Remains a, if not the, Pre-eminent International Financial Centre
New York, the epicentre of the 2007–9 Global Financial Crisis, during the ensuing decade regained much of its pre-Crisis stature as a pre-eminent international financial centre. Its advantages going forwards include the huge US Treasury debt market, the dollar as the leading reserve currency, the Federal Reserve System as a de facto world central bank, a stronger US banking system, and the world’s largest securities markets which list and trade leading US-based companies and many corporations based in other countries. Congress’s 2010 Dodd–Frank Act reduced systemic financial risks, but also contained regulatory overkill that is gradually being modified; attempts to repeal or replace Dodd–Frank appear unlikely to succeed. Fintech represents both an opportunity—more efficient financial services—and a threat—reduced profits—for New York financial firms, which will most probably incorporate fintech innovations into their business models. For New York, Brexit is more of an opportunity than a threat.
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