back to article London Stock Exchange CEO still aiming for dual Arm listing

The boss of the London Stock Exchange Group is refusing to give up on chip designer Arm listing its shares in the UK. There was some local hope that Masayoshi Son, the billionaire founder of Arm parent SoftBank, would opt for a dual listing on both the LSE and New York-based NASDAQ. However, this week he put the British …

  1. VoiceOfTruth Silver badge

    Read it carefully

    -> Johnson viewed Arm as a torchbearer for the British technology industry and felt that Arm shares being taken public again on LSE would raise the global profile of the exchange.

    The exchange, not British technology. It's for his mates in the City.

    -> Hoggett added: "We have been working very hard.

    She doesn't know what hard work is. She could try using a pick and shovel for a day, or working in a sweatshop with no air conditioning.

    1. Yet Another Anonymous coward Silver badge

      Re: Read it carefully

      So what? Other than a few extra fees for London based accountants why does it matter what exchange it's listed on?

      I can see for a company like BAe moving the HQ to the US so its a US company and can get US defence contracts matters. But does anyone care where an API licence comes from

      1. Doctor Syntax Silver badge

        Re: Read it carefully

        Read it carefully indeed.

        Perhaps you didn't read enough of it to get as far as this quote: "We would be concerned for the long term future of the company's global HQ remaining in Cambridge if Arm lists exclusively in the USA and we will always fight to defend our members jobs in Cambridge."

        That was from a trade union, not an accountant, a government minister or official or a stock market representative. The union thinks it makes a difference.

        1. VoiceOfTruth Silver badge

          Re: Read it carefully

          Oh I did read that. But the union has zero say in this matter, even less than the government.

          This is not a British company, any more than Thames Water or E.ON energy are.

        2. Yet Another Anonymous coward Silver badge

          Re: Read it carefully

          Listing in the US doesn't mean the HQ has to move.

          The 'HQ' moving doesn't mean job losses in the UK - look at how many UK high st business have their 'HQ' on Sark

          The Union's job is to be concerned about absolutely everything but i would think that a bigger risk for their company's future in Cambridge is that you can't hire people, especially now we aren't letting any foreign chaps in, and the people you do manage to employ can't afford to live there.

          It's a great job ad. "Hey new Mathmo/Natsci/CS/chip designer! Want to live in windy Cambridge ? We pay 1/4 as much as Silicon Valley, 1/10 as much as the City of London, with the highest house prices in Europe"

          1. Yet Another Anonymous coward Silver badge

            Re: Read it carefully

            Although I should have added - it's nice that a Tory Prime Minister was so concerned about unionised admin staff that he was campaigning to keep the HQ in the fens

          2. VoiceOfTruth Silver badge

            Re: Read it carefully

            -> the people you do manage to employ can't afford to live there

            A lot of truth in that. London has become a property speculation terrain rather than a place where ordinary people can afford to live. The same is true elsewhere in the country.

            1. Tom 7 Silver badge

              Re: Read it carefully

              Its fun when you're in a coastal pub in summer and you talk to second home owners who complain that they cant get repairs done because no-one who does that sort of work can afford to live nearby. They actually have to let people live in their holiday homes while they repair them!

              My heart bleeds for them - oh no sorry that just beer being laughed out of my nose running down my shirt!

          3. Doctor Syntax Silver badge

            Re: Read it carefully

            "Listing in the US doesn't mean the HQ has to move."

            It was suggested in a comment to a previous article on this topic that it does. Listing in the US does not necessarily have the same rules as listing in the UK.

            The recruitment issues are a different matter. Visa issues apart if ARM doesn't want to compete on salaries with Silicon Valley (and its house prices) and the City that's a commercial decision.

      2. Lis Bronze badge

        Re: Read it carefully

        BAe already gets defence contracts in the U.S.

        1. Anonymous Coward
          Anonymous Coward

          Re: Read it carefully

          Do you mean BAE Systems Inc? The wholely owned US subsidiary of BAe Systems plc. Which is wholly governed by its US local management under a US Special Security Agreement.

          1. VoiceOfTruth Silver badge

            Re: Read it carefully

            Funny how the USA insists on keeping its secrets while demanding access to others. Keep them out.

