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Sorry, New York, But London Is Actually The World's Real Financial Capital City

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Sorry, New York, But London Is Actually The World's Real Capital City

  • Sep. 7, 2015
  • In 1998, 32.6% of the world’s forex trading was done in the UK (almost all of which takes place in London), against 18.3% in the US. By 2013, the UK had grown to make up 40.9% of the global market, seeing a daily average of $2.73 trillion in turnover. Every day.



  • Everyone Wants To Work In London
    When the Boston Consulting Group polled more than 200,000 people in 189 countries,London trounced the rest of the world when it came to where they would move to work. Unprompted, 16% of respondents said they’d move to the city, well clear of New York’s 12.2%.

    bcg-2.png
    Boston Consulting Group

    That’s not entirely surprising when you look at London’s demographic makeup. Three million of London’s eight million inhabitants were born outside of the UK. In fact, the non-UK born population makes up 105% of the city's population growth between the 2001 and 2011 census. (Why 105%? Because native Brits left, causing negative growth, and the immigrants more than eclipsed that.)

    What’s more, the eurozone’s dismal growth prospects and eye-watering youth unemployment rates mean this trend likely isn’t going to slow any time soon.

    There have been major increases in the number of people moving to the UK from the rest of Europe. In 2007-08, 15,400 Italians registered to work in the UK, a figure that was up to 44,110 by 2013. Europe’s young workforce is increasingly migrating to the UK (where they don’t need visas to live and work), and a huge number find their way to London. One of the most well-educated generations in history is streaming to London to live and work, and that's an enormous benefit to the city.

    And Everyone Wants To Live Here Too
    London reigns at the top of Knight Frank’s global wealth report in 2014. Endless anecdotes in the reports show exactly where the world's wealthiest people want to own homes, and the British capital comes out ahead of New York.

    The cost of buying and renting is something that makes Londoners want to weep: but it's a side effect of the city's incredible success.

    In 2012-13, 49% of buyers in London's prime central market were not British, illustrating the huge demand from abroad. And they're not just buying to hold property as an investment: only 28% of buyers live outside the UK, showing that a huge number of international buyers want to live in the city.

    It's The Capital Of Digital Media
    Deloitte

    London-based media organizations dramatically outperform in Comscore’s English-language ratings.

    The two biggest English-language newspaper websites in the world are London-based British organisations. The Daily Mail’s "Mail Online" and The Guardian's website have broken into first and second place, according to ComScore’s traffic figures. That's even accounting for the fact that New-York-based newspapers have a far bigger native American audience than London-based newspapers can find in the UK.

    A Deloitte survey puts London not only as the world's leader of highly skilled workers in media (particularly digital media), but as one of the areas where it's extending a lead over the others. Check out the chart above. The report suggests that although US cities take the lead in terms of film and TV, the London is way out ahead in terms of digital media.

    And The Capital of Culture
    According to Japan’s Institute for Urban Strategies, London takes a commanding lead over New York on cultural grounds (along with every other major city). That’s based on a blend of how trend-setting the city is, cultural resources, and facilities for visitors.

    greenwich-tall-ship.jpg
    REUTERS/Suzanne PlunkettThe Tall Ship Tectona, built in India in 1929, is moored outside the Old Royal Naval College at Greenwich, the location of one of London's UNESCO world heritage sites.



    Part of this is down to a history that New York simply can’t match: in the 19th century, it became only the second city since the fall of the Roman empire to reach a population of over one million. Attractions like Westminster Hall (the great hall of the UK’s parliament) are almost twice as old as European colonization in the Americas, and four times older than the USA as a country.

    London has four UN world heritage sites, against New York’s one.

    It's not just British culture that's on offer. In GfK's survey of more than 5,000 people who visited some of the world's biggest cities, London ranks highest when visitors are asked whether they can "find people who appreciate my culture and with whom I could easily fit in."

    So sorry, New York. Sorry Seoul, sorry Paris, sorry Shanghai, sorry Singapore, Sorry Hong Kong. For now, London is the world's global capital.
    Sorry, New York, London Is The World's Capital City - Business Insider
@Peter C. Credle ,@gambit :cheers:
 
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Stayed in London, and stayed in New York, but I only miss New York during vacations. Such an amazing place to live in.
 
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Stayed in London, and stayed in New York, but I only miss New York during vacations. Such an amazing place to live in.

Yes two great cities indeed. I have been to New york as well. Just for a brief visit though, couple days.
The U.S is still our boy anyway. :enjoy:lol

Why Is London A Global Capital For International Arbitration?
Friday, March 20, 2015
London’s reputation as a world financial capital has remained steadfast throughout the financial downturn. Complementing its image as powerhouse of finance is its equally strong reputation as an international legal hub.

