'Financial capital' of the world?

[alexxxxx]

It is london. Due to its convienient time zone.

[nvrspk4]

Anyone ever heard of petrodollars? New York, no question.

[Favourtism]

Lovin' how every English person says its where they live or london.

It's obviously America (NY).

[MissAlice]

http://www.dailymail.co.uk/money/art...vals-gain.html

I know that the article was 7 months ago, but it may be of interest in this debate

[le harry]

New York. Be as patriotic as you want but it wont change anything lol.

[alexxxxx]

say all you want, but it is actually london.

[nvrspk4]

http://www.dailymail.co.uk/money/art...vals-gain.html

I know that the article was 7 months ago, but it may be of interest in this debate

I disagree with the journalist lol, its very difficult to quantify it. You could say how many trades go through there or the overall values of the markets but even then that would be a misrepresentation. A large portion of the world's gold is stored in New York, in addition to high quantities of the world's wealth. In addition, the Fed's actions have a much more lasting impact than the Bank of England (London?) as evidenced by the response to the global crisis.

say all you want, but it is actually london.

Based on what...?

[Yum999]

It's very difficult to say. New York, London and Tokyo are the three official global cities and they currently have the largest financial clout.

London benefits from it's timezone and proximity to other economic powerhouses, it's far more practical to do business between London and Moscow than New York and Moscow. London has the advantage of it's stock exchange being sharing open hours with every other major exchange in the world. When New York opens, Shangai is shutting. However, New York is the traditional hub and a place on the NYSE is still a badge of honour for most companies.

Nvr mentions that the Fed stores a large portion of the world's gold reserves, but infact the Bank of England stores a very similar amount, slightly less at just under £80 billion.

Of course, it's not all that simple and there's so many different issues to take into account. Some would suggest London is bigger than New York, and vice versa.

I think the credit crunch and the current strength of the euro will be a deciding factor. But also, I can see both being eclipsed by the growing eastern markets in the next twenty years.

[nvrspk4]

It's very difficult to say. New York, London and Tokyo are the three official global cities and they currently have the largest financial clout.

London benefits from it's timezone and proximity to other economic powerhouses, it's far more practical to do business between London and Moscow than New York and Moscow. London has the advantage of it's stock exchange being sharing open hours with every other major exchange in the world. When New York opens, Shangai is shutting. However, New York is the traditional hub and a place on the NYSE is still a badge of honour for most companies.

Nvr mentions that the Fed stores a large portion of the world's gold reserves, but infact the Bank of England stores a very similar amount, slightly less at just under £80 billion.

Of course, it's not all that simple and there's so many different issues to take into account. Some would suggest London is bigger than New York, and vice versa.

I think the credit crunch and the current strength of the euro will be a deciding factor. But also, I can see both being eclipsed by the growing eastern markets in the next twenty years.

Depends what you define as financial capital, most important or most volume, if its most volume I'll admit I don't know the statistics.

But given that all purchases of petroleum are done in dollars (hence petrodollars) and the monetary response to the credit crunch has essentially mirrored the Fed's actions (LIBOR decreases mirrored the target fed funds rate pretty much to a T) and the Europeans have begun adopting the dual mandate in central banking though they say they're still committed to the single mandate of price stability.

[Zak]

America, I heard they haven't even gone into there federal reserve yet