Financial TimesFinancial Times

Why Europe’s stock markets are failing to challenge the US

By Patrick Mathurin, Katie Martin, Nikou Asgari

25 Apr 2023 · 9 min read

Editor's Note

The FT explains why the U.S. maintains its lead in the global equity market, while Europe grapples with practical, political, and cultural obstacles in building a competitive investment scene.

In 2006 the London Stock Exchange scoffed at the overseas suitors casting eyes in its direction.

At the time, bourses in Europe were locked in a dizzying dance of potential marriages. Several of the biggest had already united to form Euronext. Germany was trying to position itself as a global leader. Supersized US rivals were circling, looking to snap up European markets and create transatlantic powerhouses for listings and trading.

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