Instead of straightforward cross-border exchanges, the vehicle for trade in both goods and services can be foreign direct investment.

ECONOMIST: A survey of world trade

Lower corporate tax rates, in line with global competition, is great as long as you remove the loop holes, corporate welfare and obstacles to collecting taxes on cross-border funds exchanges (corporate assets coming back in from outside).

FORBES: Slow Growth Will Destroy America

In addition, although the hundreds of stock markets around the world have consolidated into one or at most a handful of exchanges in each country, cross-border regulation makes it difficult for international takeovers to take place, and governments do not seem to be in any hurry to change the rules.

FORBES: World Markets

But despite the demand for cross-border trading, investors still seem to prefer to use the relevant national exchanges.

ECONOMIST: What? Sell the exchange?