Rise of Retail Video Series

Contact us

With the rise of retail trading and investing across Capital Markets, we continue to seek ways to simplify access to our markets for retail brokers and intermediaries. In this four-part video series, we sit down with senior leaders from the London Stock Exchange, to discuss the work that is being done across the sector to support retail enfranchisement, touching on the latest regulatory updates and innovations.

The video series covers the following topics:

[Music playing in the background.]I'm Wilf Erna, retail broker and digital wealth lead at the London StockExchange and Turquoise,collectively referred to as equities trading.The retail trading and investing landscape greatimportance to us here at LSEG.Across capital markets, one of our key focusesis to enrich the experience for retail brokers and their clients that want to trade on our markets.As a result, we've been working hard to ensure that retail brokers anddigital wealth platforms have the innovative products andsolutions they need to interact with our markets and deliver abest in class service to their clients.In this series, you'll hear from key figures across Equities Trading on howwe are facilitating and supporting retail tradingacross our markets.And you'll also find out what has them most excited about therise of retail trading and investing.So sit back, relax,and join us on this journey across retail trading and investing.[londonstockexchange.com/Equities-Trading]

Rise of Retail | Video Series

Episode 1 – The Future of Retail Trading and the UK Capital Markets

[Music playing in the background.][The Rise of Retail]Well, Julia, thank you for being here.Thank you for having me.[Will Fenna, Retail Broker and Digital Wealth Lead] Now I know you're doing a great deal of work across capitalmarkets too, amongst other things,help support access to UK markets for people across theUK.Why does this matter to the London Stock Exchange and andand what does that mean?[Dame Julia Hoggett, CEO London Stock Exchange plc] Well, look, the London Stock Exchange can be seen by a lot of people assomething that's very esoteric.It's a long way away from their lives,and it doesn't matter to them.And I actually worry about that.It's it's a challenge that we have to overcome.In reality, the stock exchange is financing people's lives up and down this country.It's providing the capital that goes into the companies that employ them.It's providing the capital that goes into the R&D thatsolves problems that they face in their lives.And it's also creating value that they have the opportunityto have the exposure to to generate more wealth and moreincome for themselves and a more prosperous retirement.And so it's not something alien to any person walking up anddown any street in this country.It should be something that they think of as enabler forthe life that they want to to have.And that's not just on the equity side.It's also on the debt side.The debt that we list on our markets is financing schoolsand hospitals, not only in the UK, but around the world.The first green gilt, that came on to our market,has been invested in making remarkable change to our greentransition as a country.That's what the instruments that we list on our markets do.Yeah.The challenge we have for retail in this country has beenthat they have had less and less access to be able toinvest in equities and bonds over the course of the lasttwenty or thirty years.We've we've, through good intention,made it harder and harder for retail to participate in our markets.And the reason it matters to me is I want everybody to feelthey've got a stake in the economy.That not only are they helping it grow,but they're benefiting from having an increase in theirprosperity when it does grow.Yeah.And that's one of the things that we need to shift, in the UK.Now there there is a remarkable amount of regulatory changegoing on to do that, but the problem statement is real.There are four hundred and thirty billion pounds,investing cash in this country by retail that isn't going intoproduct what we would call productive assets,which is investing in the next generation of companies,or in solving infrastructural investment for the greeneconomy, for example.And that is often because retail find it difficult tonavigate and difficult to understand how they take thatmoney that they've invested in cash, sometimes in their ISAs,and turn it into investing into higher yielding,higher returning, assets.That's one of the problems that we have to solve, as a country.But actually, the regulatory change that's going on at the moment,some of it being driven through the capital markets industry task force,is actually making a huge change to try and crack that problem.So you mentioned there the capital markets industry task force.Could you talk around how that will increase retailparticipation in UK capital marketsWell, let me describe what CMIT's for for a start.CMIT operates through a very simple vision statementwhich is how do we create the best possible