Fascinating stuff:

“New York has withstood the worst economic crisis in seven decades and remains the leading global financial center, followed by Singapore, which topped London as investors’ preferred place for doing business, according to Bloomberg Global Poll.

Twenty-nine percent of respondents in the quarterly poll of investors, traders and analysts who subscribe to the Bloomberg terminal say New York will be the best place for financial services two years from now. Singapore is chosen by 17 percent of respondents and London is the pick of 16 percent. Shanghai has 11 percent, while Tokyo, once considered a global hub, gets the nod from only 1 percent.

I have mixed feelings about this poll: I am thrilled the home team (and my home town) took the top spot, but I am an Anglophile who loves London, and was sorry to see them slip to 3rd.

>

Source:
New York Eclipses London as Financial Center in Bloomberg Poll
Alison Fitzgerald
Bloomberg, Oct. 30 2009

http://www.bloomberg.com/apps/news?pid=20601087&sid=aEC0OYmvvcZM

Category: Finance

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

15 Responses to “New York vs Singapore vs London: Best Financial Center?”

  1. call me ahab says:

    Anglophile?

    why pray tell-

    who cares about London?

    i don’t get it

    ~~~

    BR: Its a long story . . . but the short version is Monty Python, Dr. Who, Coupling and Top Gear.

  2. Simon says:

    If Paris were a leading financial center then I would consider a career…

  3. emmanuel117 says:

    “Actually, Singapore’s success came mostly from being the money laundering center for corrupt Indonesian businessmen and government officials. Indonesia has no money. So Singapore isn’t doing well.”

    “To sustain its economy, Singapore is building casinos to attract corruption money from China.”

    -Andy Xie

  4. Chief Tomahawk says:

    BR, evidently there’s a new way of getting from point A to point B in the UK these days…

    http://www.youtube.com/barclaycardfreerun#p/p

    http://www.youtube.com/barclaycardfreerun#p/c/568A672A25872CB8/0/JWw5eo3_hSE

    Maybe The Big Picture can hire Tim Shieff should an official cat burglar for the blog be required!

  5. Did anyone see this aerticle about WaMu:
    http://seattletimes.nwsource.com/html/businesstechnology/2010136506_wamu26.html

    The priceless quote is here:

    Someone in Florida had made a second-mortgage loan to O.J. Simpson, and I just about blew my top, because there was this huge judgment against him from his wife’s parents,” she recalled. Simpson had been acquitted of killing his wife Nicole and her friend but was later found liable for their deaths in a civil lawsuit; that judgment took precedence over other debts, such as if Simpson defaulted on his WaMu loan.

    When I asked how we could possibly foreclose on it, they said there was a letter in the file from O.J. Simpson saying “the judgment is no good, because I didn’t do it.”

    ~~~

    BR: Yes, I mentioned this on Monday:

    Reckless Strategies Doomed WaMu
    http://www.ritholtz.com/blog/2009/10/reckless-strategies-doomed-wamu/

  6. ook_boo says:

    Seriously? Hong Kong not even mentioned? What a strange poll.

  7. Mike in Nola says:

    ook_boo:

    Right. The Asians got all the money now. It’s like the 1920′s when there was a shift in the financial center from London to N.Y.

  8. Simon says:

    Why has the financial blogs-i-sphere gone so quiet? I miss the good old days of uncertainty and fear a-la 2008. It was so dramatic when it seemed like capitalism had failed and the end of days was nigh. Now the humble Big Picture blog has an RSS approaching 100,000 and alternative is the new main stream. Poor Mish got rung up by a public relations office from Citibank they were so concerned about what he was inferring from their credit card activities on his little blog. Oh well I guess things will get interesting again sooner or later.

  9. “…Poll respondent Bennett Gross, managing director of wealth management at Pacific Income Advisors Inc. in Santa Monica, California, says the regulatory crackdown may even be a plus. Investors, he says, may be willing to accept more constraints in exchange for stability and liquidity, particularly in the aftermath of the financial crisis.

    ‘Disastrous Downside’

    “Most wealthy clients would accept higher regulation because it means the peaks and valleys will be a little less severe,” Gross says. “I doubt I have a single client who would not give up some of the upside to have less of the disastrous downside of 2008.” …”
    –More Regulation, merely, entrenches the established Interests? Say it isn’t so..

    or..

    “…Consulting firm Kinetic Partners LLP says it had helped 23 hedge-fund firms move to Switzerland from London in the past 18 months and is looking to relocate another 15 since the U.K. announced a higher tax rate in April.

    “About 20 percent of the hedge-fund community could leave the U.K. in the next two or three years,” says London-based David Butler, a founder of Kinetic. “The feeling among the hedge-fund community is there is a better place to be.”

    Singapore, Shanghai

    Singapore and Shanghai are growing in popularity as firms look for ways to tap the wealth that has accumulated in China and the rest of Asia. Private wealth management in particular is growing in Singapore, which has no capital-gains tax. “…

    and, “…Sixty-eight percent of those surveyed say they are optimistic about the investment climate in Brazil;” but no mention of Sao Paulo?

    and, (Micheal) Bloomberg is correct, additional/excessive Regulation is driving ‘Investment firms’ toward more favorable Jurisdictions..

  10. Bruce in Tn says:

    A little off topic, but some will strangle themselves rather that print “deflation”….

    http://finance.yahoo.com/

    “Top Stories

    Euro inflation stays negative, unemployment rises- AP

    Inflation in the 16 nations that use the euro remained negative for a fifth consecutive month in October while unemployment continued to rise, the EU statistics agency said Friday, suggesting the region’s economic recovery was sluggish.”

    ….What, pray tell, would a normal human think of the phrase “inflation stays negative”?

  11. Greg0658 says:

    couple nights ago thinking about my post in below debate .. I pushed in a 90 minute VHS music video compilation of Def Leppard concert footage and music videos (1988) … that tape got me wondering about the human spirit, the drive to survive, the drive to create something someone will buy with real cash they worked hard to get .. and the whole game theory of capitalism versus sharing music harmony

    http://www.huffingtonpost.com/arianna-huffington/suggestions-wanted-for-ca_b_335779.html

    ps .. more serious .. another midair collision … MEH – have the chips been hacked .. maybe I should ask Lockheed Martin .. just saw a 30 sec pompom piece .. to keep MSNBC on the air .. and you all wanting a piece of them

  12. philipat says:

    Barry, those are all the right reasons. You might add Led Zeppelin?

  13. philipat says:

    And the Beatles? Especially digitally re-mastered. Stunningly fresh.

  14. Greg0658 says:

    any news on “Pirate Radio” .. yea nea ? worth the $s to see big screen while its hot not ?.. the Queens FCC shuts off rocknroll .. hit the water-waves to broadcast over the air-waves
    http://www.imdb.com/title/tt1131729/

  15. Greg0658,

    which chips? if you wanted a list of the ‘microelectric’ components in one of those large Aircraft, you’d should shs. in WY b4 hitting Print..