SPXZ - U.K. looks to siphon some SPACs across the Atlantic

After losing its position as Europe's leading financial capital, the British government is looking toward looser stock listing rules to attract tech firms and SPACs. A surge in blank check companies have short-circuited the traditional IPO process, prompting a need for change to support the U.K.'s financial services sector. New listing rules would also aim to diversify London's recently struggling stock market, which is skewed toward older areas like banking, energy and mining.Backdrop: Just weeks after the Brexit transition period ended on Jan. 1, Amsterdam surpassed London as Europe's largest share trading center, which piled pressure on the city to improve its competitiveness. SPACs have meanwhile surged in popularity during the pandemic, reaching record highs last year and continuing at breakneck speed so far in 2021. In fact, in the first two months of the year, there have been $61B worth of SPAC IPOs globally, almost all listing in the

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U.K. looks to siphon some SPACs across the Atlantic