Firms are not limited to domestic financial markets for raising capital. The world’s financial markets have become more liquid and more integrated as cross-border restrictions have diminished, and more and more large corporations have begun looking outside their national boundaries to raise financing. US firms can raise money in the Euroequity market by selling equity and debt claims to non-US investors. Changes in tax laws and regulations, as well as lower financing costs, have led US firms to issue more offerings to non- US investors. A cost advantage of trading in the Euroequity market is that Euroequity is traded over-the-counter in a large, active, cross-border market, so issuing firms need not register their securities on exchanges in many different countries.