforms:
The landmark reforms of the UK capital markets continue, with the Chancellor announcing in the 2025 Autumn Budget a three-year exemption from Stamp Duty for companies listing in the UK, and a commitment to continue evaluating the impact of Stamp Duty to further improve the competitiveness of our markets. There is also consensus amongst market participants, founders, CEOs, and Chairs of British companies for continued reform to unlock domestic pension capital to invest in UK companies, enabling them to start, grow, scale, and stay in the UK, and for investors, savers and the economy to benefit from their growth potential.
NOTE: Data as of 16 December 2025.