environment inthis country for great companies to start here,grow here, scale here, and stay here.And how do we make sure our capital markets have the bestpossible assets for our policyholders, our pensioners,and our savers to have enough money for life events and old age?At its core, it's a retail statement.Mhmm. You know?Not only how do we create the financing for companies so thatpeople up and down this country can work in them and prosper,but also so that they've got the right assets to invest inso that they can have a prosperous retirement and haveaccess to money when they need it.The simple reality is we've made that friction harder in the UK.And so but the aspiration is held by government.It's held by regulators. It's held by the industry.And the trick is how do we make that evolution work.Now Barclays has been doing some brilliant research.Barclays are a member of the Capital Markets Industry Task Force.and we have stood up a retail work stream that they're leading on.And they've published a lot of research that actuallyillustrates some of the gaps in terms of retail investment in the UK,but also some of the simple things that we need to do tomake it more straightforward to invest.One of the greatest challenges is how complicated it feels.And yet there are so many things that we do nowadays,and I suspect that also happens in cryptocurrencies as well,where we used to be able to take out our phone,follow a pretty simple workflow,and be able to transact.Our banking activity happens that way.We need to make sure that that ease of straight andstraightforwardness of access happens in the retail space as well.And that requires quite a lot of reengineering in the waywe've always done things, you know.Yeah. Let's start with the objective.The objective is retail should have a decent stake in our economy.Then the question is how do you make sure that they can do that?And if that means we have to change our workflows and theway we work as an exchange,then we should be doing that as well.And there's clearly a great deal of things happening acrossthe retail trading and investing landscape.Is there one area that you're most excited about when youthink about this sector?If you could pick one area, perhaps there could be more.It's very hard to pick one. Yeah.Because as with all ecosystems,it requires legal access forretail to be able to buy the the products, the assets.It shouldn't be.It shouldn't ever and I have said this many times.It should never have been easier for retail to go into acorner shop and hack me and buy a cryptocurrency from a cash point Yeah.Than it was to subscribe for a share in an IPO on the LondonStock Exchange.Now the cryptocurrency cash points are shut down now,but it isn't yet quite easy enough for retail toparticipate in IPOs and secondaries.So you need to solve that problem.Then you need to make sure that they have access to theresearch and the understanding of these companies.and you need to make sure that they've got the platforms wherethey can invest and they can understand the assets and theproducts available to them.One of the things I'm most excited about though isactually how we create that investing landscape on theLondon Stock Exchange. Yeah.Making sure that it's possible for retail to trade on exchange.At the moment, most retail who trade in LondonStock Exchange listed securities actually trade offexchange and then report it to us.But if we can actually have the ability for retail to interact with the liquidity that the big institutions use everyday, then we're also adding, I think, particular value to retail investors in the UK.So that's something that I know we're working on.I know that's something that we're we're looking to develop.But that is, I think,a pretty significant change in holding ourselves accountable to say,it's one thing to say you care about retail and enfranchisementbut what are you actually doing about retail and enfranchisement?And that to me is a critical question that we always have to ask ourselves.Yeah.Well, look, leads me to say thank you so much for yourtime, and it sounds like a really exciting future for retail.I hope so. Thank you very much.This video is for information only. The London Stock Exchange (“LSE”) attempts to ensure the information is accurate, however it is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date.No responsibility is accepted by or on behalf of LSE or any members of the London Stock Exchange Group (“LSEG”) for any errors, omissions, or inaccurate information in this video or for the results of any action taken on the basis of the video.The information contained in this video does not constitute professional, legal, regulatory, financial, or investment advice. The views of the guests are their own and do not necessarily represent the views of LSE or LSEG.

Dame Julia Hoggett, CEO, London Stock Exchange plc talks to the wider work the London Stock Exchange is doing across Capital Markets to enfranchise retail access and support the wider retail trading and investing landscape.

