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Old 02-22-2021, 03:52 PM
 
156 posts, read 174,008 times
Reputation: 351

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Quote:
Originally Posted by easthome View Post
Im just wondering when 'overcrowding' became a competition? :-)
Wouldn't cities in India or China 'win' this particular contest? :-D
And who said over-crowding was a competition? The thread states that London feels more lively and crowded than New York these days, and the population count reflects that.

[Mod cut: trolling]

Last edited by elnina; 02-28-2021 at 01:11 AM..
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Old 02-22-2021, 09:38 PM
 
Location: Bergen County, New Jersey
12,159 posts, read 7,985,265 times
Reputation: 10123
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The average American doesnt think NYC is the best(est) in the USA, let alone the world. Thats pure craziness. Most people I meet don't even put NYC in their top 10 favorite cities. Its just on C/D people boost it to no extreme. Theres a lot of cities that I consider better than NYC; Portland ME, Chicago, Boston, Washington DC, Seattle, etc. Let's not group all, most, or even a plurality of Americans into NYC Fanatics.

And I live in the NYC Metro and work in... urban planning.

I cant think of a reason why I would put NYC over London except for the food, weather, and proximity to beaches/mountains. London is cleaner, has far better transit, airports are directly connected to the CBD, is more picturesque, better QOL, and Ive had more enjoyable times visiting LON over NY.

Last edited by elnina; 02-28-2021 at 01:13 AM..
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Old 02-23-2021, 12:43 AM
 
Location: Great Britain
27,146 posts, read 13,434,325 times
Reputation: 19440
Quote:
Originally Posted by OyCrumbler View Post
London did have a strong advantage in terms of access to the EU and much to its benefits. I don't think the deals that the UK ends up hammering out with the EU will continue giving London quite the same amount of access. Switzerland has a host of reasons for staying out of the EU, just as the UK does, right? I think there may be a current and historical difference in that the Swiss are out with a fairly neutral position in regards to the other European nations and is famous for having maintained such for a while. It would appear that Brexit has involved a little bit of hostility from both sides.
The UK is now free to set it's own financial regulation in the UK’s interest and financial trade has always been global rather than protectionist.

It should also be noted that London's main competitors in terms of finance are Asia and the US, and not the EU.

For the UK, making it's own rules in order to compete with the big international financial centres is more important that equivalency and access to EU markets.

Certain EU regulations and proposals have been damaging to the financial sector, whilst the Euro itself has been a disaster, and these are not just my words they are the words of top economists including Nobel Prize-winning economist Joseph Stiglitz.

If the EU wants to erect barriers to trade and investment, it will inevitable suffer the consequences, especially if this is accompanied by ever more red tape and regulations.

The EU is still trying to push forward a Financial Services Transaction Tax, something which Britain vetoed when it was an EU member, along with plans for a with-holding tax on bonds which Britain also vetoed.

Then before the Brexit vote in 2015 European Central Bank tried to force all firms including large well known clearing houses handling large euro transactions to move out of London and in to the Eurozone, as the Eurozone was going to be a separate financial area, and Britain had refused to adopt the Euro.

The case was settled in Court, with EU General Court ruled that the ECB lacked the legal powers to enforce this. However the powers of the ECB could be changed by the EU in the future, whilst some in the EU such as Guy Verhofstadt are now calling for the right to veto to be removed.

There were also problems in relation to the proposed Common Consolidated Corporate Tax base (CCCTB) and other EU plans for tax harmonisation, which low tax countries such as Ireland have been trying to fight, although it looks like tax alignment could be next on the federalists agenda.

In terms of the UK it has always prospered financially due to deregulation and the ability to set it's own rules, the establishment of the post-war Eurobonds market and the 1986 Big Bang being two cases in point.

Quote:
Originally Posted by City AM (14th February 2021)

The UK’s financial services industry will face its biggest post-Brexit competition from Asia and the US, according to foreign secretary Dominic Raab.

Raab said EU financial capitals may “nick a bit of business here and there from the City”, but that they will not challenge London’s status as Europe’s global financial capital.

“I don’t accept the binary zero sum war of attrition…what matters to the UK and the City is the comparative advantage we have on the fundamentals,” Raab told the BBC.

“You were citing equities, but the boss of Barclays has been saying recently how the long-term position of the UK is unparalleled, unrivalled. The crucial question for the EU, while it may be able if you like to nick a bit of business here or there from the City, but the problem is the measures they will take to achieve this will undermine their own competitiveness.

