SoftBank snub shows London risks losing its listings lustre

London risks losing its appeal for stock market listings, some investors and financial executives said, with sluggish trading and low valuations driving more companies to float elsewhere. Arm, owned by Japan's SoftBank, on Thursday said a U.S.-only initial public offering (IPO) was the "best path forward" for both the chip technology firm and its stakeholders. That dashed government hopes that Arm, seen as a British tech success story, would return to the London market, where it was listed before being taken over in 2016. "There is zero surprise that Arm has chosen New York, and many other businesses, particularly where…