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Kind of amusing to read something like this, or see people attribute significance to this, at a time when we see the markets decoupled from reality.
The changing scores reflect growing confidence in the EU and US markets in the context of a prospective EU referendum. This just as corporate insider sentiment is the most bearish it's been for 24 years.
We'll see where both cities stand after the dust settles, when the markets have more resemblance to underlying fundamentals.
As I have already stated a lot of London's success is down to the fact it straddles North American and Asian tine zones, and a result London's main competitors are Frankfurt, Paris, Zurich, Geneva etc and not NYC.
New York is the world's financial center - the west is being propped up right now by the three quarter trillion dollars the federal reserve is buying in bonds. This money has created a bubble in global financial markets. London has been the world's banking center for a decade, which is different.
Whilst many parts of London have a character, history and charm than NYC with it's urban grit just cam not replicate. Indeed I find it hard to even compare NYC to London in these terms.
We should all be happy that the two greatest and most powerfull cities in the world are western and will remain so for a long time according to projections.
London is still number one on most of the other lists
We should all be happy that the two greatest and most powerfull cities in the world are western and will remain so for a long time according to projections.
London is still number one on most of the other lists
London is still by far the biggest juggernaut and the hub when it comes to international transactions and re-insurance, whereas the banks in NY do more business and earn bigger profits. London's lead in forex/bond/derivatives trading at this stage is so great that any jawboning by think tanks about EU concerns and scandals (many of which involve US banks based in London no less) won't really do much to change that for the foreseeable future.
What London needs to focus on to continue rising as it does is to foster a greater culture of convenience and 24 hour operation, because these are both areas in which it falls short compared to New York. In most other aspects, it is either equivalent or has the lead, or is gaining.
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