Instead, the ex-Morgan executives have pinned their hopes on getting enough support from institutional shareholders to pressure Morgan's board.

FORBES: Morgan Stanley's Poison Pen Pals

And Japan's capital markets are not yet ready to fill the gap: although they are growing quickly, they still have a long way to go before institutional investors can exert real pressure on companies, and an active market in mergers and takeovers develops.

ECONOMIST: Japan��s keiretsu

One pressure for change at the NYSE came from institutional investors.

ECONOMIST: Buttonwood

CVC, which invested in Formula One in 2006, is under no pressure to exit its investment after it sold stakes to institutional investors ahead of the planned IPO last year, cutting its stake to around 35% from 63%.

WSJ: CVC May Revive Formula One Singapore IPO

Ahead of the three-day trip, a leaked PA report for international donors urged them to pressure the Israeli government to release its revenues, warning of a "possible slide into institutional and political collapse".

BBC: Israel to resume transfer of PA tax revenue