“The challenge to London as a global financial centre around the world will come from Tokyo, New York and other areas rather than those European hubs. Particularly if they start to erect barriers to trade and investment.”

The only way the City of London can regain its pre-Brexit access to the EU is if Brussels grants regulatory equivalence across 40 areas, however Brussels believes the UK is destined to diverge from its financial services regulations and has withheld the designation.

The Treasury is currently holding Memorandum of Understanding talks with the EU to ensure future regulatory cooperation around financial services.

The talks aim to put in place an agreement so that financial services regulators in the UK and EU share information and have open dialogue when making new regulatory decisions.

Barclays chief executive Jes Staley said earlier this week that the City needs “to be focused on New York and Singapore” post-Brexit and not the EU.

“I think Brexit is more than likely on the positive side than on the negative side,” he told the BBC.

“What the UK needs and London needs, is to make sure that the City is one of the best places, whether [it is in terms of] regulation or law or language, or talent.

City of London's biggest competition post-Brexit will not be EU, says Raab - City AM (14th February 2021)


Quote:
Originally Posted by Capital.com

Repeat of the City’s finest hour?

Then there was Britain’s opt-out from proposals for a financial transaction tax, which would raise money to help defray the cost of bank bailouts in the wake of the financial crisis. Around the turn of the Millennium, Britain vetoed plans for a with-holding tax on bonds.

Some suggest that diverging from the EU financial services rulebook could give the City the chance to repeat its great post-war coup, the creation of the “Eurobond” market. This had nothing to do with the single currency but arose because of US dollar funds building up in London and elsewhere on the continent, in part to escape Washington’s Regulation Q, a rule that set a ceiling on interest rates chargeable within America.

This dollar funds were bundled up into bonds and lent, beyond the reach of the US authorities, to businesses including the European subsidiaries of American corporations.

London markets mixed as tussle with Brussels continues - Capital.com

Big Bang (financial markets) - Wikipedia


Last edited by Brave New World; 02-23-2021 at 01:28 AM..
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Old 02-23-2021, 01:27 AM
 
156 posts, read 174,008 times
Reputation: 351
Quote:
Originally Posted by masssachoicetts View Post
The average American doesnt think NYC is the best(est) in the USA, let alone the world. Thats pure craziness. Most people I meet don't even put NYC in their top 10 favorite cities. Its just on C/D people boost it to no extreme. Theres a lot of cities that I consider better than NYC; Portland ME, Chicago, Boston, Washington DC, Seattle, etc. Let's not group all, most, or even a plurality of Americans into NYC Fanatics.

And I live in the NYC Metro and work in... urban planning.

I cant think of a reason why I would put NYC over London except for the food, weather, and proximity to beaches/mountains. London is cleaner, has far better transit, airports are directly connected to the CBD, is more picturesque, better QOL, and Ive had more enjoyable times visiting LON over NY.

Now here is a relevant post, thank you. I agree with you completely. New York is a great city, but I wouldn't even consider it in my top 5, maybe top 10, and I'm a native New Yorker. London, Istanbul, Paris, Tokyo, Chicago and D.C I prefer over it.
Yes, it's not all Americans, but there's certainly a subset of Americans who simply can not handle someone making the statement that such and such city is more impressive or better along one or several metrics than New York.
I think most of the Americans who take that hardline position haven't traveled much outside of the country, because if they had, they'd know: New York is not the greatest city in the world by a long shot.... I mean unless you have some sentimental attachment to it, which I can understand. -- But if you're being objective and analyzing the city along meaningful and relevant metrics, I don't see how anyone could say New York is the greatest or most impressive city on the planet...
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Old 02-23-2021, 02:12 AM
 
Location: Great Britain
27,146 posts, read 13,434,325 times
Reputation: 19440
Quote:
Originally Posted by masssachoicetts View Post

I cant think of a reason why I would put NYC over London except for the food, weather, and proximity to beaches/mountains. London is cleaner, has far better transit, airports are directly connected to the CBD, is more picturesque, better QOL, and Ive had more enjoyable times visiting LON over NY.
Each city has it's pluses, and in terms of food both have a lot of diversity.

There's also not a great deal of difference in relation to fine dining, with both being fairly similar in terms of stars awarded by the overrated Michelin guide.

