Exchange nationalism bad for clients, says veteran trader

The issue of nationalism that is emerging in respect of stock-exchange ownership in certain countries can only limit the offering to market participants, says Philip York*, Hong Kong-based chief executive of Empyreal Investments. That is why many major emerging-market floats take place outside their country of domicile, he adds. "The idea of national exchanges is as outdated as the idea of national airlines," says York. "As long as there is effective regulation, the move to glob…