(Bloomberg) -- The chief executive of the London Stock Exchange warned companies against listing in the US rather than their local market.

Out of 23 British firms that have raised over $100 million in the US over the past decade, six have delisted and 13 are trading down, Julia Hoggett told a City & Financial Conference in London on Monday. Only four are trading above their initial value, one being newly-floated chip designer Arm Holdings Plc, she said. 

“This isn’t just UK companies going to the US,” Hoggett said. “International companies generally are known to under-perform in the US compared to their domestic peers, which is not the case when they come to the UK.”

Arm jumped 25% on its highly-anticipated debut in New York earlier this month but is now trading about 2% higher. The Cambridge-based tech giant decided against selling shares on the LSE, dealing a blow to UK politicians who were lobbying the company to rejoin the London market. 

Clare Cole, director of market oversight at the Financial Conduct Authority, said at the same event that journalists could do more to improve the business environment. She said the regulator hears from its stakeholders about the media’s approach to businesses.

“We have representatives of the press here today. We are very negative about our entrepreneurs and our listed issuers,” Cole said. “Another point I think we need to think about is just the atmosphere we create for companies here.”  

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