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Definitely New York,, no question. When it is a public holiday in the USA, all economic actuivity all over the world stops.
I remember the last UK bank holiday being a lot quieter overall than Labor day in the USA. The latter had most CME operations closed aside from limited GLOBEX trading. It's not something I pay particular attention to though.
A professional day trader may be able to provide some interesting input on this.
Admittedly London is the center for global financial transactions. It sees amazing volumes in forex, bonds and derivatives trading and is the center of the world for insurance transactions.
Historically, London was a financial center long long before NYC rose to power. There are articles dating back to the early 20th century that discuss how an upstart like NYC was encroaching upon London's dominance in this sector, so London actually set the precedent for New York.
I love NYC but I'm honest enough to admit how financially powerful London currently is. This is a relatively recent trend, so if you've not been keeping up with the news, and still hold to previous century views in global finance, it will be difficult to swallow.
To put it bluntly, NYC has never been quite the same since two of its major investment banks imploded in 2008. Note that these are, effectively speaking, among the biggest bankruptcies in the history of economics. Some who foresaw an impending correction before 2008 actually expected London to be hit worse by the crisis, but that simply hasn't turned out to be the case.
Last edited by Grigoriachel; 10-04-2013 at 09:15 PM..
Reason: Grammuh
NYC without a doubt. No contest. London also needs to stop trying to emulate and compete with New York.
Well London was around much longer before NYC, but have you ever realized this, the best cities in the world are founded by the English...NYC, DC, Sydney, Melbourne...
To put it bluntly, NYC has never been quite the same since two of its major investment banks imploded in 2008. Note that these are, effectively speaking, among the biggest bankruptcies in the history of economics. Some who foresaw an impending correction before 2008 actually expected London to be hit worse by the crisis, but that simply hasn't turned out to be the case.
I think Lehman was actually the biggest bankruptcy in history, and was a considerably greater blow to the US economy than the legacy media let on at the time.
The impact of this you can see in the trend that NYC has followed since the crisis: Basic and essential city services have been cut, half the sanitation staff have been laid off, and the city is ostensibly worse off for it. Cleanliness/habitability is becoming a big quality of life issue, infrastructure is falling apart and (from what I've been told) the city just feels "tired out" by mid-afternoon.
Add to this prospective layoffs in Wall Street firms in the years ahead (ie. a substantive ablation of the city's tax base) and a liberal mayor in the pipeline. The future of the city - at least as the global megahub that it is renowned for - is looking pretty dismal.
NYC without a doubt. No contest. London also needs to stop trying to emulate and compete with New York.
I agree, it's not fair on poor, dirty and dilapidated New York.
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