Wall Street is losing its competiveness

None of the 10 largest stock issues in 2006 was listed in NY, even though NY based firms play a roll in all of them. Expensive U.S IPOs. In U.S investment banks charged fees average 4.4% of hte value of stock issues in 2006. In Europe, that average was 2.3%. Geography and time zone are also contributing the changing balance of power. European and Asian market are growing. Europe has grabbed 56% of the $52 of global revenue from OTC derivatives, which aren't traded on exchanges. More banks compete fro IPOs in Europe than in the U.S because European market is more fragmented. It wouldn't be the first time the balance of power tipped in finance. The Dutched developed the first exchange. Then London,...NY.