In the past months, there has been much debate about the impact of Sarbanes-Oxley and the US regulatory environment on the USA's capital markets industry, and the trend for this to move away from the USA to Europe. The New York Stock Exchange has merged with Euronext; NASDAQ has its near-30% stake in the London Stock Exchange; and new listings of non-US companies on US exchanges is at an all-time low.
In an article, on Wednesday, in London's Financial Times, Hal Scott, professor of law at Harvard Law School and director of its international financial systems programme, and George Dallas, managing director at Standard & Poor's, based in London, argue that this is not something entirely new.
See full Article.
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