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Ed Balls Will Defend London Rule on the Casino Claim by US Regulators
On March 28, 2007, Ed Balls, the city minister, made a vigorous defense regarding the share trading laws in London, which in turn described by the regulators in the United States as making a market for gambling casinos.
Roel Campos, a commissioner at the Wall Street Regulator, compared The Alternative Investment Market (AIM), which is operated by the London Stock Exchange only with a looser regulation, to a casino establishment because of the sheer number of businesses that just disappear within a year of debuting on the market.
His comments were then rejected by the London Stock Exchange and Ed Balls is giving the government's support to the Alternative Investment Market, which has a lot of brand new share listings in the first 3 months of 2007 compared to the New York Exchange.
Mr. Balls commented that with the success of Britain's risk based steps, it is both disheartening and surprising that the Alternative Investment Market has been the subject of baseless criticism.
He mentions that some of the US Regulators like Hank Paulson, the US Treasury Secretary and Chris Cox, the chairman of the US Regulator, had not reprimanded the market and as a result, he has understood the importance of having a risk-based law.
Balls added that the AIM's main role is to fill a certain place in the market. It usually provides money to fast rising companies that have outgrown their previous starting capital. The failure ratio for such companies is a little different from the main market in London.
In addition, Ed Balls told his audience, which was composed of bankers and property experts, that the recent surveys that have been conducted suggest that London has already edged out New York as one of the leading financial districts in the world in some instances.
He is also in favor of the move by the US regulators to scale down the effects of the Sarbanes-Oxley Regulations on small companies that are thinking of listing in the United States. Balls added that many people and organizations are poised to gain from this.
Monday, April 16 , 2007
Victor Copeland