Don’t let recent big bonuses for Wall Street take your eye off of the long-term picture.With unfriendly financial regulation in the cards and a spiteful public, finance’s days are numbered in New York. New York finance will be dying off soon enough at the current rate, which will make many Americans, and Chinese, very happy.
FT: Chinese stock exchanges raised double the amount of money secured by initial public offerings across the US in 2009, highlighting the region’s rising weight in international finance.
Hong Kong alone is on track to eclipse the US, raising $27.2bn in IPOs this year, compared with $26.5bn in the US. Mainland exchanges raised $24.4bn, according to Dealogic.
The US has dominated global IPOs by exchange nationality every year apart from 2006 since Dealogic began the rankings in 1995. In 2006, the UK topped the rankings but it does not make the top 10 this year.