International competition from world markets has had very little effect on U.S. exchanges.

Question

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The Graham-Leach-Bliley Act of 1999 allowed U.S. financial institutions to offer full services, putting them in competition with other institutions, some of which were international. The Sarbanes-Oxley Act strengthened the U.S. securities laws, making it attractive for U.S. exchanges to merge with foreign exchanges in order to allow companies to list on the exchange of their choice. With U.S. exchanges merged with foreign exchanges, the ability to bypass the stringent regulations of the Sarbanes-Oxley Act was achieved. Also, as more international and multi-national companies raise capital around the world, investment banking has become global.

International Competition from World Markets Has Had Very Little Effect