This is demonstrated by the fact that more than half of the world’s leading law firms have their headquarters in London. One area that it particularly excels in is international arbitration due to historical factors and also the range of legal and judicial expertise available within such a compact geographical area.

Attractiveness of English law and its common law traditions

Hosting international arbitration in London is attractive to individuals and businesses because of both the nature of English law and its common law traditions.

A specific element that has particular appeal to businesses is the general importance attached under English law to the principle of freedom to contract. Furthermore, arbitration in London is chosen by many parties because of the confidentiality advantages that are provided. This is particularly important for those that do not, for reasons of commercial sensitivity, desire a public court trial in their home state. Commensurate with that sensitivity, English Law in general attaches importance to the confidentiality of attempts to settle arbitration claims.

Ultimately, the longevity of English legal traditions and the principles developed from them mean that parties seeking arbitration are drawn towards London as a forum because it is perceived as experienced and neutral.

Expertise in international matters

A further key advantage of arbitrating in London is the experience of many legal professionals and arbitral bodies in dealing with international matters. This has developed particularly from the fact that England, and London, has been a centre for international trade for many centuries.

The UK is a party to the New York Convention 1958 and this assists the enforcement in the 140 other contracting states of arbitration decisions made in London. This global appeal is illustrated by the fact that the International Chamber of Commerce Court of Arbitration has presided over some 17,000 cases from 180 countries and that in 2014 the London Court of International Arbitration dealt in cases where 80 per cent of the parties were non-UK parties.

Advantages of London

London has lawyers, courts, arbitrators and arbitration forums of the highest quality. Its international expertise extends to having specialist arbitrators in fields as diverse as maritime disputes, engineering, finance, shipping and intellectual property. Furthermore, the Arbitration Act of 1996 applies to arbitration in the UK but the various arbitration bodies are allowed to have their own sets of rules.

The London Maritime Arbitrators Association (LMAA) for example provides a number of different arbitration mechanisms demonstrating that, not only do parties have a range of specialist arbitrators, but also a range of mechanisms available based on their specific needs. The LMAA handled nearly 3,000 cases in 2013 and made about 700 awards.

In addition to its general attraction as a place for arbitration, London’s long-established legal sector means it also has extensive qualities embedded in its legal culture. International clients can find a huge variety of law firms located in the city, from large multi-national firms to niche specialist firms.

Comment

London is one of the most important global hubs for international arbitration. A combination of history, a strong rule of law, international experience and expertise in a wide variety of industries means London is an excellent forum for individuals and businesses around the world to resolve disputes and engage lawyers for their depth of expertise. London continues to receive stiff competition from New York, Dubai, Singapore and Hong Kong yet the advantages of English law with its domestic traditions and international capabilities make it an excellent destination for parties to resolve matters by way of arbitration.

For further information please contact Anthony Lee.

Ashfords - Why Is London A Global Capital For International Arbitration?
 
.
Yes two great cities indeed. I have been to New york as well. Just for a brief visit though, couple days.
The U.S is still our boy anyway. :enjoy:lol

Why Is London A Global Capital For International Arbitration?
Friday, March 20, 2015
London’s reputation as a world financial capital has remained steadfast throughout the financial downturn. Complementing its image as powerhouse of finance is its equally strong reputation as an international legal hub.

This is demonstrated by the fact that more than half of the world’s leading law firms have their headquarters in London. One area that it particularly excels in is international arbitration due to historical factors and also the range of legal and judicial expertise available within such a compact geographical area.

Attractiveness of English law and its common law traditions

Hosting international arbitration in London is attractive to individuals and businesses because of both the nature of English law and its common law traditions.

A specific element that has particular appeal to businesses is the general importance attached under English law to the principle of freedom to contract. Furthermore, arbitration in London is chosen by many parties because of the confidentiality advantages that are provided. This is particularly important for those that do not, for reasons of commercial sensitivity, desire a public court trial in their home state. Commensurate with that sensitivity, English Law in general attaches importance to the confidentiality of attempts to settle arbitration claims.

Ultimately, the longevity of English legal traditions and the principles developed from them mean that parties seeking arbitration are drawn towards London as a forum because it is perceived as experienced and neutral.

Expertise in international matters

A further key advantage of arbitrating in London is the experience of many legal professionals and arbitral bodies in dealing with international matters. This has developed particularly from the fact that England, and London, has been a centre for international trade for many centuries.