            1. Doctor Syntax Silver badge

              Re: Read it carefully

              So you think ARM shouldn't move to the US, then?

              1. 3arn0wl Bronze badge

                A pawn in the Tech Trade war?

                I would've thought that Arm would have a problem with the idea of becoming an American company, because of the Tech Trade dispute... Wouldn't it mean that Arm could no longer be "the Switzerland of ISAs" because they wouldn't be allowed to cooperate with Chinese OEMs? If so, that would diminish Arm, and force China to go with RISC-V (or Longsoon).

                I've no idea what it would mean for Arm's China subsidiary.

                1. Anonymous Coward
                  Anonymous Coward

                  Re: A pawn in the Tech Trade war?

                  Arm already has to comply with US trade rules and law. As do all Japanese companies.

                  1. 3arn0wl Bronze badge

                    Re: A pawn in the Tech Trade war?

                    Thanks for that.

              2. Tom 7 Silver badge

                Re: Read it carefully

                I'm not sure a company that licenses its IP has any secrets. It does, however, have a lot a valuable staff that I doubt would be valuable in the US. I dont know how ARM manages its staff but I doubt its the highly unproductive way US firms seem to.

  2. Anonymous Coward

    You reap what you sow

    Since Brexit, the decline in the importance of the LSE could have been predicted. Its market cap is about half of Euronext. Much of its remaining power is due to tradition and the existence of the FTSE index, which is still used in the US as a barometer for European stocks. A company that can get listed on a US exchange doesn't have much of a motivation to also list on the LSE.

    1. First Light Silver badge

      Re: You reap what you sow

      The quote from Ms. Hoggett was shockingly inarticulate from someone with such a senior position:

      "I describe the energy that I have to winning anything as being that we have to be young, scrappy and hungry… We should absolutely fight for anything that we think we have a compelling strategy to propose."

      1. VoiceOfTruth Silver badge

        Re: You reap what you sow

        She is an establishment oaf. Educated and stupid.

  3. Howard Sway Silver badge

    The only new listing the LSE will be getting is in the Hitch Hikers Guide...

    Mostly Armless

  4. Lordrobot


    Much of the concern over Nvidia was whether the next Cult puppet Trumper might block ARM technology and kill the company in the process. Herman Hauser the founder of ARM always wanted ARM to be the Switzerland of Technology. Well, that's just not the way the US or UK politicians "FEEL" about anything. After all, if ARM can't be weaponized what's the point of ARM?

    ARM is popular because it was perceived as neutral. It is the same argument I give as to why INTEL or SAMSUNG FAB will fail. Nobody is going to bring their proprietary fabless designs to INTEL or SAMSUNG for fabrication. When Mr. Son bought ARM that understanding was put into the sales contract. But when Son decided to match off with Nvidia, all that rubbish went out the window and the US started laying claims to block ARM from China, by blocking US chip companies that had ARM licenses. This ain't Switzerland... unless you use the IRS BANK definition and the Swiss Banks roll over for IRS giving client lists to IRS. But that doesn't count. Sure it does. It shows the US relentless push to control everything by any means it can. So the NASDAQ listing is suicide for ARM.

    ARM will not stay in the UK. Why? Europe. The UK is not a Tech leader. Europe is a tech leader, the US is a tech leader and China is a tech leader. Korea is trying to butter up the US as does the endless wrist licker Japan. Wrist lickers are not sovereigns.

    My view is ARM is a dead man walking. The sooner the US takes over ARM the sooner it dies. ASIA is not going to get dependent on ARM and the whims of the US Politicians. US politics has become toxic and xenophobic. The lunatic fringe rednecks in Murica hate Asians, especially the Chinese but add in Japanese, Vietnamese and Koreans and they hate Europeans. Listen to Tom Cotton out of Arkansas if you want to see how these lunatics think.

    Look at the US exchanges. They Delisted companies for being Chinese. Of course China played that hound dog in reverse when it splatted Soros and others by pulling DIDI back to ground. The new USA motto should be "Anything but neutral!"

    What will replace ARM says the smug Union in Cambridge? Provinciality for one thing, Tom Cotton, Rick Scott,,, and other Xenophobic US politicians fromn Redneckersonville. It is a mindset so toxic, nobody and no company that requires intelligence can thrive.

