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Why the presence of only one stock exchange makes sense

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Blick auf die New Yorker Wall Street: Eine Notierung an der weltgrößten Börse ist für viele AGs längst nicht mehr erstrebenswert. Quelle: ap

View of the New York Wall Street: A listing on the world’s largest stock market for many AGs have long ceased striving for. Source: AP

DÜSSELDORF. The networked world of finance makes a presence on Wall Street obsolete. Is more, investors and billion-dollar investment funds mainly go even better if the companies are listed only as possible to a large stock exchange. The liquid makes the trade and also allows the purchase and sale of large quantities in short time-stretching without it immediately to its price.

Even if the shares are held mostly by a German company by foreign investors, which is the case for IHT calculations for more than half of the 30 DAX companies, act of foreign investors, pension and investment fund shares usually at the home exchange in the corporation. The always guarantee the maximum liquidity. Restrictions that some big American pension funds were allowed to buy foreign stocks only on American stock exchanges, there is no more since the late 90s.

The high costs are only a small reason for the exodus of the Europeans. In addition, Wall Street has also blame themselves, that their well-known German companies such as Telecom, and previously the insurer Alliance turn one’s back. When the U.S. Securities and Exchange Commission with the adoption of the Sarbanes-Oxley Act of 2002 the stock market conditions tightened, in response to accounting scandals by companies like Enron and Worldcom, the cost and time increased enormously. The Grafithersteller SGL Carbon quantified before his departure, the cost per year three million.

Several groups called Dax Handelsblatt und vier costs between nine million euros. But only in March 2007, the SEC eased pressure on the European business to date, almost impossible goodbye. The proof that for months as well as no shares were traded on Wall Street, before a retreat was possible, was left. Then goodbye BASF, Bayer, Eon, Infineon and Alliance and from the second row Epcos, Pfeiffer Vacuum and SGL Carbon from New York.

But not all Germans consider the withdrawal from Wall Street. What has not changed Siemens, SAP, Daimler, German Bank, Fresenius, and in the second row of Aixtron. "A delisting from the New York Stock Exchange for SAP currently not an issue. In the U.S., for example, listed all the major competitors, "said yesterday a spokesman for the Walldorf-based software manufacturer. the seemingly restrictive and leave open all options added" currently looking " SAP have for years, without, however, retreated to.

For SAP gives a farewell view of its high profile in the largest economy in any sense. Almost 20 percent of the shares will be implemented every day on Wall Street. This is unprecedented for German companies. In addition, the duration feud comes with the arch-rivals Oracle. CEO Larry Ellison would cannibalize their public image and withdrawal plans SAP do so in the defensive, experts are safe.

Chinese discover first the biggest financial center

Not only despise the Germans to Wall Street: A total of returned, according to the NYSE in the last five years, about 100, or nearly a fifth of European companies listed on the New York trading center back. Contrast, China only just discovered the advantages of large financial center. In the same period, there was a note of more than 50 Chinese companies in New York. For now they dominate the same benefits as yet in the 90 years the Europeans: more attention, more prestige and thus more opportunities to increase their own market value.