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Is Dodd-Frank sapping US ECM mojo? 

May 20, 2014
Keith Mullin, IFR

Has regulation rendered US equity capital markets uncompetitive?

The Committee on Capital Markets Regulation recently issued a rather odd and in my view nakedly self-serving report, decrying its contention that the competitiveness of the US equity capital markets is showing continued signs of weakness, and concluding that measures of aversion to US public equity markets are at levels not seen since the global financial crisis.

“The competitive landscape of US equity capital markets has started 2014 with a thud,” said CCMR director Hal Scott, Nomura Professor and Director of the Program on International Financial Systems at Harvard Law School. “Foreign companies are choosing to raise capital outside US public markets at rates not seen since the financial crisis.”

Read more: IFR

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