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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?
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.
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.
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.
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..
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.
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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