Britain’s capital markets are waging a war on paper

British companies are drowning in unnecessary paperwork. An antiquated system, whereby a few listed shares are held in paper form and the holders are entitled to physical copies of documents, means custodian banks are sent an estimated two tonnes of paper on a typical day. Annual reports, prospectuses and shareholder guides must be printed and shipped, too. One large company said the paperwork generated by an acquisition required a forklift truck and filled two Royal Mail lorries.