The third criticism is that increased regulation will lead market participants to overseas trading venues, such as Singapore. While this is always a possibility, it could be argued that the increased transparency and minimal standards of the US exchanges may draw people to the US exchanges precisely for these reasons. For example, although listing requirements on the NYSE are more stringent that those of NASDAQ, the NYSE has not gone out of business despite the rise of the NASDAQ. There will, of course, be firms that find it more desirable to go elsewhere.