(Bloomberg) -- Germany, not Wall Street, is the latest winner from London’s shrinking stock market. 

TUI AG announced on Wednesday that it’s considering making Frankfurt its primary listing. The company, Europe’s biggest tour operator, said the move would reflect the fact that more of its ownership and trading activity is shifting to Germany from the UK. 

While it’s become commonplace for London to cede listings to the deeper US market, with Arm Holdings Plc and CRH Plc among those that picked New York, it’s rare for a company to say it prefers another European venue. TUI jumped as much as 15% in London, its biggest one-day gain since January 2021.

It marks another blow for the UK’s ailing bourse, which has struggled to attract flagship companies and seen embarrassing IPO flops, including Deliveroo Plc and Dr. Martens Plc. Some see London’s shrinking stock market as another example of the city’s smaller footprint on the world stage in the wake of Brexit and economic struggles. 

“The UK is asleep at the wheel and needs to wake up fast if this trend is to be reversed,” said Charles Hall, head of research at Peel Hunt. 

Read more: Shrinking UK Stock Market Is In a ‘Doom Loop,’ Peel Hunt Says

TUI’s move is further testimony to London falling behind as a trading hub in recent years, with Amsterdam holding the crown since 2021. Nearly 742 million Frankfurt-listed TUI shares changed hands this year, more than three times the volume in London, according to data compiled by Bloomberg.

TUI said the decision to delist hasn’t yet been made and the issue may be included as a resolution at its annual meeting in February. Bloomberg News has reached out to the LSE for comments. 

Other companies such as InterContinental Hotels Group Plc and British American Tobacco Plc have also faced pressure from shareholders to move listings to the US. Just 10 small firms have listed in London in 2023, raising only about $990 million combined, according to data compiled by Bloomberg. That’s similar to last year and potentially the lowest in more than a decade. 

Some analysts said that TUI’s move shouldn’t be viewed as a slight against the London market, given that the company is headquartered in Germany and its major investors are also German. 

“TUI leaving was almost inevitable given the structure of the listing,” said Mark Taylor, a director at UK broker Panmure Gordon. “We don’t believe this is evidence of a wider negative trend.” 

Others view it as another symbol of London’s long decline from being Europe’s preeminent venue that once lured corporations from around the world. The UK has seen $1 trillion in stock market value wiped out over the past decade, a stark contrast to US equities more than doubling in value during the same period.

“We think that after a few years of Brexit, companies in similar situations will also be considering cutting the UK loose as it’s not creating shareholder value,” said Graham Simpson, head of Quest Research at Canaccord Genuity. 

Other companies that have reduced their London presence include Just Eat Takeaway.com NV, which decided to move its UK shares from a premium listing to the less stringent standard category last year. 

It’s also expected that the tie-up between paper and packaging giant Smurfit Kappa Group Plc and WestRock Co. of the US will result in the cancellation of its premium listing on the LSE.

(Updates to add stock trading in third paragraph. An earlier version corrected the day of the week in the second paragraph.)

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