Listing on U.S. Exchanges Is a Privilege

Over the past century of global economic integration, the U.S. has emerged as the world’s financial capital: home to the largest investment banks, asset managers and exchanges. This leadership position yields many benefits. Job-creating American companies can avail themselves of a lower cost of capital. The government can readily fund its deficits in times of need. And households have access to an extensive range of investment opportunities — enabling them to put their hard-earned money to work, save for education and retirement, and achieve a better quality of life.

Foreign companies have come over the years to appreciate the benefits of listing their shares on American exchanges. A U.S. listing radically broadens an issuer’s appeal to investors around the world, providing companies preferential access to capital. Today, roughly 20% of all U.S.-listed stocks are foreign companies. The market capitalization represented by U.S.-listed companies in the European Union, the U.K. and China each totals to well over $1 trillion. Many of these companies — such as NXP Semiconductors NV, AstraZeneca Plc, Alibaba Group Holding Ltd. and JD.com Inc. — are leaders in their fields and are reshaping how business is done around the world. The success of this system, which materially benefits the global economy, is underpinned by investor confidence in U.S. regulation and the transparency expected of U.S.-listed issuers.