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Looks like Charlotte will.
I heard the NYSE was packing up and relocating to become the CSE.
Why is Charlotte going to be the capital? just because BoA got ML and some big boys went down in NYC?
I think London will be the new financial capital. In my opinion, it already is but people love to debate.
London is just now feeling what New York has been dealing with for the past twelve months. New York has more or less bottomed out whereas for London the worst is yet to come.
Toronto, London, Hong Kong and Auckland seem to all be good candidates. Maybe not Auckland, but I think it's up and coming.
"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-
What the hell is wrong with all of you people...
Maybe it'll be Singapore, Zurich or Geneva. Given the number of banks based in Switzerland....Switzerland is a good possibility.
"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-
....the whole world is feeling this not just NYC. Places like Hong Kong, Toronto, London, etc. are to the financial World what Brooklyn is to new york city real estate. When the market is white hot they get trendy and people deem them the new hot spot but once things get rough they will get hit the hardest. To the extent that being "the financial capital of the world" even matters anymore new york will be it for the foreseeable future...
holymonkey obviously has no idea what he's talking about in regards to banking or world economics... Indian-banker also has very little clue what he's saying.
I've worked in all the major markets, and I can tell you that it will be a very long time before any market [especially an Asian one] overtakes NY as the world's financial headquarters. People just throw out names such as London or Hong Kong because either 1.) they are insecure and want to up-play their own market or 2.) they suffer the "grass is greener" mentality.
I'm insulted that you think I'm insecure, because it doesn't affect me whether or not New York remains the financial capital (whatever the hell that's supposed to mean). I don't work in NY, London or Hong Kong. It doesn't matter. Plus the US's days as a superpower are over. Whoever realizes it and moves on first will be better off. I just can't figure out who's going to be the next one. But whatever it is, the finance industry will shift accordingly.
Finance isn't tied to geography like oil/gas. You can write up an excel model and make pitchbooks anywhere. You can't drill for oil anywhere. Just like tech (and customer service), finance may up and move.
"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-
trading volumes especially for commodities, fx and rates are higher in London than they are in New York. CME used to be the biggest but I think London has usurped that position.
Hank Paulson doesn't care about white people. . .
I don't think the title of "financial capital" will ever leave NYC, but I definitely think Charlotte will get a lot more (well deserved).
Wall Street will always be Wall Street. It will carry prestige throughout time. If a new capital of finance arose, it just wont be the same.
You know, they said the same about the British Empire... "We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-
London has actually been the financial capital for a couple of years now.
Agreed
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