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International Financial Centres after the Global Financial Crisis and Brexit$
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Youssef Cassis and Dariusz Wójcik

Print publication date: 2018

Print ISBN-13: 9780198817314

Published to Oxford Scholarship Online: August 2018

DOI: 10.1093/oso/9780198817314.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 18 November 2019

New York

New York

Remains a, if not the, Pre-eminent International Financial Centre

Chapter:
(p.16) 2 New York
Source:
International Financial Centres after the Global Financial Crisis and Brexit
Author(s):

Richard Sylla

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198817314.003.0002

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.

Keywords:   Global Financial Crisis, Treasury debt market, dollar reserve currency, Federal Reserve System, US banking system, New York securities markets, Dodd–Frank Act, fintech, Brexit

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