Battle of the Bourses

The world’s stock exchanges are in flux. While Wall Street still commands the lion’s share of listings and liquidity, regional rivals from London and Hong Kong to Singapore, Tokyo, and even Malaysia are battling for a piece of the action. In a time of capital controls, geopolitical rifts, and rising regulatory burdens, companies are rethinking where they go public, and why. Dual listings are back in vogue, tech IPOs are migrating, and regulatory arbitrage is creating new winners and losers. Can Asia’s exchanges position themselves as credible global platforms? Or are we entering an era of financial nationalism, where capital stays closer to home?