NY 戦う／戦いs to attract foreign listings

By Lauren Chambliss
Updated: 00:00 BST, 14 March 2003

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FOR years, the London and New York 在庫／株 交流s have 行うd a gentlemanly 戦う／戦い to 誘惑する foreign companies into 名簿（に載せる）／表（にあげる）ing their 株 on their 各々の markets.

In 最近の months, it appeared London was 伸び（る）ing the upper 手渡す as se veral of those considering a US 名簿（に載せる）／表（にあげる）ing - 含むing 巨大（な） reinsurer Benfield - 選ぶd for Britain.

Onerous new 法人組織の／企業の 規則s in the US, and a growing sense the Square Mile is more hospitable to international 商売／仕事 than 塀で囲む Street, tipped the 規模.

New York, however, is not giving up easily. Alarmed by the 脅し of defections, NYSE chairman 刑事 Grasso 納得させるd the US 安全s and 交流 （売買）手数料，委託（する）／委員会／権限 to 免除された foreign companies from some of the more burdensome 支配するs 課すd in the wake of America's wave of 財政上の スキャンダルs.

Thanks to Grasso's prodding, 最高の，を越す (n)役員／(a)執行力のあるs of foreign companies 名簿（に載せる）／表（にあげる）d on US 交流s must certify their company 声明s are 正確な, but only once a year with their 年次の regulatory filings. US 長，指導者s must do so on a 年４回の basis.

Other new 規則s were watered 負かす／撃墜する, too, making it easier for foreign entrants to 会合，会う US regulatory 需要・要求するs without 衝突／不一致ing with 必要物／必要条件s in their own country.

Recently, LSE chairman Don Cruickshank said Asian 多国籍のs and European tech 会社／堅いs in particular were becoming more open to the idea of a London-only 名簿（に載せる）／表（にあげる）ing.

For their part, NYSE 公式の／役人s 辞退する to 譲歩する ground to London and continue to navigate the globe in search of 会社／堅いs they believe would 栄える in the US.

And this week, they landed a big one - South African phone 公共事業（料金）／有用性 Telkom SA, which opened for 貿易（する）ing 同時に in Johannesburg and New York, raising $500 million (£310 million).

Before that, it was Bermuda-based 保険 巨大（な） Endurance. And now there is the prospect of 上陸 Wembley, whose 長，指導者 (n)役員／(a)執行力のある Nigel Potter said this week that he was considering 追加するing a US presence to the 存在するing London 名簿（に載せる）／表（にあげる）ing.

His 動機 behind such a move for the UK greyhound 跡をつけるs 操作者 is that Wembley's 商売／仕事 has become ますます US-orientated since the sale of the 伝説の London sports stadium, and he wants easier 接近 to US institutional and 小売 投資家s, who tend to be 肉親，親類d to gaming 在庫／株s.

An American 名簿（に載せる）／表（にあげる）ing would also make it easier for Wembley to scout for US 取得／買収s, while the NYSE would be delighted to 得る，とらえる such a big-指名する 商売／仕事.

'It is 絶対 still a 優先 for us, attracting international listings,? says 広報担当者 Christiaan Brakman.

Unsurprisingly, in these lean times, the Big Board is having a tougher 仕事 attracting international attention than it did during the market にわか景気 in the 1990s, when it was not unusual for a different foreign 会社／堅い to 調印する up every week.

At the 頂点（に達する） of the international craze, the NYSE celebrated the arrival of a South African 会社／堅い with a live lion on the 交流 床に打ち倒す. And the NYSE still has London beaten ーに関して／ーの点でs of foreign listings - 473 to 419 - while it attracted 33 new overseas listings to London's nine last year, によれば an LSE 広報担当者.

But on a 親族 basis, London, one-fifth the size of the NYSE by market capitalisation, is far and away the 勝利者.

This にもかかわらず the fact that the NYSE's 職業 誘惑するing foreign listings is easier, in one 面, than it was during the market にわか景気. These days, 存在 the 'grandaddy' of America's 交流s - respectable and even a bit boring when compared with upstarts such as the tech-激しい Nasdaq - is seen as a good thing.

Reliability counts for a lot in these restless times. In the late Nineties, the hot Nasdaq market and its looser 名簿（に載せる）／表（にあげる）ing 必要物／必要条件s competed 長，率いる-to-長，率いる with the NYSE in attracting 全世界の 在庫／株s.

Now the Nasdaq's 評判 has 苦しむd, however, as the 後退，不況 and dot com 崩壊（する） took a heavier （死傷者）数 on its companies - many of them feeble start-ups - 軍隊ing dozens of delistings.

Last year, the NYSE 逮捕（する）d all of the activity in foreign 初期の public offerings in the US, and the 大多数 of American Depositary 領収書s, the US 同等（の） of a 株 in a foreign company.

One 動機 that international companies still have to prefer the US is to 拡大する their 取得／買収 capabi lities.

Any 引き継ぎ／買収 that is at least part-paid for in 株 要求するs an American 名簿（に載せる）／表（にあげる）ing. 'Raising money is not the only 推論する／理由 that companies want to be here,' says Brakman.