(Bloomberg) -- UK commodities broker, Marex Group, has chosen New York over London for its second attempt at a public listing, in another blow to the UK’s ailing stock market.  

The New York Stock Exchange listing could see Marex valued at more than $1.8 billion (£1.4 billion), according to the Times, far higher than the £500 million ($627 million) to £700 million ($878 million) range it targeted when attempting to float in London two years ago. 

The UK government and City regulators are trying to boost the appeal of domestic markets with reforms including an overhaul of the UK listing regime by the Financial Conduct Authority, which will replace the premium and standard segments that make up the London market with a single category.

Despite this, however, Marex confidentially submitted a draft registration statement to the US Securities and Exchange Commission for an initial public offering on Friday. The firm cited “challenging” market conditions for the abandonment of its 2021 London IPO attempt.

Marex’s decision follows in the footsteps of the likes of building materials supplier CRH Plc and Cambridge-based microchip designer, ARM Holdings Plc, both of which opted to move their listings to New York this year. Meanwhile, TUI AG announced on Wednesday that it’s considering making Frankfurt its primary listing, raising further questions around the competitiveness of the UK bourse as a listing destination. 

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