NYSE Euronext yesterday announced that cross-channel transport operator Eurotunnel would become the first listed stock on its London market.
This means that for the first time London Stock Exchange (LSE) has had genuine competition for listings in the capital.
Eurotunnel currently has a dual listing with the LSE in London and NYSE Euronext in Paris but it has decided to abandon the former.
“Our London listing has not had enough liquidity. A single trading platform and a single order book will simplify access to our stock,” said Jacques Gounon, Eurotunnel’s chairman and chief executive.
Shares in the firm will begin trading on NYSE Euronext London on 19 July. The LSE listing will be cancelled on the following day.
NYSE Euronext London was originally announced in July 2010 but has taken until now for the market to attract its first issuer. It hopes to attract international firms who desire a London listing but want access to a Europe-wide market.