There is a hint of sunshine for snow-covered London lawyers in the unlikely shape of US securities regulation, which is not only providing work for the English but promises to slow down US firms’ City advance.

This is because European companies are finally making good on threats to de-list from the US after groaning for months over the costs and regulatory burden of complying with Sarbanes-Oxley reforms. Not surprisingly, the European queue for new US listings is now also short to non-existent.