First the UK and now the EU have embarked upon a review of whether the way IPOs are done on their turf is fit for modern markets or not.With €93bn-equivalent raised through IPOs so far this year in EMEA — a number only equalled in the last 21 years in 2007 — there seems to be a case for streamlining the way deals are done and making the market cheaper and more accessible.But IPO volumes vary from year to year — it will not always be this busy. Will the reforms under discussion be beneficial in the long run? Market participants often hail the way IPOs are conducted in the US because they are perceived to require a lot less work. But does that make for a better market with better outcomes for investors and issuers?On the podcast this week, we discuss what changes have been made in the UK and the EU, what may lie in store, and what market participants want to see from a reformed market for listings on the eastern side of the Atlantic.