The threat of foreign ownership has promted the government to rush through Sarbox protection legislation for the London Stock Exchange.
Last year, the volumes and values of European IPOs outstripped US activity for the first time in four years – as companies moved to avoid the onerous requirements of Sarbanes-Oxley.
And a senior director of US stock exchange Nasdaq has admitted that Sarbanes-Oxley has damaged its ability to attract new listings. The exchange is now frantically lobbying the US authorities to revise the regulatory rules.
So it's little wonder the threat of possible US ownership of the LSE has galvanised the UK government.
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