All Posts

Capital Markets Have a Strategy Problem, Not a Listing Problem For much of the past decade, the debate around capital markets has been framed in remarkably simple terms. Companies have been encouraged to think about where they should list, how they should raise capital and which market might ultimately deliver the highest valuation. Whether the discussion centers on London or New York, public markets or private capital, primary listings or dual listings, the assumption has la

Historically, equity research was an important part of the capital markets ecosystem. Analysts helped investors understand businesses, evaluate opportunities, benchmark peers, and interpret financial performance. Research provided the bridge between companies seeking capital and investors looking to invest. Today, that link is almost non-existent. Since the dotcom bubble, research coverage has declined dramatically, particularly in the SME space. In Europe, the MiFID II decou

A few weeks ago, I was speaking with the strategy team of a stock exchange. As we discussed the growing flow of U.S. capital into international equities, one of the executives stopped me and asked a simple question: "If U.S. investors are moving so much money offshore, why aren't we seeing it?" It is a fair question. One of the defining trends in global investing over the past several years has been the increase in U.S. investment in non-U.S. equities. Seeking diversificatio

After 22 years of near-misses, criticism, impatience, and pressure to “change course,” Arsenal’s Premier League title was not built in a single transfer window, a tactical gimmick, or a moment of luck. It was built through conviction. Through discipline. Through a willingness to commit to a long-term vision even when the outside world questioned whether the process was working. There is a lesson in that far beyond football. For international exchanges, listed companies, and f

This week, The Economist published a piece arguing that Europe is finally serious about “unshackling” its economy through deregulation, integration, and structural reform.

After twenty-five years helping build the infrastructure of cross-border capital markets - from depositary receipts to issuer services to U.S. market access - I am now operating in the most direct way possible. Not as part of a platform. Not as part of a product. But as an independent advisor to the people making the decisions that matter.