A limited number of about ten stock exchanges dominates the worlds financial market places. The New York Stock Exchange has by far the highest market capitalization among these ten trading centers. We may look at the clustering around these market places from two different perspectives: From the perspective of the stock exchange, or from the angle of the firm looking for investors. What we observe is an unprecedented level of competition among stock exchanges. In this continuous struggle only a few stock exchanges will prevail to attract foreign companies, driven by the fact that the stock...