ok, wall street and all the big banks are located in new york city. but now , any are concerned new york city is not the best location do to all the financial issues and some of banks should be moves elsewhere. your thoughts
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Is New York City Stil The Best Location For Us Banks And Financial Firms. Should More Move There Or Come Out?
Posted on March 4, 2013.
The better and more integrated trading technology and the internet become across the nation’s financial network and global financial networks, the need to centralize in one city will decline. We’ve seen this happen for decades here in America. In the past, Philadelphia had two major stock exchanges and Baltimore had its own too. NYC had more than the NYSE. But as technology rendered the physical methods of trading obsolete, larger markets bought out smaller markets, and most trading is falling under a few electronic umbrellas like the NYSE or NASDAQ. In fact much of today’s trading occurs on an open market that exists in cyberspace and spans the globe, not Wall Street. (tell that to the occupy movement! haha)
Local and state taxes and regulations might also discourage firms from establishing their headquarters there. I think most of the big banks are Delaware corporations, and Goldman Sachs and one of the other big brokers right across the river in New Jersey.
There are few benefits to stay there. Everyone can meet at the Federal Reserve branch in New York, where the bulk of open market operations occur, although this probably isn’t worth it because only a few meetings are so secret that they don’t require phone conferences. Plus the FOMC (Washington) has been so influential, as well as the treasury, the dependency on NYC is shifting towards a dependency on DC. I’m not at all suggesting they’ll relocate.
But no matter how much all of financial capitals of the world’s nations integrate, NYC is still attractive because it’s the financial capital of the world. A flight to Delaware or NYC or DC or Chicago from the US is one thing. These guys from Hong Kong, London, Tokyo, they’re all gonna want to keep it in one, comfy location, and that’s NYC
No one is moving or starting there.
They are not only leaving NYC, they are leaving the USA!
This is not a good place to invest in right now.