Sox and the City

26 September 2006 By Antony Currie Follow @AntonyMCurrie

The LSE s success at besting the Big Board and Nasdaq for foreign listings has New York s mayor worried. Now he s starting to fight back. Hiring a PR firm may help him lobby Washington for regulatory relief. But he can t do much else to counter London s many attractions.

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New York mayor Michael Bloomberg appointed consulting firm McKinsey to undertake a twomonth study examining why more international comapnies are choosing not to list on the New York Stock Exchange.

The announcement is part of a larger nascent campaign, which includes New York Democratic Senator Charles Schumer, to push for legal and regulatory changes to increase America's competitive stance in global capital markets.

Earlier this month Harvard law professor Hal Scott formed an independent commission to study how the US capital markets and economy are suffering as a result of legislation such as the 2002 SarbanesOxley Act.

The commission is cochaired by former White House economic advisor Glenn Hubbard and former Goldman Sachs executive John Thornton. The group has the support of US Treasury secretary Hank Paulson, and is due to report its findings in late November.

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