We need your help to reach our fiscal year-end goal tomorrow. Donate Now

New York regains financial dominance

Ashley Milne-Tyte Nov 27, 2007
HTML EMBED:
COPY

New York regains financial dominance

Ashley Milne-Tyte Nov 27, 2007
HTML EMBED:
COPY

TEXT OF STORY

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.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.  

The clock is ticking 

Our fiscal year ends tomorrow. Can you chip in $50, $25 or even $10 to help us reach our goal?