Posted on 12/06/2008 12:15:43 PM PST by decimon
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The New York Stock Exchange still far outweighs the London Stock Exchange — with the value of shares traded at the NYSE in 2007 nearly triple the $10.33 trillion traded in London.
However, the financial sway of cities such as London has been growing faster than New York's. From 1997 to 2007, the new capital raised yearly in New York dropped by nearly one-quarter — while in London the figure almost quadrupled, according to the World Federation of Exchanges.
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(Excerpt) Read more at news.yahoo.com ...
Sarbanes-Oxyley did that, when was the last time you saw an IPO?
From what I’ve heard Sarbanes-Oxley has entirely stopped foreign companies from doing IPOs in the USA, and has posed serious obstacles for US companies. You have to report on every computer PW used by almost anyone at any level of the company? A bureaucratic nightmare......
New York will revert to what it was in 1977, and they will tar and feather the bastard Bloomberg when its over.
In a virtual world where trades are nothing but binary digits electronically transmitted the need of a physical financial capital is a thing of the past. Computer technology will continue to wear away at companies and states that live in a 19th century reality.
Yes, and it has also all but stopped US companies. They now go to London. The costs are too high to comply.
You're right. Or you should be right.
I recall a Chicago bank that pulled out of NYC over the high cost of keeping an office there. They had to re-open that office to have a New York address. Couldn't be a world player without that.
Nothing tongue and cheek about the damage to the USa that Sarbanes-Oxley has done to the USA economy.
I’m not sure London is going to have this competetive advantage for much longer. There is a lot of anger that the City of London’s ‘light-touch’ regulation has encouraged the kind of behaviour that has caused the current financial crisis, and there is going to be pressure to introduce tighter controls in an attempt to prevent it happening again....
The City of London is just as guilty in the current financial mess as New York is. I think rather than worrying about NY vs London, we should consider something really retrograde happening, like a militarist China with a big cash hoard throwing its weight around, while Communism marches through various countries a la Bolivia.
Think Manama, think Dubai....that’s where the action is.
or, more likely Hong Kong.
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