Simon Walls

Yeah, that's right.

I've just hot-footed it over from the stock exchange this morning where they had that big launch.

These reforms are called proactra, which is not the snappiest, but there's real substance behind it.

There's two things I'd highlight.

One changes to prospectuses, so when companies who are already listed raise new capital on the stock exchange, they used to have to issue a new prospectus at 25%, 20%, and we've raised that all the way to 75%, making it cheaper, easier, and quicker to raise new capital.

And then the event this morning was all about the debt side.

We used to have a restriction where if a company issued debt in denominations of below 100,000, there was additional red tape.

There were additional forms to fill in.

We looked to that.

The people who were supposed to read it weren't, and it was really restricting participation for retail.

So we've stripped it away.

We've made it just the same, over 100,000 to below.

We're actually really enthusiastic.

The people retail in the UK may start investing in bonds from as little as a pound.

So there was

Real energy in the room today, notwithstanding that the Chancellor couldn't make it.

Really good speeches and the whole of London's fixed income market out to support the new rules.

Yes, certainly.

I'd say we're halfway through a programme of really ambitious reform to UK capital markets.

I'd say that each part is different, but the real hallmark is looking at those areas where we have pre-emptive checks often, but not only inherited from the EU and replacing them with disclosures.