James Ashton THE City of London has embarked on 2026 with a palpable outbreak of optimism. The FTSE 100 breaching 10,000 points is one driver of sentiment; the expanding IPO pipeline is another. Of the 23 London listings in 2025, 11 took place in the fourth quarter, according to EY data, including the challenger bank Shawbrook and Pathos Communications, a PR agency. There are more to come – and that flow feels like it will be almost regardless of the turn that geopolitics takes.