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what happened to new york being number one. Isnt wall street the most important financial sector in the world and isnt the stock exchange the most powerful? Im not trying to start an argument, im just asking
what happened to new york being number one. Isnt wall street the most important financial sector in the world and isnt the stock exchange the most powerful? Im not trying to start an argument, im just asking
Nope. London passed New York over the past few years.
what happened to new york being number one. Isnt wall street the most important financial sector in the world and isnt the stock exchange the most powerful? Im not trying to start an argument, im just asking
It's very debatable which is #1, New York or London. London has caught up to New York a lot lately and has since surpassed it in many people's eyes. A lot of that can be attributed to Europe's growing power, especially the strength of the Euro against the dollar.
I know what you're thinking "the UK uses the pound sterling as a currency, not the euro". Similarly to why major companies from Texas, California and Chicago list their companies on the NYSE or NASDAQ (as opposed to local exchanges), major companies from Spain, Italy, France, etc will often list their major companies on the LSE or NYSE Euronext (as opposed to local exchanges). So as the euro appreciated against the dollar, even the LSE reaped the benefits.
First Reserve, SMH, TPG (main HQ in Metroplex but major satellite in Houston), Sterling, Houston Partners, HM (main HQ in Metroplex but major satellite in Houston), etc.
Of course, anything we are discussing here absolutely pales in comparison with the impressive set of firms located in and around NYC spilling over into Western CT.
Thanks for providing the list of companies. I still don't think Houston could be considered a major financial city in the United States. Even in private equity it's very minor.
For the United States, New York has 17 (including Greenwich,CT), 4 in Boston, 2 in Washington DC, 2 in the Metroplex, 2 in the Bay Area, 1 in Providence, 1 in Chicago, 1 in LA, and 1 in Houston (it's ranked #46).
I thought the NYSE Euronext was six times as powerful as the LSE?.
I didn't think so, but maybe. Investment banking in London is gigantic too. In all honesty, I don't have an ultra in-depth knowledge of why London seems to have passed NYC as the world finance capital. I'm at work right now but if I get a couple minutes I'll try to dig up some more info. I work in financial services so I like researching that sort of stuff.
I didn't think so, but maybe. Investment banking in London is gigantic too. In all honesty, I don't have an ultra in-depth knowledge of why London seems to have passed NYC as the world finance capital. I'm at work right now but if I get a couple minutes I'll try to dig up some more info. I work in financial services so I like researching that sort of stuff.
London has, relative to the US, a "light touch" regulatory environment. This is particularly true since Sarbox and since the post 9/11 "know your customer" crackdown.
Very true...I actually remember something like that in my International Finance class. Something along the lines of the new US regulations working them out of the game.
London has, relative to the US, a "light touch" regulatory environment. This is particularly true since Sarbox and since the post 9/11 "know your customer" crackdown.
sort of off topic,
but you might know the answer. Suppose one has money in offshore accounts-does the US govt have the right to force disclosure of acct info from foreign banks?
Ive heard people say that they can do that and it annoys me.
sort of off topic,
but you might know the answer. Suppose one has money in offshore accounts-does the US govt have the right to force disclosure of acct info from foreign banks?
Ive heard people say that they can do that and it annoys me.
I believe if you commit a crime and they are aware of your offshore account, they can do certain things to you personally in order to force you to give them that money. For example, they will threaten more severe charges if you don't agree to bring those funds into the United States.
I'm not sure if they can get account info directly from the foreign bank though. I don't see why they'd have that sort of power, especially with certain banks in Switzerland and the Caymans which are known for their confidentiality.
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