    What will replace ARM? RISC-V. Less instruction sets, NO LICENSE FEES, OPEN SOURCE and Customizable. This is the clash between CHINA and AMERICA. Americans think they should be paid for usinig the English language. Labron James is tradmarking "Just Dribble" or some similar unmemorable phrase. So if yoiu use the phrase you have to pay him. Oh if the British could have only trademarked Shakesphere. Think of dough.

    RISC-V is being adopted by Intel. Why? Becaue even INTEL wants the US Gov off its back. If you pay attention to Microsoft,, more and more is open source. And as for open source, Libre Office is as good as it gets... perfect.

    Without licenses the Tom Cotton view of IP BTCHING has no steam. The last IP complaint by WTO involved a Chinese Firm that deployed a French company headlight switch. That was in 2008. The US of course joined the suit. The Chinese firm pay the royalties, then promptly designed a new switch and the French design died on the shelf. Is that a victory for IP? No it is not. The question is how many nusiance patents do you have to navigate to get loose from the jerks?

    In one fantastic case, a US lawyer, patented a wire transversing a fabric. He sued everyone that was attempting to make smart clothing that had wires that traversed the fabric. Did this clown really own this? Or is this prior art from people who made electric socks that never filed any stupid patents?

    The path is clear. If you want to avoid Tom Cotton and the other dopes, go open source. ARM is the model Tom Cotton and Rick Scott and other necks would love the most because they can block your licenses through the venerable FTC or some other US Gov agency. Good luck ARM in the USA. They will destroy you just as they have destroyed INTEL.

    Finally I will tell you the great OBAMA INTEL Story. China entered a contract with INTEL for 500 or so CPUs for use expressly in thier new super computer they were building. OBAMA BLOCKED THE SALE FORCE MAJEURE. The US Anti-free traders loved it. Intel hated it because they saw the future. A mere 15 months later China developed its own fast RISC chips, minus casche and built the fastest Supercomputer every made... That record is constantly shattered. But it deomonstrates what blocking technology achieves... a new competitor.

    Intel missed the entire hand held market because Asian phone makers refulese to accept the risk of uisng INTEL chips which the US Government could block from a sale at any whimisicle moment.

    So the war is not my friends... Open licenses and open source or US Politician controlled technology licensing. THE US POLITICIAN REDNECKS are OPPOSED to OPEN LICENSES AND OPEN SOURCE. But they can't do a thing about Open Source.

    Mr Son does not care at all about the Future of ARM. He wants out. A Goldman IPO will accomplish his goals and leave the US stockholder as bagholders for the long slow demise... The long slow death of Intel to the point where Intel is now begging for subsidies from the US Politicians that destroyed the company.

    1. Roland6 Silver badge

      Re: GIVE THE US CONTROL OVER ARM... and you get INTEL II

      >But it deomonstrates what blocking technology achieves... a new competitor.

      A lesson, Nixon took on-board with his rapprochement with China, that has obviously been forgotten.

    2. druck Silver badge

      Re: GIVE THE US CONTROL OVER ARM... and you get INTEL II

      The UK is not a Tech leader. Europe is a tech leader,

      You forgot the joke icon, unless you are talking about the EUs litigation against tech leaders.

      But anyway you really need to get that chip off your shoulder about ARM - it's really tedious.

  5. Fruit and Nutcase Silver badge


    "Hermann Hauser, founder of Arm: ‘Brexit is the biggest loss of sovereignty since 1066’"

    1. This post has been deleted by its author

    2. 3arn0wl Bronze badge

      Re: 1066...

      I read that article yesterday. Talk about myopic - in fact, a complete blind spot about RISC-V's ascendancy.

      I guess the 1066 thing was click-bait - the only loss of sovereignty is to Arm. RISC-V presents the opportunity to anyone to start designing whatever they want using an open standard: no licensing fee, no "please may we"...

      The concern is of course, that UK governance shares the same IP business mentality as the US (and others).

      (He was right about one thing though - I wouldn't like to see a UK(plc) merger with the ailing big corp USA : that would be a loss of sovereignty.)

  6. gandalfcn Silver badge

    "Hermann Hauser, founder of Arm: ‘Brexit is the biggest loss of sovereignty since 1066’"{

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