The UK is a party to the New York Convention 1958 and this assists the enforcement in the 140 other contracting states of arbitration decisions made in London. This global appeal is illustrated by the fact that the International Chamber of Commerce Court of Arbitration has presided over some 17,000 cases from 180 countries and that in 2014 the London Court of International Arbitration dealt in cases where 80 per cent of the parties were non-UK parties.

Advantages of London

London has lawyers, courts, arbitrators and arbitration forums of the highest quality. Its international expertise extends to having specialist arbitrators in fields as diverse as maritime disputes, engineering, finance, shipping and intellectual property. Furthermore, the Arbitration Act of 1996 applies to arbitration in the UK but the various arbitration bodies are allowed to have their own sets of rules.

The London Maritime Arbitrators Association (LMAA) for example provides a number of different arbitration mechanisms demonstrating that, not only do parties have a range of specialist arbitrators, but also a range of mechanisms available based on their specific needs. The LMAA handled nearly 3,000 cases in 2013 and made about 700 awards.

In addition to its general attraction as a place for arbitration, London’s long-established legal sector means it also has extensive qualities embedded in its legal culture. International clients can find a huge variety of law firms located in the city, from large multi-national firms to niche specialist firms.

Comment

London is one of the most important global hubs for international arbitration. A combination of history, a strong rule of law, international experience and expertise in a wide variety of industries means London is an excellent forum for individuals and businesses around the world to resolve disputes and engage lawyers for their depth of expertise. London continues to receive stiff competition from New York, Dubai, Singapore and Hong Kong yet the advantages of English law with its domestic traditions and international capabilities make it an excellent destination for parties to resolve matters by way of arbitration.

For further information please contact Anthony Lee.

Ashfords - Why Is London A Global Capital For International Arbitration?

I always wanted to be an investment banker, based in London. Life didn't turned out quite the way I expected. :(
 
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Both are outstanding cities and so are Amsterdam and Mumbai, though for diff reasons!
 
. .
I love London. When I was stationed in the UK, my British G/F and I go to London once a month. English weather is nothing like Hawaii, of course, but I loved London nevertheless.

When I was there, steakhouses were sprouting up all over. Once a friend from NYC and I ordered steaks and I asked for 'rare', as in seared 1 min per side. My friend said to the waitress, in his best Texas accent, of how he want his slab of cattle meat: "Well, just cut of its horns, clean its @$$hole, and bring'em on."
 
.
Sorry, New York, But London Is Actually The World's Real Capital City

  • Sep. 7, 2015
  • In 1998, 32.6% of the world’s forex trading was done in the UK (almost all of which takes place in London), against 18.3% in the US. By 2013, the UK had grown to make up 40.9% of the global market, seeing a daily average of $2.73 trillion in turnover. Every day.



  • Everyone Wants To Work In London
    When the Boston Consulting Group polled more than 200,000 people in 189 countries,London trounced the rest of the world when it came to where they would move to work. Unprompted, 16% of respondents said they’d move to the city, well clear of New York’s 12.2%.

    bcg-2.png
    Boston Consulting Group

    That’s not entirely surprising when you look at London’s demographic makeup. Three million of London’s eight million inhabitants were born outside of the UK. In fact, the non-UK born population makes up 105% of the city's population growth between the 2001 and 2011 census. (Why 105%? Because native Brits left, causing negative growth, and the immigrants more than eclipsed that.)

    What’s more, the eurozone’s dismal growth prospects and eye-watering youth unemployment rates mean this trend likely isn’t going to slow any time soon.

    There have been major increases in the number of people moving to the UK from the rest of Europe. In 2007-08, 15,400 Italians registered to work in the UK, a figure that was up to 44,110 by 2013. Europe’s young workforce is increasingly migrating to the UK (where they don’t need visas to live and work), and a huge number find their way to London. One of the most well-educated generations in history is streaming to London to live and work, and that's an enormous benefit to the city.

    And Everyone Wants To Live Here Too
    London reigns at the top of Knight Frank’s global wealth report in 2014. Endless anecdotes in the reports show exactly where the world's wealthiest people want to own homes, and the British capital comes out ahead of New York.

    The cost of buying and renting is something that makes Londoners want to weep: but it's a side effect of the city's incredible success.

    In 2012-13, 49% of buyers in London's prime central market were not British, illustrating the huge demand from abroad. And they're not just buying to hold property as an investment: only 28% of buyers live outside the UK, showing that a huge number of international buyers want to live in the city.

    It's The Capital Of Digital Media
    Deloitte

    London-based media organizations dramatically outperform in Comscore’s English-language ratings.

