Irish Stock Exchange chief Deirdre Somers was effusive this week as the exchange reported a 35 per cent surge in pre-tax profits, despite a 4 per cent decline in revenue.

Declaring herself “delighted” with the €6.3 million return for the year, against “a backdrop of mass turbulence in the markets, historically difficult macro economic environment internationally and the euro zone crisis”, she said she was optimistic about the future – and not just in fixed income where the exchange sees itself as “probably the dominant exchange... right now”.

And she certainly wasn’t going to be derailed by the departure from the Dublin market of a number of heavy-hitters.

“Few companies have gone to London to tap a sterling passive pool,” Somers said. “We are confident that it isn’t a systemic issue. I believe the Irish market is a compelling proposition to Irish enterprise; it delivers international connectivity and it is very much geared and tailored to the needs of Irish enterprise.”

Judging by the comments of her departing constituents, they beg to differ. Internationalisation is precisely what they say has driven them to the bright lights – and increased profile and liquidity – of London.

Of course, it's not impossible to have a presence in both, as companies such as CRH, Ryanair and others have shown, but in an environment where counting costs is increasingly an issue for even the largest businesses, the arguments for dual listing are struggling to resonate.