The global market for securities surges. The global stock of financial assets is now around 186 trillion U.S. dollars, a figure one and a half times higher than it was just 15 years ago; new capital raising worldwide is up 40% from the last year; cross-border investment is increasing rapidly; new investment entities are increasingly part of the global market, most notably hedge funds which now are estimated to have around 1 trillion U.S. dollars under management. The U.S. has the most sophisticated laws, regulators and business courts and therefore sets the standard for the trend toward harmonization of international capital markets.