    The two biggest English-language newspaper websites in the world are London-based British organisations. The Daily Mail’s "Mail Online" and The Guardian's website have broken into first and second place, according to ComScore’s traffic figures. That's even accounting for the fact that New-York-based newspapers have a far bigger native American audience than London-based newspapers can find in the UK.

    A Deloitte survey puts London not only as the world's leader of highly skilled workers in media (particularly digital media), but as one of the areas where it's extending a lead over the others. Check out the chart above. The report suggests that although US cities take the lead in terms of film and TV, the London is way out ahead in terms of digital media.

    And The Capital of Culture
    According to Japan’s Institute for Urban Strategies, London takes a commanding lead over New York on cultural grounds (along with every other major city). That’s based on a blend of how trend-setting the city is, cultural resources, and facilities for visitors.

    greenwich-tall-ship.jpg
    REUTERS/Suzanne PlunkettThe Tall Ship Tectona, built in India in 1929, is moored outside the Old Royal Naval College at Greenwich, the location of one of London's UNESCO world heritage sites.



    Part of this is down to a history that New York simply can’t match: in the 19th century, it became only the second city since the fall of the Roman empire to reach a population of over one million. Attractions like Westminster Hall (the great hall of the UK’s parliament) are almost twice as old as European colonization in the Americas, and four times older than the USA as a country.

    London has four UN world heritage sites, against New York’s one.

    It's not just British culture that's on offer. In GfK's survey of more than 5,000 people who visited some of the world's biggest cities, London ranks highest when visitors are asked whether they can "find people who appreciate my culture and with whom I could easily fit in."

    So sorry, New York. Sorry Seoul, sorry Paris, sorry Shanghai, sorry Singapore, Sorry Hong Kong. For now, London is the world's global capital.
    Sorry, New York, London Is The World's Capital City - Business Insider
@Peter C. Credle ,@gambit :cheers:
Are you Mike Bird?
 
. .
Its never too late in life bro.:cheers:

I am neck deep into science now, doing PhD in Electrical Engineering, too late to start any alternate career. I do invest regularly though.

I love London. When I was stationed in the UK, my British G/F and I go to London once a month. English weather is nothing like Hawaii, of course, but I loved London nevertheless.

When I was there, steakhouses were sprouting up all over. Once a friend from NYC and I ordered steaks and I asked for 'rare', as in seared 1 min per side. My friend said to the waitress, in his best Texas accent, of how he want his slab of cattle meat: "Well, just cut of its horns, clean its @$$hole, and bring'em on."

Great excuse to talk about your British girlfriend. :D
 
.
I love London. When I was stationed in the UK, my British G/F and I go to London once a month. English weather is nothing like Hawaii, of course, but I loved London nevertheless.

When I was there, steakhouses were sprouting up all over. Once a friend from NYC and I ordered steaks and I asked for 'rare', as in seared 1 min per side. My friend said to the waitress, in his best Texas accent, of how he want his slab of cattle meat: "Well, just cut of its horns, clean its @$$hole, and bring'em on."

Actually many people often struggle to comprehend how London could be financially pre-eminent above New York, the economic and financial powerhouse of the USA

I do work in financial industry as well. So i have seen many people who find it hard to believe just how influential the U.K especially when the economy of UK is relatively smaller compared to Germany, Japan, China and France, not to mention the US. lol
London for example, by far the most liquid markets today are the foreign exchange, interest rate derivatives, insurance and bond markets, the essential lifeblood of the global financial system. These dwarf the equity markets by orders of magnitude. Even by conservative estimates, London dominates all of these markets by magnitude of transaction volume. Just to give you an idea of what im talking about, more money flows through London, daily, than all the exchanges in North America combined.:agree: London is still the financial capital of the world if you look at foreign exchange (41%), marine insurance (21%), derivatives trading, cross border banking. It is probably number two/three in areas like asset management and equities. you name it.

Think it is also successful because of the English language, times zones, the rule of law, good title to assets, more foreign banks than anywhere else (over 250). we don't have the SEC, FBI and various other draconian US regulatory bodies.

London was heavily damaged by bombing in WW2 - especially compared to Geneva, Zurich etc. But Britain invented modern capitalism and the industiral revolution and was the merchant/trading centre from the 18th century onward.

If you have lived in London, you will know that it is a tolerant and diverse city that taxes non-domiciled workers lightly. It has excellent transport links, great cultural attractions and very strong legal and accountancy professions. So anybody who comes here feels at home somehow.:cheers:

I am neck deep into science now, doing PhD in Electrical Engineering, too late to start any alternate career. I do invest regularly though.



