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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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New York

New York

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

(p.16) 2 New York
International Financial Centres after the Global Financial Crisis and Brexit

Richard Sylla

Oxford University Press

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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