As for weather, London's weather is generally nothing startling, it's basically mild winters and cool summers, however it is generally not extreme or severe.

New York state and the surrounding area does have some magnificent scenery and New York has close proximity to beaches.

On the other hand, London does have easy access to the coast and very pleasant English countryside.

London also has good direct train connections to Paris (just over 2 hours), the South of France and even the Alps (skiing), and there are an array of European cities with very good connections offering city breaks.

Personally I think both London and New York are both great cities, but they are very different cities and which one you prefer is down to personal taste.
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Old 02-23-2021, 07:57 AM
 
Location: In the heights
37,127 posts, read 39,349,217 times
Reputation: 21212
Quote:
Originally Posted by Brave New World View Post
The UK is now free to set it's own financial regulation in the UK’s interest and financial trade has always been global rather than protectionist.

It should also be noted that London's main competitors in terms of finance are Asia and the US, and not the EU.

For the UK, making it's own rules in order to compete with the big international financial centres is more important that equivalency and access to EU markets.

Certain EU regulations and proposals have been damaging to the financial sector, whilst the Euro itself has been a disaster, and these are not just my words they are the words of top economists including Nobel Prize-winning economist Joseph Stiglitz.

If the EU wants to erect barriers to trade and investment, it will inevitable suffer the consequences, especially if this is accompanied by ever more red tape and regulations.

The EU is still trying to push forward a Financial Services Transaction Tax, something which Britain vetoed when it was an EU member, along with plans for a with-holding tax on bonds which Britain also vetoed.

Then before the Brexit vote in 2015 European Central Bank tried to force all firms including large well known clearing houses handling large euro transactions to move out of London and in to the Eurozone, as the Eurozone was going to be a separate financial area, and Britain had refused to adopt the Euro.

The case was settled in Court, with EU General Court ruled that the ECB lacked the legal powers to enforce this. However the powers of the ECB could be changed by the EU in the future, whilst some in the EU such as Guy Verhofstadt are now calling for the right to veto to be removed.

There were also problems in relation to the proposed Common Consolidated Corporate Tax base (CCCTB) and other EU plans for tax harmonisation, which low tax countries such as Ireland have been trying to fight, although it looks like tax alignment could be next on the federalists agenda.

In terms of the UK it has always prospered financially due to deregulation and the ability to set it's own rules, the establishment of the post-war Eurobonds market and the 1986 Big Bang being two cases in point.

The question is how does the transition from London's formerly favorable access to the EU change things. Of course, non-EU countries also utilize London's financial markets, but there is potentially a large competitive edge that has been lost. The EU does not have a strong competitor as much of the EU's financial market operations were in London which was formerly within the EU. It'll be interesting to see what transpires. NYC's financial market is very US-oriented and it works pretty well since the US is such a massive economic giant. Singapore is a regional powerhouse trying to expand. Tokyo is a mostly Japanese affair. This doesn't mean that London won't be as prosperous or possibly even more prosperous, but I imagine it'd at least mean there's a bit of a transition period where things are a bit murky. It's not like this is lost on Londoners, right? As I recall, London overwhelmingly voted to remain.
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Old 02-23-2021, 10:05 AM
 
Location: Great Britain
27,146 posts, read 13,434,325 times
Reputation: 19440
Quote:
Originally Posted by OyCrumbler View Post
The question is how does the transition from London's formerly favorable access to the EU change things. Of course, non-EU countries also utilize London's financial markets, but there is potentially a large competitive edge that has been lost. The EU does not have a strong competitor as much of the EU's financial market operations were in London which was formerly within the EU. It'll be interesting to see what transpires. NYC's financial market is very US-oriented and it works pretty well since the US is such a massive economic giant. Singapore is a regional powerhouse trying to expand. Tokyo is a mostly Japanese affair. This doesn't mean that London won't be as prosperous or possibly even more prosperous, but I imagine it'd at least mean there's a bit of a transition period where things are a bit murky. It's not like this is lost on Londoners, right? As I recall, London overwhelmingly voted to remain.
Al already stated in my previous post, the UK does not rely on the EU market and is a global financial player, and this was pointed out in the quotes in my previous post which included Cabinet Minister Dominic Raab and Barclays Chief Executive Jes Staley.

