The WFE Listing Stringency Index Option

Description

This webinar is focused on our research paper that introduces the Listing Stringency Index (LSI), a novel, survey-based composite measure developed using data from 40 World Federation of Exchanges (WFE) member exchanges. The LSI quantifies and compares IPO listing requirements across nine regulatory dimensions, including financial thresholds, governance, disclosure, and operational compliance. It provides a standardized framework to analyse the relative stringency of listing regimes without prescribing optimal regulatory design.

Our findings reveal substantial cross-jurisdictional variation in how market entry is regulated, with particularly wide differences in voting rights, financial criteria, and corporate governance rules. The LSI also captures changes over time, documenting both tightening and relaxation of rules across dimensions—particularly in response to ESG pressures and SME access priorities.