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Why Stock-Market Tourists Flock to New York

SoftBank and Linde delisting from the London and Frankfurt stock exchanges respectively highlights the US markets as the preferred destination for capital due to its larger single pool of capital.

  • SoftBank’s choice of New York for a listing of British microchip designer Arm has led to predictable hand-wringing about national decline in the U.K. capital.
  • Industrial-gas giant Linde also delisted its shares from the Frankfurt stock exchange with a market value of $175 billion, the company was the most valuable company in Germany’s Dax index.
  • Arm was delisted from the London market when SoftBank bought it in 2016 and the technology sector is heavily skewed to the U.S., making New York the obvious destination.
  • Linde grew too big for the small German market, the Dax limits individual stocks to a maximum 10% weighting, leading to Linde's stock underperforming.
  • Construction giant CRH also said Thursday it wanted to move its primary listing from the U.K. to the U.S. due to more liquidity and higher valuations.
Why Stock-Market Tourists Flock to New York
Europe’s exchanges increasingly seem too small to compete with the U.S.