Episode 2 – How Capital Market Reforms Will Drive Retail Trading and Investing

[Music playing in the background.][The Rise of Retail]Well, Charlie, firstly, thank you for being here.Thank you for having me.There's been a lot of coverage of the recent changes to the UKlistings rules and also the proposed further changes by theFCA across capital markets.Can you talk a bit more about what those changes are and andalso what more is to come?[Charlie Walker, Deputy CEO London Stock Exchange] Yeah.I mean, I think it's a hugely exciting time at the moment in the UK capital markets.There's been a real recognition by the government of the rolethat capital markets have to play,both in growing the domestic UK economy, but also,ensuring London's position as a global financial centre.And so what's been going on at the moment is essentially thebiggest review and reform of the UK capital markets in a generation,and we've seen that reform touch all aspects of the capital markets.So we've seen the listing rules be rewritten.They went live in July this year.We've seen changes to governance regime,changes coming down the line to the stewardship regime.We've seen changes to research coverage,the government's launch a review into pensions capital.So, you know collectively,an enormously holisticreform process for the for the capital markets in, in the UK.You mentioned, obviously, a lot of reforms there.How do you see these reforms positively impacting thetrading and investing landscape?Well, I think retail inclusion runs through all of thesechanges almost like a stick of rock.Yeah.It comes up time and time and time again in different waysthrough the different reforms.And, fundamentally,what it's trying to do is provide greater act access toretail investors to regulated asset classes.I think we feel that the safest place for retail investors isalongside institutional investors that actually sort of separating them,often doesn't actually lead to good outcomes for them.And so you can see that thread run through a lot of those reforms.There's then a broader reform package that's going on.So the FCA have launched, financial advice,guidance boundary review,which looks at whether or not greater access could beprovided to financial advice in the UK.The government have announced changes to pension schemes, pot for life.So in other words,the idea that you can move a pension spot with you as you gothrough different employers, so that, hopefully,you've got a better sense of what's in it and you take moreownership over it.So it's it's been great to see just how holistic all thesereforms are, both from a capital markets perspective,but actually from a broader policy perspective in terms ofgetting the individual investor more empowered to make these decisions.And if we look at that trend of retail inclusion across capitalmarkets, where do you feel that trend will continue to go?And and, also, why does it matter?Why is it important for retail to be included in capital markets?I think it's critical.We're asking we're asking the population in the UK toincreasingly take more responsibility for their ownfinancial future.Yeah.And in the days of defined benefit schemes where you wereguaranteed a certain pension, and and, actually,what was how the pension was invested wasn't really your concern.It was it was the concern of your employer.Those days for the vast majority of the population arelong behind us now.Now the population is serving you into defined contributionschemes where what they get out is essentially what they put inand how it's invested and the returns that are generated.All people are investing into ISAs.And, again, they need to make decisions about how that money is invested.And so if we're gonna ask people to take thisresponsibility for their own financial future,it's essential that we give them the tools and theeducation and the access in order to properly dischargethat responsibility.And and that, I think,is at the heart of why you're seeing all of these reforms going through.I think you've mentioned a great deal of changes then.Obviously, there's lots more to come. Mhmm.If you could be pushed to pick one particular area that mostexcites you, is there one particular area?A lot of the changes I've been talking about are still in train,so they will come to fruition through the first half of next year.So I hope to see retail inclusion continue to to growthrough that those policies that are not yet implemented,but but will be implemented.We see we think there's quite a big opportunity on the fixed income side.At the moment, it's very easy to buy a share on the London Stock Exchange.It's very difficult for a retail investor to buy a bond.That doesn't make sense to us.Last time we checked,bonds were higher up the capital table than equity.They're more theoretically safer.And so, there have been discussions, and the FCA,have spoken publicly about whether or not greater retailinclusion in fixed income markets,would would be a positive thing.We're we're very supportive of that.And then we're quite excited by seeing more retail investorstrading directly onto the exchange as well,and we've been doing what we can to make surethat that is as frictionless and as cost effective as itpossibly can be through a whole range of of packages that we'veannounced and ones that will be coming out in the future.The UK is also launching the world's first regulatedcrossover market between public markets and private markets.So that will allow companies to join the exchange and haveshare their shares traded, as a private company periodically,but not be subject to the public markets requirements inbetween in between those windows.That's a hugely exciting launch that we're looking forward toseeing next year.And so, you know, when you take all of that together,we think it's a pretty exciting time for for retail investorsin in the UK.Yeah. Sounds like it's really exciting. Well, look.Thank you for being here today and taking the time to to talk.Thank you again for having me.This video is for information only. The London Stock Exchange (“LSE”) attempts to ensure the information is accurate, however it is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date.No responsibility is accepted by or on behalf of LSE or any members of the London Stock Exchange Group (“LSEG”) for any errors, omissions, or inaccurate information in this video or for the results of any action taken on the basis of the video.The information contained in this video does not constitute professional, legal, regulatory, financial, or investment advice. The views of the guests are their own and do not necessarily represent the views of LSE or LSEG.

