The most spectacular collapse has come in the market for initial public offerings (IPOs) of shares, where the New York exchanges, miles ahead a few years ago, now trail behind London and Hong Kong.

• 在纽约股票交易市场上，股票在市场上首次公开募股可能是最大的失败，然而在几年以前确实引领全球，遥遥领先的行业，现在却不得不排在伦敦以及香港的后面。