The UK's main competitors are not within the EU, and the EU and Eurozone will just add to their own demise by creating barriers in what is global trade and the Governor of the Bank of England Andrew Bailey has already accused the European Union of holding the UK to standards it would "not agree to be held to itself" and said the UK would not be a post-Brexit "rule-taker". The EU has yet to grant "equivalence" status to the UK, instead demanding UK banks continue to comply with standards set in Brussels.

The UK's main trade is with the other large financial centres such as NYC, Tokyo, Singapore, Hong Kong etc and not the EU.

The UK is not willing to take regulations from the EU in order to have access to the EU market as it is better off using the opportunity to make it's own rules and regulations in relation to global finance in order to attract business and investment rather than a narrow set of rules designed for EU access and this was what Raab and other were pointing out in the quote in the previous post.

London is also starting to attract thousands of new finance and service sector firms from EU, two-thirds of whom no prior physical operations in Britain.

Quote:
Originally Posted by BBC News (22nd Feb 2021)

About 1,000 EU finance firms are eyeing up opening offices in the UK for the first time, according to financial consultancy Bovill.

A Freedom of Information (FOI) request by the firm found that 1,500 money managers, payment firms and insurers have applied for permission to continue operating in the UK after Brexit.

Around two-thirds had no prior physical operations in Britain, it said.

It suggests London "is set to remain a key global financial centre", it added.

"Many of these European firms will be opening offices for the first time, which is good news for UK professional advice firms across multiple industries including lawyers, accountants, consultants and recruiters." said Mike Johnson, managing consultant at Bovill.

He added that business from the firms should provide a welcome boost to the service sector, too.

Brexit: 1,000 EU finance firms 'set to open UK offices' - BBC News (22nd Feb 2021)


Last edited by Brave New World; 02-23-2021 at 10:40 AM..
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Old 02-23-2021, 03:11 PM
 
Location: Canada
7,363 posts, read 8,396,033 times
Reputation: 5260
What city has better rail transit?
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Old 02-23-2021, 11:55 PM
 
Location: In the heights
37,127 posts, read 39,349,217 times
Reputation: 21212
Quote:
Originally Posted by Brave New World View Post
Al already stated in my previous post, the UK does not rely on the EU market and is a global financial player, and this was pointed out in the quotes in my previous post which included Cabinet Minister Dominic Raab and Barclays Chief Executive Jes Staley.

The UK's main competitors are not within the EU, and the EU and Eurozone will just add to their own demise by creating barriers in what is global trade and the Governor of the Bank of England Andrew Bailey has already accused the European Union of holding the UK to standards it would "not agree to be held to itself" and said the UK would not be a post-Brexit "rule-taker". The EU has yet to grant "equivalence" status to the UK, instead demanding UK banks continue to comply with standards set in Brussels.

The UK's main trade is with the other large financial centres such as NYC, Tokyo, Singapore, Hong Kong etc and not the EU.

The UK is not willing to take regulations from the EU in order to have access to the EU market as it is better off using the opportunity to make it's own rules and regulations in relation to global finance in order to attract business and investment rather than a narrow set of rules designed for EU access and this was what Raab and other were pointing out in the quote in the previous post.

London is also starting to attract thousands of new finance and service sector firms from EU, two-thirds of whom no prior physical operations in Britain.

Depends on what you mean by rely--certainly not all of the financial services that go through London involve the EU market, but a pretty significant chunk of it. NYC deals heavily with the US market, Tokyo with the Japanese market, Singapore and Hong Kong with the Southeast Asian market with the latter also being somewhat prominent for Chinese businesses.

While share trading is only one metric, it is obvious that there's been a bit of readjustment with Amsterdam having passed London as the largest share trading center in Europe: https://www.reuters.com/article/uk-b...-idUSKBN2AB0IO


This past January after Brexit, Amsterdam traded an average of 9.2 billion euros a day versus 8.6 billion euros a day for London. A year ago it was an average 17.5 billion euros traded a day in London versus 2.6 billion for Amsterdam. That's a pretty substantial change and it makes sense that London voted to remain. Ultimately, no European city will be the sort of financial center that London was pre-Brexit since there are so many places chomping at the bit that it appears a lot of that business is being split with asset management in Dublin, banking to Frankfurt, and securities trading to Amsterdam.


The two-thirds new physical operation is because they would need to set up branches in order to continue working within the UK which makes sense, so that's a boon to some professional services.