Charlie Walker, Deputy CEO, London Stock Exchange plc provides insight into the recent changes to the listing rules and the FCA’s plans for further reforms across capital markets, explaining how these changes are encouraging more retail inclusion.

Episode 3 – Debt Capital Markets and the Future of Retail Participation

[Music playing in the background.][The Rise of Retail][Will Fenna, Retail Broker and Digital Wealth Lead] Hi, Shrey. Thank you for joining us today.So so across this series,we've talked a lot about retail participation across capital markets,but where do you see the rise of retail participation acrossdebt capital markets?[Shrey Kohli, Head of Debt Capital Markets & Product Origination London Stock Exchange plc] Oh, well, thank you for having me.And if you think about debt capital markets or bond markets,what's really interesting now is that there's income again in fixed income.I mean, if you think about a bond,a bond is ultimately an investment.You you get an income through a coupon,which pays out regularly for the term of the bond,but a bond also has a price.It goes up and down based on the prospects of the company orwhat's happening in the world around it.Bond markets are seven trillion dollar sized market annuallyWow.Which is substantially larger than equity markets,at least within primary markets.So there's a real opportunity over here because bonds havelargely been the domain of wholesale investors,but that's changing now.In the UK, for example, the Financial Conduct Authority,the FCA is consulting on rule changes to make it simpler forUK equity listed companies to issue bonds in smallerdenominations so that you or I could hold it in our portfolios.And that's a generational change because the regulatoryenvironment that we had didn't allow that in the past.And it allows more opportunities for investors tocreate wealth creation opportunities for themselves in the future.Well, it sounds like there's a lot of regulatory changes acrossacross this space.How do you feel that those changes are gonna make iteasier for a retail trader/ investor to to participate indebt capital markets, be that a bond, you know,or gilt perhaps?Yeah.So whether you're a retail investor or you're anintermediary serving your customers.Yeah. Today, you can buy a gilt in the market.It's not well known,but you can put an order through your platform into a primary auction.You can buy a treasury bill.And anecdotally, we've heard from our partners within the platform space thatinvestment in gilts has increased substantially asinterest rates have gone up.Obviously, there being more income and fixed income again.But you haven't had access to do that for corporates.So it's changing in a number of ways.You should get access to more supply of corporate bonds.There are more corporate bond ETFs to buy in the marketplace as well.There are shorter term products that you can buy like treasurybills, whatever suits your investment profile.The idea is you make fixed income more accessible.And the regulatory change should allow you to do so andget a diversity of asset classes within your portfolioas an investor or as a platform or a broker serving your clients.And you've talked a lot there about the companies,the corporates themselves.If we turn our attention to that side,what what are we doing at the London Stock Exchange to helpthose companies, firstly,access those retail traders and investors,but also get their message out and and tell their story?Yeah.Well, I mean, I think the the sheer challenge of today is just helpingcompanies cut through the noise.Yeah.And that's what we try to do at the London Stock Exchange.So for example, we have a platform called Spark Live,which really serves as a virtual hybrid mechanism forcompanies to livestream their capital market stays,their investor days, their AGMs directly to the consumer,whether that be a retail trader or whether that be an intermediary.And you can do so.You go on the London Stock Exchange website.You click on the company that you'd want to buy.You can see see the range of shares or bonds that they have.You can also see their events on Spark Live.And as a retail investor, you can sign up to these platforms.You can go to the Spark Live investment app,put in your details,put in which companies you're interested in,sign up to alerts so that you can get content from thecompanies that you want to have access to, directly,through the digital platforms that we have.And, really, that's what excites us because in today'sworld, getting that message across,getting the investor story across Yeah.Is as much part of the investment process as the bond or share itself.I mean, this is a really good opportunity, I think, to close off.If I can ask you perhaps to pick one or maybe there's morethan one thing that you are really excited about acrossretail when it comes to debt capital markets?That's a that's a tough question.But, I mean, the one thing I would say is the sheer opportunity whichexists for wealth creation.Yeah.I mean, when I joined capital markets,investing or wealth management just seemed a world away.I think today, if you're an investor,you have access to opportunitiesto put your capital at work Yeah.In line with what you want to achieve,whether that be through green bonds,bonds which invest in sustainable outcomes,whether that be in line with your religious beliefs likeIslamic bonds or sukuk,where it's a profit share and not an interest rate.The sheer amount of products which are available now in themarket, which allow you to shape your financial future,I don't think existed in the past.That's what's really exciting,and that's what connects us to people at the end of the day.And that's what brings me to work.Well, look, Shrey,I just wanna say thank you for joining us today.Thank you for having me.Well, it's such an exciting time in markets, and, really,with the amount of change that's happening, stay tuned.There's more to come.This video is for information only. The London Stock Exchange (“LSE”) attempts to ensure the information is accurate, however it is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date.No responsibility is accepted by or on behalf of LSE or any members of the London Stock Exchange Group (“LSEG”) for any errors, omissions, or inaccurate information in this video or for the results of any action taken on the basis of the video.The information contained in this video does not constitute professional, legal, regulatory, financial, or investment advice. The views of the guests are their own and do not necessarily represent the views of LSE or LSEG.

