This is sweet music to the New York Stock Exchange: Mizuho Financial Group, Japan's second largest, debuted on the Big Board last week. It follows in the footsteps of Mitsubishi Bank. Surely, the NYSE would like more. A lot has been made of the cultural differences in the world's response to Sarbox. Asian firms were said to be a bit more inclined to see the upside of the law. Indeed, Mizuho is seeking more liquidity and it thinks that its adherence to Sarbox will pay for itself, so to speak. Sadly, not a lot of other companies have moved in the same direction. And for now anyway, Sarbox still ranks as a negative in terms of new business development. We'll have to see how the international aspects fare over the next few months. There could be some significant relief coming.

For more on the ADR:
- read this update