American depositary receipt listings have dropped, but trading volume is higher than ever as closer attention is paid to the costs and benefits of listing in the US
Sox has a lot to answer for. The onslaught of SEC rules brought on by this legislation is making it onerous to be listed in the US. Deepak Lalwani, director of stockbrokers Astaire & Partners in London, believes Sox directives are deflecting listings away from the NYSE and steering more companies toward London and Luxembourg. ‘The US is stuck with this very costly legislation,’ he says. ‘The big IPOs, of course, need a major market, but for smaller companies that don’t
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