Shrey Kohli, Head of Debt Capital Markets & Product Origination, London Stock Exchange plc discusses changes within Debt Capital Markets and how these changes enable us to better serve retail brokers and intermediaries and their clients.

Episode 4 – Retail Trading and the Investor Landscape – what's next?

[Music playing in the background.][The Rise of Retail][Will Fenna, Retail Broker and Digital Wealth Lead] Richard, thanks for being here.Hi, Will. It's an absolute pleasure.So, in this series,we've been learning about the wider capital markets reformagenda and the work we, the London Stock Exchange have been doing.But if we shift our focus now onto equity capital markets,what do you see the rise of retail trading investing,when it comes to that space?[Richard Worrell, Co-Head, Equities Trading London Stock Exchange plc] I think when we're thinking about the equity trading landscape,we obviously focus a lot on having strong capital markets.We want capital markets to grow,And the reason for that is so that we're serving all of ourinvestors, the companies that list on them,and growing and thinking about that all time.So I think that's how we think about it.What we really need to really grow is a diverse set of participants.And from a retail perspective,we actually don't think we see enough retail tradingparticipation in the UK versus other geographies.How do you think we've kind of changed that that narrative?I guess there's lots of different elements.I think education is the absolute key. Right?So financial literacy,how are we thinking about retail investing and tradingand growing our markets?I think that's a big part of it.We also think showcasing our positive stories. Yeah.So, actually, if you look at the FTSE one hundred,almost twenty five percent of the stocks are up more thantwenty percent year to date.So let's talk up those positive stories more and more.I think the third thing,and this is really what's in our gift and what we focus on,is actually how do we incentivise?How do we remove barriers?So actually, let's sit there and say, hang on a second.What can we do?Can we incentivise retail trading on our exchange?Can we reduce our tariffs? Can we reduce those barriers?The more we can do that, the better.And as a result,what we have done within our team is we've got the retailorder book trading scheme,and what we've done is we've waived our trading fees so thatpeople can retail brokers and intermediaries can trade withno fees on the London Stock Exchange.So really leveling the playing field when it comes to retailtrading and investing.Absolutely right.Yeah.If we think about all the things you've mentioned above,how do we see those changes improving the landscape ofretail trading and investing?Yeah.I think it it's growth again,and I've used the word a couple of times probably already,but I think it's absolutely key.What's noticeable to me,I spend a lot of time in client meetings.And whether we're talking to the buy side, the sell side,the whole industry at large,everybody is talking about retail and how they can accessit and how they can improve that landscape.Very similar to what we've been talking about across the series.So if we factor in all those clients,what what do you think the London Stock Exchange can do tobe able to tell that story and, you know,champion the retail trader and investor?Yeah.I think, again, it's removing those barriers and just trying to incentivisepeople where we can.I think it it's it's a very powerful story what we're doingat the London Stock Exchange is whereby we are waiving ourtrading fees from retail brokers and intermediaries isan incredibly positive story that I think everybody should support.And I think don't forget about Turquoise,our European multilateral trading facility.We've got their Retail Max,and what that does is that's an auction