YouSaid · the spoken record

Julia Hoggett

lines on the record: 56
first: 2025-03-28
most recent: 2025-03-28
sittings or episodes: 1
sources: podcast

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“I hope we've proven our point as the leading international exchange that is genuinely the default choice for great UK companies that have built to a really significant scale because they have had domestic capital driving their financing as they've started, as they've grown and as they've scaled. That's the vision.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Probably most things. It's very easy to, I don't know, I think the older I've got, the more I've realized things aren't binary. I was jokingly say I see very few things in life as binary, including football matches, which as a fan of Manchester United has been quite convenient recently. I can see the benefits of most things on both.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Unfortunately, the world is not as binary as everybody constructs, and the real value is in mapping your way through the nuance. I do worry that we don't grow the space.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“This conversation alone illustrates that things aren't binary, things are complicated, there's lots of shades of grey. We don't create much space to have those truly fundamental conversations about those shades of grey. We create a lot of space to say, well, I'm on this side of the argument and you're on that side of the argument. I'm going to shoot my metaphorical arrows at you. How we find the space to actually have the nuanced understanding about how you balance, for example, the cost of transition to net zero and the consequences of doing so and the demands it's going to play on people, recognizing that actually it's not all binary but it's been constructed such and there are trade-offs and society needs to agree those. We need to find spaces to have those conversations. Algorithms that”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“The impact of a company on climate change and how it is going to mitigate its pathway through the changing climate for the benefit of its long-term stakeholders is wrong at all. Having a prescriptive view as to how that should be done doesn't allow for innovation, doesn't allow for learning. And the way I would frame it is if getting to net zero was easy would have done it already. We're going to have to learn and fail and learn again and fail and hopefully do so as fast as we can in order to manage climate change. And therefore we need to create space for that innovation to happen and incentives for that to happen. Sometimes the regulating it can run afoul of the need to create that space to innovate.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Here's the thing a focus on the climate impact of companies is not wrong. If you think about an existential threat to multiple generations of what is happening to our planet, then actually these are wholly legitimate thing to take into account in the consideration of value. However, how you do that so that you actually take it into account for the right reasons and drive investment into the things that you need as an economy, both continue to grow, create the right living standards for people and finance the transition is a different exercise. And there have been places where over-regulating these things has actually produced perverse outcomes, where investors are incentivized to invest in big extractive industries, for example, rather than medium-sized scaling green economy companies, because one can produce the data and the other can't. And so I don't think the fundamental regard for”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Think that the government have very clearly prioritised looking at pensions and looking at domestic flows of capital. And they're right.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Always have this phrase I don't need to be right, I need us to get to the right answer. The question is, how do you create that group of people around you where you know the objective you're trying to achieve and then you all co-curate how to get there, but you've got people in the room who are going to poke you and prod you and go, ah, but have you thought about that and have you thought about that? And actually, Julia, no, I know you've been hooked on this, but here's a problem with it. How about we think about that way? I'll have my mind changed every day. That's what it should be. The most important thing is to understand how, is to make the best possible decision you can in the moment with the information that you've got, recognizing that as you get more information, you need to evolve what you think. So the things that I thought probably in the reform agenda were the most important things to focus on actually have either become less important or they've been fixed and other things have become more important.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“It isn't possible to operate on four hours sleep for very long. I wish I had a magic machine that would give me 48 hours in a day and still enough time to sleep.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“I always believed that any problem is fixable. The right way of thinking about it is my basic philosophy is if you don't like the system, change the system. And an awful lot of people in this city don't think they can change the system.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Kind of explain ourselves, talk about ourselves, and then add more celebration to the success of the companies that list on our market and make sure that they're more visible and make sure that people go, yeah, that's where I want to be. And that's the thing that we're seeking to do. And we've done a lot over the course of the last few years to change that, but there's more that we can do.