The Evolution of Listing Rules and Initial Public Offerings: Evidence from the UK (1871 to 1985)

As part of a plan to strengthen the UK’s position as a leading global financial centre, the UK’s Listing Rule is undergoing reforms following the UK Listings Review on 19 November 2020. This study briefs the development of securities regulation from the perspective of share initial public offering admission in the UK during the self-regulation era. It traces the evolving magnitude of tightness in the market entry threshold for equity listing and investigates the rationale behind each major rule change. It contributes to broader research about how the past regulatory framework connects to the present approach. Also, it aims to provide historical insights into the ongoing Listing Rule reform in the UK.