New York vs London (the influence of IT on the declining major worlds financial centres)
Article Type: Abstracts From: Strategic Direction, Volume 26, Issue 11
Barnes D.Banking Technology, June 2010, Start page: 14, No. of pages: 3
Comments on the particular finding of the Global Financial Centres Report 2010, produced by the City of London Corporation and Z-Yen, that the London Stock Exchange (LSE) and the New York Stock Exchange (NYSE) are now equally important and influential as financial centres, but notes that huge changes have taken place over the past ten years that have eroded the market dominance of both these bodies due largely to technology and changes in regulatory conditions. Points to the way in which IT is also eroding the need for physical financial centres, a change that is made more practicable by the relentless advance of globalization. Refers to the brief “crash” that took place on 6 May 2010 as the value of shares on the New York Stock Exchange (NYSE)suddenly began to fluctuate wildly and seemingly without reason before finally stabilizing, suggesting that this was an unforeseen by-product of the massive amount of computerization employed by stock exchanges everywhere.Article type: ViewpointISSN: 0266-0865Reference: 39AR192
Keywords: Communications technology, Financial data processing, Stock exchange, United Kingdom, United States of America
