Monday, March 3, 2008
We're Number Two
The Global Finance Center Index, released February 28, reports that London is the world's most competitive financial center. New York ranked second. Here's the breakdown after that: 3) Hong Kong; 4) Singapore; 5) Zurich; 6) Frankfurt; 7) Geneva; 8) Chicago; 9) Tokyo; and 10) Sydney. The report, commissioned by the City of London, noted that New York dominates all cities as to capitalization of listed companies and trading volume on its exchanges. And bankers rate New York higher than London. New York took it on the chin, though, on the affordability of office space, business confidence, and per some responders, Sarbanes Oxley regulation.