The rise of the China in particular has led to a sharp increase in trading, with Chinese exchanges in some cases experiencing more activity than those in traditional financial centres.
That led Credit Suisse to look into whether those markets now lead the US, or whether Wall Street is still the dominant market globally.
The conclusion, according to a report out in September, is that the US still sets the tone for the rest of the world.
"We find that European markets are even driven by the lagged effect of the US market but not the other way around, suggesting that the US market continues to lead these markets," the note said.
Credit Suisse ran a similar analysis with Asian markets, and found a similar effect.
In comparison, the US market pays very little heed to what is going on elsewere in the world, according to the research.
The note said: "When looked at an individual country basis, the US market alone explains approximately 98% of its own variation. Only 2% of its variation was explained by other countries in the sample."