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's an interesting question. It's really interesting tensions. Some of the things that are special about the city are that we have been doing the same thing for hundreds and hundreds of years actually. And it's part of our strength. And some of our longevity at doing these great things as a nation, as a city are things that we should celebrate. That's why I describe what I run as a 300-year-old fintech. Both statements are true. We've existed for 300 years. What we do in terms of purpose is the same today as it was 300 years ago. I describe our job as a convener to bring together those who have capital with those who need capital and service of an objective. The way we do it technologically is transformed even from how we did it 10 years ago, let alone how we did it 30 years ago or did it 40 years ago. And so the technology that we use is some of the most cutting edge technology in the world. And I run a tech company. People don't think of me that way. And so some of it is just about how we...”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, every company has to make a sovereign decision. The only thing I can do, and that's where the young scrappy and hungry comes from, is we will fight for every listing where we think we've got a compelling argument. That's where the young scrappy and hungry statement came from.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“No guarantee they'd get indexation. They'd walk straight into the FTSE 100 here. You can still access US investors afterwards.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“The honest answer is, I think, when you look at the side by side of what London offers versus the US, it's at least as compelling.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“I quoted recently in a speech I gave, who came to do something at the exchange, and he was American, moved over to the UK because of the fundamental science that was being done here that he wanted to back. And he basically said, I realise the Americans are perceived to be incredibly naive on the surface, but we're incredibly cynical underneath. You Brits are incredibly cynical on the surface, and you can finish it with me, but actually I realize you're quite naive underneath. And what I was saying in my speech was I think we can be cynically naive. We forget the damage of talking ourselves down and not celebrating what we're good at.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Something remarkable about a founder's journey that we should be really proud of how many of them we have in this country. I was jokingly say that an awful lot of founders I meet have put their money, their mortgage and often their marriage on the line to great companies. And we should be celebrating that. The people who are prepared to create, work as hard as they do to create that value and be as driven and visionary for a version of the world that doesn't exist yet, which is what they're creating, is what we should celebrate. I mean, great scientific breakthroughs come because people sit in a lab and envisage a world that doesn't exist yet. Companies like Revl exist because Nick sat there and envisaged a way of providing financial services that at the time didn't exist. That is the thing that changes society, creates efficiencies, improves people's lives, solves problems, creates value, pays taxes, pays for the NHS, pays for our defense. We just need to get better at celebrating it. We have this habit of talking ourselves down as a nation. There was this great life sciences investor who I...”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, the honest answer to that question is if I had a magic one, I always described this as sort of the DeLorean package without the bankrupt Northern Irish car company. In other words, it's back to the future. We used to back ourselves as a nation. We used to have structures and tax incentives to invest in the UK. At that point, we had some of the highest investment rates, highest growth rates, largest capital market in the world. We gradually took those incentives away and then assumed everybody else would invest in us if we weren't investing in ourselves. To me, it's about a proper conversation as a country about how we take these enormous pools of capital that we actually have and we are re-incentivized to invest in ourselves. Now, I think that becomes a virtuous circle very quickly once you start getting into the habit of it, it will be maintained. So I think that's one thing. It's basically making sure that we incentivize domestic flows of capital. But the other thing is the culture, how we celebrate entrepreneurship, how we recognize people like you and what you've done and what you've built, and that actually there is some...”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Able to go, please. Can I just take four billion out of the Exchequer? In a world where the Chancellor has got the disciplines that she's got around the OBR, you can't do that. So you can't just say get rid of it. You've got to come up with a mechanism whereby net it works over time. But I think there's a pretty compelling reason for how to do it. And I think everybody understands the pernicious nature of it now. It's not about the city saying, just get rid of it, not thinking about the consequences for the politicians who've got to make the choices. It's about finding the best possible way for them to be able to do it in a way that operates within the constraints that they're operating to.