The cover of the latest Economist reads "Wall Street: What Went Wrong". That surprised me. I had a sudden thought that perhaps I had missed some great catastrophe in the financial markets.
Nothing of the sort, of course. I read the cover story (subscription may be required) and it turns out that what they're on about is not some sudden apocalyptic event, but the gradual loss of market leadership of America's capital markets.
Before I read the article, I was vaguely aware that London has gained importance in the recent past, but I didn't know the details. But The Economist completely threw me with this tidbit (emphasis mine):
The loudest sucking sound has been in the market for initial public offerings, a crucial barometer of financial wellbeing. America's share (measured by proceeds) has collapsed since the late 1990s (see chart 2). Five years ago the New York Stock Exchange dwarfed London and Hong Kong. This year it is being beaten by both.
Hong Kong bigger than the NYSE? Who'da thunk it!