Quote:
Originally Posted by UrbanLuis View Post
What city has better rail transit?

London overall

Last edited by OyCrumbler; 02-24-2021 at 12:13 AM..
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Old 02-24-2021, 02:36 AM
 
Location: Great Britain
27,146 posts, read 13,434,325 times
Reputation: 19440
Quote:
Originally Posted by OyCrumbler View Post
Depends on what you mean by rely--certainly not all of the financial services that go through London involve the EU market, but a pretty significant chunk of it. NYC deals heavily with the US market, Tokyo with the Japanese market, Singapore and Hong Kong with the Southeast Asian market with the latter also being somewhat prominent for Chinese businesses.

While share trading is only one metric, it is obvious that there's been a bit of readjustment with Amsterdam having passed London as the largest share trading center in Europe: https://www.reuters.com/article/uk-b...-idUSKBN2AB0IO


This past January after Brexit, Amsterdam traded an average of 9.2 billion euros a day versus 8.6 billion euros a day for London. A year ago it was an average 17.5 billion euros traded a day in London versus 2.6 billion for Amsterdam. That's a pretty substantial change and it makes sense that London voted to remain. Ultimately, no European city will be the sort of financial center that London was pre-Brexit since there are so many places chomping at the bit that it appears a lot of that business is being split with asset management in Dublin, banking to Frankfurt, and securities trading to Amsterdam.


The two-thirds new physical operation is because they would need to set up branches in order to continue working within the UK which makes sense, so that's a boon to some professional services.
I refer you back to the previous posts and quotes by people such as Dominic Raab, Barclays Chief Executive Jes Staley and Governor of the Babk of England Andrew Castle.

The city is not reliant on EU trade and by making it's own rules and regulations can actually increase trade and investment, and to this end the UK has made it clear it will not accept having to adhere to rules from Brussels, with the future being as a rule maker and not a rule taker in this respect.

The EU also risks violating international law if it continues to deny the UK “equivalence” in financial services already granted to a string of other countries. Selective treatment of one state for political reasons breaches the non-discrimination principle of the World Trade Organisation, and is strictly forbidden.

The EU had granted equivalence status – a mutual recognition of each side’s regulatory standards – to Canada, the US, Australia, Hong Kong and Brazil based on their adherence to international regulations, however the EU is insisting that London and the UK don't just meet the sane rules based on equivalence that they follow every law and rule made by Brussels, which is something no country would agree to, and something which violates international law.

In terms of the UK's place on the world financial stage -

Quote:
Originally Posted by City AM (14th February 2021)

The UK’s financial services industry will face its biggest post-Brexit competition from Asia and the US, according to foreign secretary Dominic Raab.

Raab said EU financial capitals may “nick a bit of business here and there from the City”, but that they will not challenge London’s status as Europe’s global financial capital.

“I don’t accept the binary zero sum war of attrition…what matters to the UK and the City is the comparative advantage we have on the fundamentals,” Raab told the BBC.

“You were citing equities, but the boss of Barclays has been saying recently how the long-term position of the UK is unparalleled, unrivalled. The crucial question for the EU, while it may be able if you like to nick a bit of business here or there from the City, but the problem is the measures they will take to achieve this will undermine their own competitiveness.


“The challenge to London as a global financial centre around the world will come from Tokyo, New York and other areas rather than those European hubs. Particularly if they start to erect barriers to trade and investment.”

The only way the City of London can regain its pre-Brexit access to the EU is if Brussels grants regulatory equivalence across 40 areas, however Brussels believes the UK is destined to diverge from its financial services regulations and has withheld the designation.

The Treasury is currently holding Memorandum of Understanding talks with the EU to ensure future regulatory cooperation around financial services.

The talks aim to put in place an agreement so that financial services regulators in the UK and EU share information and have open dialogue when making new regulatory decisions.

Barclays chief executive Jes Staley said earlier this week that the City needs “to be focused on New York and Singapore” post-Brexit and not the EU.

“I think Brexit is more than likely on the positive side than on the negative side,” he told the BBC.


“What the UK needs and London needs, is to make sure that the City is one of the best places, whether [it is in terms of] regulation or law or language, or talent.

City of London's biggest competition post-Brexit will not be EU, says Raab - City AM (14th February 2021)


Last edited by Brave New World; 02-24-2021 at 03:02 AM..
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