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm working on it. I think you start tapering it. One of the things that we've been looking at is if the UK can encourage and provide incentives, and that's a lot of the discussion at the moment, to make sure that our pension funds are incentivised to invest in the UK, which is what we used to do when we had dividend tax credits. We give people tax breaks to keep their money in cash in the UK in form of 100% cash ISOs. Now, cash icers are a very, very important for people who need a safety net and to be encouraged to save. It doesn't need to be 100% of everybody's total lifetime allowance. If you did those two things, you'd see a potentially pretty significant increase in the amount of flows already into UK equities, which would increase the government's revenue on stamp. That would then mean that you could start tapering it around, for example, retail tickets and under a certain size. To just re-incentivize retail participation in our market and get rid of the friction associated with it, and then start tapering it from there. You're not going to be”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Combined. We forget that as a nation. We fixate constantly on the US. Yes, the US is a huge capital market, but if you want great companies to be able to start here, grow here, scale here and stay here. If you want UK investors to have access to the best possible fast-growing assets that give them the right returns that mean that they have good pension returns, but also invest in their economy so that their kids have got good jobs and their kids have got futures, then you need to have a vibrant capital market.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“I think making sure that when you have to rely on your own recognizance, as it were, because the city got bigger every year, because the single market got bigger. We're actually going, okay, what is our job both to drive our place as a global financial centre and to drive the UK economy? And are we properly structured to do that? I think it forced us to have that conversation in a way that we might not have had as thoroughly otherwise. And we have always had a globally significant capital market. This is the thing that is sort of forgotten in For most of the first few weeks of January we were the largest equity capital market in the world by capital raised ahead of NASDAQ. We are the, as of today, if you take the 2024-25 numbers, by total capital raised, the only equity capital market countries in the world that are bigger than us are the US and India, everywhere else is behind us. We're the only European market in the top 10, and we raise more equity capital last year than the next three European venues.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“No. No, it had natural consequences, which I think you can't deny. If London had built to be the hub it was because it was the largest financial centre in the single market and we're not in the single market anymore, then stuff's going to happen.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Whether you can market, so it's not for us to judge who'll tell the EU what it should do. I think what we're seeking to be is the largest, and we are, and we have been every year for the last decade, the largest equity capital market in Europe, and we are. And there may have been a certain amount of flowback to Europe on Brexit in terms of activity. Increasingly what we're seeing, particularly now that our rules have changed, is people, even European companies are looking at London saying, actually, we're going to use London as others.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's a big fish and a big pond. Look, I mean, we are the second largest equity capital market in the world in a free market economy. And I think that's the thing that gets lost. If you want to essentially be able to only guarantee your indexation and therefore your support from 60% of the investor base, if you decide to re-domicile or relocate to the US and substantially all your operations are there, then the US market may be right for you. The UK allows you to have all the indexation or the access to the investors higher liquidity actually turnover rate for your shares available. And you can stay in the UK if that's where you come from. Or if you're an international company, you can get access to those things without having to re-domicile. The US market basically has some pretty strict demands on companies and increasingly incentivizes them to move into become a US company if they want to get the true benefit being in the US market.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“The risk of a company of that size given the profile of their businesses that have been lost. They've got pretty healthy following here and a well understood and well recognized as a brand and their logic of saying, okay, we're incredibly proud of what we've done. We're going to stand on our own reconnaissance in terms of being able to market.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Manager is allowing you to pay your CEO. By definition, arguably, the buy side's saying I don't want you to be globally consequential. Now, actually, I don't think that's what they're saying. I don't think that was what they ever intended to say. It is a little bit of saying, okay, we don't want to go down this sort of Elon Musk pay packet kind of route, but we do want to make sure we are creating a competitive environment for the best possible people to be leading our institutions. There's the right balance between incentivizing people to deliver that value and recognizing that things are very aligned and that actually so many things in life more things are aligned than opposition and people realize. But if you're along any investor in a company, you want as long-term value creation the same way that if you're the executive of the company you do. If you think about a private company, you've got VCs and Ps sitting on your board coaching CEOs as to how to succeed. Everybody's got the same liquidity risk profile. Everybody's got the same way around. They want the same thing.