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View Poll Results: Financial Capital of the World?
London 80 36.04%
New York 142 63.96%
Voters: 222. You may not vote on this poll

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Old 12-30-2012, 01:28 AM
 
455 posts, read 1,127,040 times
Reputation: 438

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Now this "title" seems to fluctuate from time to time between these two cities and i think london had it for the last couple of years during the weakend US economy but i think it's back in New York at the moment.

However i'd argue New York residing in the richest country in the world who's finances and economy have ramifications globally, should generally have the upper hand and distinction in that regards. What is your view?
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Old 12-30-2012, 02:19 AM
 
Location: Leeds, UK
22,118 posts, read 29,479,580 times
Reputation: 8819
At this moment in time, it's London, but that will definitely change. London's reputation as the world's premier financial hub is being tainted by corruption and scandal, and a lack of initiative to deal with it.
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Old 12-30-2012, 05:56 AM
 
7,868 posts, read 10,239,490 times
Reputation: 5610
new york , the new york exchange is far bigger than london which is itself far bigger than any other exchange in europe
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Old 12-30-2012, 07:21 AM
 
Location: western East Roman Empire
9,309 posts, read 14,209,477 times
Reputation: 10017
Quote:
Originally Posted by irish_bob View Post
new york , the new york exchange is far bigger than london which is itself far bigger than any other exchange in europe
The stock exchange is only one branch of finance. In most countries, including the US, the bond market by far surpasses the stock market in terms of money volume and economic significance.

In any case, the NYSE was recently bought out by an Atlanta-based futures & options exchange. The NYSE open outcry system is a thing of the past.

All the top US banks and investment firms have major offices in London, and so do the top ones of every other country. The same cannot be said of NY.

Insurance is another major branch of finance. I have repeated this many times: even the most obscure insurance contracts in the US, and even in some very tiny countries, pass through the London re-insurance market.

I'm tired of repeating all of the other details.

In short, anyone who works in the finance industry knows that London is the center, which includes the pass-through of NY financial power. I know that this is hard to grasp for the average person.

However, I agree with the poster who suggests that this may not continue to be the case going forward. Things change: at one time the Tigris, Euphrates and Nile were the world's economic superhighways, then the Mediterranean, and then the Atlantic, with London at the center (it could have been Madrid or Lisbon). Nowadays it seems that the economic epicenter is shifting to East Asia, giving centers like Singapore and Hong Kong a chance to become number one, surpassing London.
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Old 12-30-2012, 07:32 AM
 
Location: Leeds, UK
22,118 posts, read 29,479,580 times
Reputation: 8819
Quote:
Originally Posted by bale002 View Post
The stock exchange is only one branch of finance. In most countries, including the US, the bond market by far surpasses the stock market in terms of money volume and economic significance.

In any case, the NYSE was recently bought out by an Atlanta-based futures & options exchange. The NYSE open outcry system is a thing of the past.

All the top US banks and investment firms have major offices in London, and so do the top ones of every other country. The same cannot be said of NY.

Insurance is another major branch of finance. I have repeated this many times: even the most obscure insurance contracts in the US, and even in some very tiny countries, pass through the London re-insurance market.

I'm tired of repeating all of the other details.

In short, anyone who works in the finance industry knows that London is the center, which includes the pass-through of NY financial power. I know that this is hard to grasp for the average person.

However, I agree with the poster who suggests that this may not continue to be the case going forward. Things change: at one time the Tigris, Euphrates and Nile were the world's economic superhighways, then the Mediterranean, and then the Atlantic, with London at the center (it could have been Madrid or Lisbon). Nowadays it seems that the economic epicenter is shifting to East Asia, giving centers like Singapore and Hong Kong a chance to become number one, surpassing London.
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Old 12-30-2012, 07:56 AM
 
Location: York
6,517 posts, read 5,798,379 times
Reputation: 2558
A lot of deluded Americans would have you believe NYC is number one at everything though, purely through their own opinions with no facts to back up their claims. Well certainly from reading these forums anyway.

Last edited by Dean York; 12-30-2012 at 08:53 AM..
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Old 12-30-2012, 08:27 AM
 
250 posts, read 501,895 times
Reputation: 350
Quote:
In short, anyone who works in the finance industry knows that London is the center
This pretty much sums it up, though expect to see a great deal of resentment to this idea in this US-dominated forum.
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Old 12-30-2012, 10:07 AM
 
Location: Chicago(Northside)
3,681 posts, read 7,189,458 times
Reputation: 1697
Quote:
Originally Posted by dean york View Post
A lot of deluded Americans would have you believe NYC is number one at everything though, purely through their own opinions with no facts to back up their claims. Well certainly from reading these forums anyway.
Another stereotype
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Old 12-30-2012, 12:16 PM
 
17 posts, read 39,863 times
Reputation: 32
check this here
Worldwide Centres of Commerce Index - Wikipedia, the free encyclopedia

but the gross domestic product in new york is 1,280.5 , in London it's only 731.2
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Old 12-30-2012, 12:29 PM
 
Location: York
6,517 posts, read 5,798,379 times
Reputation: 2558
Quote:
Originally Posted by cali3448893 View Post
Another stereotype
Do you read the posts on these forums?? It's absolutely ridiculous! I'm not judging every American, just some of the idiots that post on this forum. A lot of the Americans I've encountered on here aren't like that at all, but a lot are.
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