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New York, London, and Tokyo are in every list of major IFCs. Some of the major RFCs (see below), such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs in some lists.
The New York Stock Exchange on Wall Street, the world's largest stock exchange by listed capitalisation.[27]
New York City. Since the middle of the 20th century, New York City, represented by Wall Street in Manhattan's Financial District, has been described as a leading financial centre.[12]:1[23]:25[24]:4–5 Over the past few decades, with the rise of a multipolar world with new regional powers and global capitalism, numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be the focus of new worldwide growth.[28]:39–49[29] One source described New York as extending its lead as the world's centre of finance in September 2018; according to Reuters, the think-tank New Financial concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre.[30]
New York City remains the largest centre for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. economy.[28]:31–32[31] The NYSE and NASDAQ are the two largest stock exchanges in the world.[32] New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. Several investment banks and investment managers headquartered in New York City are important participants in other financial centres.[28]:34–35 The New York Federal Reserve Bank, the largest within the Federal Reserve System, regulates financial institutions and implements U.S. monetary policy,[33][34] which in turn influences the world's economy.[35][36] The three major global credit rating agencies – Standard and Poor's, Moody's Investor Service, and Fitch Ratings – are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London.
The London Stock Exchange in the City of London, the largest exchange in Europe by capitalisation.[32]
London. London has been a leading international financial centre since the 19th century, acting as a centre of lending and investment around the world.[12]:74–75[37]:149 English contract law was adopted widely for international finance, with legal services provided in London.[38] Financial institutions located there provided services internationally such as Lloyd's of London (founded 1686) for insurance and the Baltic Exchange (founded 1744) for shipping.[39] During the 20th century London played an important role in the development of new financial products such as the Eurodollar and Eurobonds in the 1960s, international asset management and international equities trading in the 1980s, and derivatives in the 1990s.[17]:13[3]:6,12–13,88–9[40]
London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around the world.[41][42][43] However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and Shanghai. London is the largest centre for derivatives markets,[44] foreign exchange markets,[45] money markets,[46] issuance of international debt securities,[47] international insurance,[48] trading in gold, silver and base metals through the London bullion market and London Metal Exchange,[49] and international bank lending.[3]:2[40][50] London has the second largest concentration of hedge funds (847 according to HedgeLists.com). London benefits from its position between the Asia and U.S. time zones,[51] and benefited from its location within the European Union,[52]:1 although this ended on 31 January 2020 when the United Kingdom left the European Union following the Brexit referendum of 2016. As well as the London Stock Exchange, the Bank of England, the second oldest central bank, is in London, although the European Banking Authority moved to Paris after Brexit.[53][54]
The Tokyo Stock Exchange, located in Nihonbashi-Kabutocho, Tokyo, Japan, is the largest stock exchange in Asia.[32]
Tokyo. One report suggests that Japanese authorities are working on plans to transform Tokyo but have met with mixed success, noting that "initial drafts suggest that Japan's economic specialists are having trouble figuring out the secret of the Western financial centres' success."[55] Efforts include more English-speaking restaurants and services and the building of many new office buildings in Tokyo, but more powerful stimuli such as lower taxes have been neglected and a relative aversion to finance remains prevalent in Japan.[55] Tokyo emerged as a major financial centre in the 1980s as the Japanese economy became one of the largest in the world.[12]:1 As a financial centre, Tokyo has good links with New York City and London.
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