It's been a poor year for initial public offerings (IPOs). The value of flotations in the first three quarters of 2016 totalled $82.5bn worldwide, compared with $190bn at this stage in 2014 and $123bn in 2015.
In Britain, the value of new listings is down 60%, compared with 45% in the US and Europe, says the FT's Gavin Jackson.
It's been an unusually volatile and uncertain year, kicking off with January's jitters over Chinese growth, but the main theme has been geopolitical uncertainty. Brexit and the US election have discouraged new listings. Still, nerves may be settling: IPOs rose in September.
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Barry Ritholtz, Bloomberg Views
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