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, yeah, it really is. And I think it's. I always talk about these things. You go around the other side of the problem and just look at it from a different angle, you know, sometimes. So we had for various cultural reasons as much, Anthony asked. A lot of this was market practice. It wasn't actually the rules. It had this perception that we needed to constrain and really zero in on focusing on what, to be honest, usually two people get paid, which is the two executive directors on the board. So you can have 40 pages of disclosure about what two people get paid. But essentially the way we've reframed it as the Capital Markets Industry Task Force is let's just have a big tent conversation about what we mean here. If we're trying to constrain what the leaders and senior executives in our largest listed companies get paid, but actually what the UK has been doing for years is creating globally consequential companies from the UK. If in order to break into, say, that market in Asia or that market in the US for your product, the going rate for that person is more than the asset.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Is important. That's why the UK is doing what it's doing right now. It's consolidating its funds together, changing the evaluation of cost-benefit in terms of net return and looking at how we also think about incentivising investment in the UK. So we used to have tax breaks to invest in the UK. We took them all the way and then wondered why people didn't invest as much in the UK.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Consolidation so that you can do it because you don't invest in one private company. I mean, you've seen how it's done, you invest in a portfolio of companies, some of them will pay off, some of them won't. It's got a different failure rate to what would happen in the public markets, and therefore you need a bigger consolidated way of looking at it.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“We created this idea that for retail consumers of financial services, you wanted a cheap product. And that's not the right way to think about it. In a value-added industry, you want to incentivize people to continue to add value. That produces the best possible product. And that's a model that's used around the world. The Canadian pension funds or the Australian pension funds employ very good fund managers, do so on a big aggregated basis, pay fees to originate complex alternative assets and private companies.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's going to be a combination of things. I think the fundamental thing is returns. So if you look at, say, the performance of Canadian and Australian pension funds, they tend to pay higher fees than the fees that are being paid by UK pension funds, but they make higher real returns. Their net return is higher, and the compounding value of high real returns to the individual pensioner is huge. 1% in real return increase every year. Just think about it. It's only watering that we weren't having those conversations. Sure. A country. And some of the things that we had done were perverse. We basically created a world where cheap was good for financial services. It's a bad way of thinking about it. But if I was ever charged with the crime, I didn't commit. I wouldn't want a cheap lawyer defending me.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Then we've got a pretty good track record of doing it already. And if we want to create UK based companies, then that's the right ecosystem to shift to. And I think that's the conversation that's happening right now.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“I think there's a broader point. The FCA made a very, very overt decision in the teensies or whatever we call it to create a sandboxing environment for fintechs to be able to start out. The likes of the Revolutes, the Monzos, et cetera, started because the UK created the best possible regulatory environment for them to do so. Now, other people have followed it and copied that, absolutely. But that is something we should be really proud of, and that was a conscious choice on the part of our country to do so. If you then say, okay, the country is now making a really conscious choice to make sure that we've got the best possible funding continuum for people to get access to capital, to be able to start, grow, scale, and stay here, and make sure that we're incentivizing our institutional money to invest in that part of the ecosystem as well, and the conversation that is going on at the moment about regulation is about outcomes-based regulation that is less checkboxy and gets the balance right in terms of the right kind of protections, but the right kind of enabling of innovation and growth.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, look, I think in some regards some of the biggest UK companies already do that. They do a primary listing here and then they do an ADR into the US, the GSKs, et cetera, of the world do all of that. And that is absolutely fine. But I think we also have to think about ARM is a really good example. When ARM came back to the market, they IPO'd about 52 billion, went up in the first year to 150 billion. Now that was an awful lot of the AI trade.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that's a company that's also had other challenges and other transactions that have had an impact on the valuation. I'll give you an example. When I'm listed here, traded at a high valuation multiple than any of its peers anywhere in the world. Again, the right company with the right story is going to get access to exactly the same investors. They're going to do it more cheaply and less costly than they would in the US. They're going to get indexation immediately if they're a UK company. They're going to get the same liquidity they would in the US. They're not going to pay fees anything like the same amount. And they can do an ADR in the US and get exposure to the incremental investor base you might not buy in London, but that isn't all the major funds that would buy them in London.