Recently, there is a debate doing rounds, Is New York still financial capital of world, does London pushed NYC to 2nd place??. As most of the financial markets revolves around New York, London and Tokyo, London is clearly emerging as a leader as it attracts more international companies mostly from fast growing economies of world China, India. Because of lot of Securities Exchange Commission SEC regulation after Enron debacle / 9/11 incident, New York is not able to attract as much as London. In a recent finding from MasterCard survey, London finds the #1 spot for doing business.
There is a comprehensive article by Fortune magazine comparing 2 great financial cities of world. If interested, http://money.cnn.com/magazines/fortune/fortune_archive/2007/08/06/100141310/index.htm?postversion=2007072306
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