New York regains financial dominance
New York seems to be getting ahead on its rivalry with London as the world's preeminent financial center. But Ashley Milne-Tyte reports the two cities' competition may soon be dwarfed by other emerging markets.
Traders on floor of the New York Stock Exchange (Stephen Chernin/Getty Images)
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Doug Krizner: Last year, there was concern about New York losing its place as the world's preeminent financial center. London was getting more international IPOs. But things seem to be looking up for the Big Apple. Ashley Milne-Tyte reports.
Ashley Milne-Tyte: So far this year, initial public offerings on the New York Stock Exchange and the Nasdaq have raised more than $51 billion. IPOs on London exchanges have raked in around $46 billion.
Robert Teitelman is editor of The Deal. He says a number of particularly large companies debuted on the New York exchanges this year, including private-equity group Blackstone.
But he says IPOs alone aren't a good gauge of a city's financial importance. And enough of all the rivalry talk.
Robert Teitelman: To me, there's no competition necessarily between London and New York. They're very complementary financial capitals, and they're dominant.
At least for now.
Teitelman: There's a huge amount of money coming out of China, India, the Gulf states. You have many of these places trying to develop indigenous exchanges.
He says these players could have a far greater effect on New York and London's global financial dominance than either city could have on the other.
In New York, I'm Ashley Milne-Tyte for Marketplace.