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Actually, some very useful analysis that's looked at pairs of companies side by side. So like for like companies adjusted for their growth rates, the actual underlying performance of the business and you'll find as many companies trade up in the UK as trade up in the US and the rest are trading largely in line. And I've seen some recent very interesting analysis that basically says if you're a company in the UK with exposure, for example, to the US market and you're growing well there, you'll get more rewarded for it in the UK market than you will in the US market or the European market. So quite a lot of the underlying analysis says it's to do with a fundamental growth rate of the company, not to do with the difference evaluation in the UK.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“I talked about the 20 companies that have raised over $100 million going from the UK to the US. There are six that have come the other way, actually, from the US to the UK in that time as well. In addition, two of the most successful IPOs on the aim market, so our growth market last year, were a North American companies or US companies who came to London because they felt underserved by the US and they were up 32% of by the end of the year.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“That 60% of the investors in the UK are international investors. So same people who can buy you in New York can buy you in London. The key issue is, do you want index inclusion? You're not going to get index inclusion in the first year in the US, and you might not get it at all. You don't get into the S&P 500 unless you've either got substantively all your revenues in the US, or you're a US-based company. And even then, it's not a direct thing. If you come in in the top 75% of the FTSE 100 in terms of what valuation you be when you IPO, you can go in in five days. So all of that index money would follow you on day one because they'd have to. You can also get access to all of the major institutions in the US. Again, the narrative and the actual reality are very, very different. And certainly what I've heard from talking to companies in the last year or so is that increasingly if you are absolutely, if you're a 10 to 20 billion company, don't go to the US because you'll get lost.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Kind of thing. We also know, though, that there are places where the data is wrong. So if you go to Yahoo Finance and look at the liquidity in London versus liquidity in the US, it's actually wrong. Last time we checked it by a factor of over three. And there were things like that where we have to correct to make sure people are actually using the right stats and looking at the right data. Stamp duty is a perversity in the UK. We charge people to invest in UK stocks where we don't charge them to invest in US stocks or European stocks. It is weird. It brings in about $3 to $4 billion of money for the Treasury every year. They need that money. So we need to give them an alternative as to what to replace it by. But I have been very public. It's a perverse tax. We tax people that buy Aston Martin this country. We don't tax them to buy Tesla or Porsche. Last time I checked, Aston Martin employ hundreds of people in this country and they actually build cars here. So we have done some strange things to ourselves as a nation.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Is different. I understand why there's some investment banks who want people to go to the US because they make double the fees. I get it. The simple reality is that the narrative that we've pushed in the media and the actual data as to what the experience of people listening in London versus the US is very different. I get there's a sexiness in the US. I get there's a noise there. I've seen what Nick said. He made a point about stamp duty. He made a point about liquidity. If you actually look at the data on liquidity, the free float adjusted turnover in London is higher than it is in the S&P and the Nasdaq. If you look at just the absolute volume of shares based on the fact that you've got companies that are worth over a trillion, yes, the absolute volume of shares that's traded in a day is higher. The percentage of the company's free float that is turning over in a given day is higher on the FTSE 100 than it is on the S&P 500 or the NASDAQ. So again, that sort of narrative is the wrong.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“The honest answer is that the perception and the reality are not the same thing. In the last 10 years, only 20 UK companies have listed in the US that have raised over 100 million. Of those, nine have already delisted. Only four are trading up in the rest are trading down by over 80%. That's data as of today. So the idea that the grass is always greener in the US, not true. The challenge for a company under a certain size in the US is the US market works incredibly well for the MAC 7. It doesn't work as well when you're smaller. The investor base is predominantly domestic. If you're not in a major index where 60% of the US market is now tracking a major index, then the risk is that you'll get forgotten. You'll get sold on a headline because something happens in the UK or something happens in Europe or another one of your major markets, but you won't have that indexation dragged back. Just half why we've seen the performance that we have in terms of the companies that have gone to the US. And it's somewhere that's not the perception. I understand why the median narrative.