With Nasdaq announcing its acquisition of nearly 25 percent of the shares of the London Stock Exchange, and the concomitant pressure on the NYSE to make a comparable foreign exchange acquisition, it’s now readily apparent that we’re moving toward global, and away from national, capital markets. In more prosaic terms, what this means is that decisions where to “list” a stock will be significantly less important in the future. What will be of paramount importance is where securities are traded, and who owns them.
