New York wins bragging rights over London for having the bigger total market value of initial public offerings for the first half of 2006. Based on figures from PricewaterhouseCoopers, however, London tops New York when it comes to foreign IPOs, suggesting that the U.S. Sarbanes-Oxley Act is discouraging international companies from floating on the New York Stock Exchange. For the first six months of the year, New York saw 30 listing valued at €11 billion (US$14.2 billion), against €9.6 billion (US$12.4 billion) for 148 companies on London. According to The Guardian, the recent listing of Russian oil company Rosneft in London, coupled with the IPO figures, has prompted new Treasury Secretary Henry Paulson to consider reforming SOX, which he says in its current form could damage U.S. competitiveness.