mechanism.And, again, we've waived trading fees for that.So, again, what we're we're doing everything in our power toencourage more retail investing.Well, look. Brilliant. Thank you so much for talking to us.It sounds like there's a great deal happening across thelandscape when it comes to retail trading and investing.But if I could ask you perhaps to close off with maybe what'sgot you most excited about the future of the sector.I would say that I love being at the heart of change,and I think that's what we're great at here at the LondonStock Exchange.I think if if I step back and think about why I joined thiscompany, it was, I guess, for a few different reasons.One was to work with you more.You're very, very absolutely hugely excited.I think about the two other points would be to work for theLondon Stock Exchange and think about how we can genuinelyimpact and influence capital markets.Yeah.And that growth and that strengthening is incredibly exciting.And then when I think about LSEG overall and all of ourdifferent divisions and how we can work together,that is incredibly exciting,and that's one of the things that drew me in.And as a result of this that we've been going through withthe retail order book trading scheme and working across division,what we've been able to do is not just waive those tradingfees that we discussed earlier,but we've also got to a point now where we're able to waivemarket data fees for retail brokers and intermediaries.Again, removing all those barriers and just Yeah.Hopefully improving the ecosystem.So it's clear there's a lot happening. Right?Absolutely. This is just beginning world.This video is for information only. The London Stock Exchange (“LSE”) attempts to ensure the information is accurate, however it is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date.No responsibility is accepted by or on behalf of LSE or any members of the London Stock Exchange Group (“LSEG”) for any errors, omissions, or inaccurate information in this video or for the results of any action taken on the basis of the video.The information contained in this video does not constitute professional, legal, regulatory, financial, or investment advice. The views of the guests are their own and do not necessarily represent the views of LSE or LSEG.

Richard Worrell, Co-Head - Equities Trading, London Stock Exchange plc delves into London Stock Exchanges’ suite of retail solutions and incentives to support retail brokers and intermediaries with trading directly on our markets.

Suite of Retail Solutions

Turquoise Retail Max

Offering a transparent best execution service for European retail brokers.

Learn more

Retail Broker Order Book Trading Scheme

Allowing retail qualifying orders to benefit from fee waived order book trading.

Learn more

Direct Market Access

Find brokers that allow you to place your order on our order books as institutional investors.

Learn more

Market Data

Access real-time market data from the London Stock Exchange and Turquoise.

Learn more

Retail Investors - Democratising Access to UK Capital Markets

From January 2025, we are removing fees for retail investors to access real-time market data from the London Stock Exchange.

Read Blog

Contact us

Speak to us to find out more about our suite of retail solutions.

  •
    William Fenna
    Retail Trading & Personal Investing Lead
By submitting this form, you agree to your personal data being shared within the London Stock Exchange Group of companies (LSEG) for the purpose of receiving communications via post, phone and electronic means from LSEG about events, resources, products, and/or services.

For more information on how LSEG uses your data, see our privacy statement. You can adjust your preferences at any time through the preference link in any electronic communication that you receive from us.