Great excuse to talk about your British girlfriend. :D

ahahhaahhaha....true talk. @gambit , can i have the number??:D
 
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The quantum of deals and size of deals happening in NYC are larger than those happening in London. Hence in that sense NYC is still the real financial capital of the world. Then there are Hong Kong and Tokyo, that too are important financial centers located in east.

However, things could change dramatically in next two to three decades. With India and China emerging, Bombay and Shanghai could emerge as the new financial centers and can give tough competition to NYC and London.
 
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Her name is Sasha. From Oxford. And we were together in 85-87. This makes her old enough to be your Mum.
WTF??:o: 85/87??JESUS CHRIST. I was still a baby back then. How old are you bro?o_O

The quantum of deals and size of deals happening in NYC are larger than those happening in London. Hence in that sense NYC is still the real financial capital of the world. Then there are Hong Kong and Tokyo, that too are important financial centers located in east.

However, things could change dramatically in next two to three decades. With India and China emerging, Bombay and Shanghai could emerge as the new financial centers and can give tough competition to NYC and London.

Brother to be honest, its a one sided battle between London and New York. Shanghai and even less so Bombay are still farrrrrrr behind. In Asia, only Tokyo and Hong Kong are quite large financial centers who can compare to some extent with London, but nowhere as important/global as London. Only New York can compare with London in this regard. I believe the main advantage London has over New York is that with the emergence of the BRICS and other developing economies, the global financial system is no longer fixated trans-atlantically. This means that, in order for an international financial center to have substantive global reach, said center's timezone is increasingly more important. Unlike New York, London's working hours overlap with those of major financial centers all around the world, emerging and developed.:enjoy: Even in this day of electronic and algorithmic trading, ongoing human input is still necessary for the finance industry to function, so this gives us a big advantage over our main competitor New York,

50ed226a-2b22-11dc-85f9-000b5df10621.img



The largest Forex Trading centres in the world
By: TFC Team658 days ago
ID-100174819-600x215.jpg

26
NOV
15:09 PM
The foreign exchange market is the largest financial market in the world with an average of $5.3 trillion per day in April 2013. Markets are open 24 hours a day from Sunday evening, with Sydney that starts the session at 22:00 GMT, and ends on Friday evening, with New York closing at 22:00 GMT.

The BIS – Bank for International Settlements – the oldest international financial institution, released its 83th detailed survey with the Global foreign exchange market turnover. In the list below we have gathered the seven largest Forex Trading centres in the world:



1. United Kingdom
Financial capital: London.

The number one on the financial centres list is London, with a bit more than 40% of the total daily trading volume. London has held the first place for several years and it doesn’t look like it will lose it any time soon as its share is much higher than anyone else is on the list.

2 United States
Financial capital: New York City.

The second financial centre on the list is situated on the other side of the Atlantic. New York recorded a daily trading volume of almost 19%, which is one percentage point more than in 2010.

3. Singapore
Financial capital: Singapore.

This southern Asian city can be proud to be at the third place. Indeed, Singapore just dethroned Tokyo for the first time with almost 6% of daily trading volume.

4. Japan
Financial capital: Tokyo.

Japan lost one position when compared to the previous survey and let gave up third place to Singapore. The volume of transactions of the financial centre placed in Tokyo dropped from 6.2% in 2010 to 5.6% in 2013.

5. Hong Kong SAR
Financial capital: Hong Kong.

The transaction volume fell in Hong Kong as well, from 4.7% in 2010 to 4.1% in 2013. However it holds the fifth position of the largest Forex Trading centres in the world. Hong Kong gained one position when compared to the previous BIS survey, overtaking Switzerland.

6. Switzerland
Financial capital: Zurich.

Switzerland like Hong Kong and Japan has also seen its transactions volume decrease. Data showed a fall from 4.9% in 2010 to 3.2% in 2013. Moreover, Switzerland lost one position in the ranking.

7. Australia
Financial capital: Sydney.

At the bottom of our list we find the country that opens the weekly session. Australia also lost some points when compared to 2010, from 3.8% to 2.7% in 2013.


The largest Forex Trading centres in the world | The Forex Championship




@ito Just to give you an example of how critical/important London is to the world financial market, To put this into perspective, even the US federal and municipal governments refer to London daily to set referenced interest rates on a wide range of financial contracts.:agree: This is also true of loan contracts throughout the USA (and the world), including simple commercial mortgages in, for example, New York, Chicago or Houston. Even the most obscure insurance contracts from flyover America to rural China pass through the London re-insurance market. Regional markets like this are in communication with London, not New York, every day.:bunny:
 
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