A shifting landscape

Years ago, global banks built worldwide networks so non-US based institutions had access to the US markets. While they actively bought and sold securities in the US for their clients’ portfolios, they also helped to make the US markets the most liquid in the world. But what happens when these institutions suddenly find a new source of liquidity in Europe, rather than the US? We began to see this happen just before the financial crisis hit. London was raising more capital than New York, while the Asian markets were keeping more initial public offerings (IPOs) on the local markets as they ...