Exchanging views: London Stock Exchange's AIM Conference
06 November 2009
It didn’t go unnoticed that the appearance of Xavier Rolet on the stage at this week’s annual AIM Conference marked a departure from his predecessor’s perennial decision to give the event a miss.
For the recently-appointed chief executive of the London Stock Exchange, it was a chance to hold a much-needed love-in with the AIM company chiefs in attendance.
Rolet’s lieutenant, Marcus Studdard, who was promoted to head up AIM in April, had warmed up the audience earlier in the day, insisting that while not great, things weren’t all that bad. It was hard to argue with his statistics but even harder to see anyone in the room that actually felt assuaged by them.
Studdard’s stint over, the agenda began to lean heavily on the themes of retail investors: who are they? Where are they? Are they a good thing? – and liquidity: what is it? Where is it?...
The emergence of Rolet later on lifted the mood. It was a neat PR move but there is little doubt that the man really means business when it comes to AIM. “It is front and centre of everything we do,” he said. “AIM is critical and strategic in terms of the LSE’s activities, its brand and the service that as a stock exchange we render to the economy.”
While Rolet was also keen to point to AIM’s achievements – supporting companies in raising cash and massively out-performing its competitors – he also gave a nod to the achievements of those in the hall, hailing the job creation and innovation that growth companies bring with them.
Rolet also assured the troops that the exchange was doing what it could to ease the liquidity problems that have dogged some sections of the market. Roadshows, yes. Research initiatives, yes. Most importantly, the team is lobbying hard for changes to the VCT rules that currently seem to stem the flow of cash around the growing company community.
Few could argue that AIM companies have had a rough ride during the last 18 months. For those that turned up at the LSE this week there was better news.
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