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SCOTT JAGOW: The NASDAQ stock market made its second bid this year for the London Stock Exchange. But again, London said no. Here's Stephen Beard on that one.

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STEPHEN BEARD: Rebuffed in March, NASDAQ has been rebuffed again today. Its increased offer values the London exchange at over $5 billion, but the exchange's board rejected the bid as inadequate.

London's attractions are pretty clear, especially for an American stock market. Foreign listings have soared in London, while NASDAQ and the NYSE have seen a decline in their foreign IPOs.

Foreign companies have been put off the U.S. because of onerous American regulation. Later today the U.S. Treasury Secretary will address this issue. In a keynote speech, Hank Paulson will call for a rethink in the way the U.S. regulates its capital markets to make sure they remain competitive.

In London, this is Stephen Beard for Marketplace.