The powerful forces reshaping America’s capital markets

WeWork’s abandoned IPO reflects the fall in new listings and the growing role of private equity. Writing in the Financial Times, Richard Henderson and Miles Kruppa explain how the growing role of private equity is distorting global capital markets and fears are mounting over a bubble in private markets. "The shift towards direct listings has triggered a burst of competition between the world’s largest investment banks to market their expertise and land the next big direct listings."