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Private companies in the UK and around the world, but predominantly in the UK, we hope. Now, consequence of that actually is that they're having to work through how do they need to reorganise themselves, restructure themselves to be able to participate in this market. You should start with the objective of the thing you're trying to achieve. The UK creates great scaling companies. It has a huge amount of institutional capital. It has not traditionally been in the valley of death in terms of its financing. But actually, that's where a huge amount of value is created for an economy. So we can either go, no, we don't have it.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“This is partly where Pisces the crossover market comes in because the logic is that those pension funds at the moment, we have had a mindset of regulating our pension funds on cost and therefore cheap is good and private companies are not cheap to originate. You know, the ability to actually understand them and track and then you have to start with a small ticket, all that kind of stuff is not straightforward to do. This is partly about connecting these dots. So if you look at in the third finger of the third finger and glove, which is the pension and retail reform, then we've also had a thing called the mansion house compact, which is so our 11 largest default defined contribution schemes have committed to committing 5% of their total assets to private companies by 2030.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“That we have that are all very small and advised by lawyers and trustees. They were supposed to be relatively big, sophisticated consolidated pots. That didn't happen. We also regulated them on cost, not on net return. So unlike the CPBIB or the Ontario teachers or what they have in Canada, our current pension scheme is either de-risking or of insufficient scale and wrapped with insufficiently sophisticated advice to be able to invest in a portfolio of private companies. So when the Chancellor announced the pension review and actually Labour put it in the manifesto, it's designed to do all of that, to consolidate our pension schemes into bigger individual funds that can then act exactly like the Canadians or the Australians. I'd love any founder in the UK to be just as proud of having a UK pension fund on their cap table as they are of having Ontario teachers on the cap table.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“The rest here as it is anywhere else. Second one is are we incentivizing the sell side, so the investment banks and the brokers to write high quality research on the next generation of companies that are coming through so that investors can genuinely understand how to value that next proposition? And that is something where in Europe we had created rules that basically said the banks could not charge in their trading commissions to subsidize their research provision. That reduced the quality of research provision in Europe as a whole. The UK reversed those rules last year. and said that didn't work let's go back to basics to answer your question about pension funds the uk had done several things i talked about the what we did an undefined benefits schemes so we took our defined benefit schemes and basically talked about them in the language of de-risking so brought an awful lot of fixed income and debt products rather than equity products but also on dc schemes our defined contribution schemes that replaced them were not supposed to be the 27 odd thousand”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“We talk about the reform agenda in the UK as being five fingers and a glove. And the logic as well is nice to have a thumb, but if you don't have the other four fingers, it's not as useful as a hand. So you need to actually get everything done. What are the quality of your primary and secondary capital raising rules? Do they allow the broadest range of companies to come onto your market? And then do they give you them the maximum sort of strategic flexibility once they get onto the market? We changed our rules last year. We are now on a par with anywhere else in the world in terms of the flexibility and usefulness of our listing rules. They hadn't actually been changed since the 80s in any material fashion.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“That's an awful lot of what the UK regulatory reform is looking at. So a lot of the things that are on the reform agenda for the UK, and shall I talk you through it? Yeah, please do. Rather than jumping back and forwards.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“We basically need to be able to use our own resources and our own capacity to invest, to back ourselves as a nation. It's very simple, but to do so in a way that means that we actually do it for the way companies are formed today. If you look at quite a lot of the large private companies today, the next ticket they need, their VCMPs aren't necessarily in a position to write because actually they're now so big that they need the public markets as a takeout because that's where the true scale is in the capital. If you want to start having pension funds invest in you at an earlier stage as a private company, you need to be able to operate in a way that they can operate to as well within the regulatory constraints that they operate in.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Pension funds and insurance, that's the investment in domestic risk capital that we want as a nation. Let's monitor it and make sure that we don't have a deleterious effect on that investment when we make these changes. We'd have had a conversation about pension reform 20 years ago, not two years ago when the task force that I chair triggered that conversation. We now need to get back to what is the outcome we want to achieve and are we really achieving it?”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source