The City of Londons Financial Services and Markets :: Essays Papers

The metropolis of capital of the United Kingdoms Financial Services and Markets1. The City of Londons pecuniary Services and MarketsThe City of London is one of the areas three leading financial centres, along with Tokyo and new-sprung(prenominal) York, and is by far the largest in Europe. While New York and Tokyo rely on very large domestic economies to fuel their business, Londons success can be attributed to its global business. Major financial institutions and markets in the City include the Bank of England, the London Stock Exchange, Lloyds insurance market, and the London International Financial Futures and Options Exchange.1.1 Facts and figures of Britains financial services intentness There are more overseas banks in London than in any other city in the world 555 branches, subsidiaries and representative offices at the destruction of February 1999. Financial services account for almost 7 per cent of Britains Gross Domestic Product (GDP). Net overseas earnings of B ritains financial sector reached a record 25,200 million in 1997. The London Stock Exchange is the largest market in the world for trading foreign equities, accounting for 63 per cent of global turnover. London is one of the worlds three major international stick around centres. Some 70 per cent of international bond trading in the Euromarket take place there. It has by far the biggest foreign exchange market in the world, handling about 32 per cent of world(a) dealing, and with an average daily turnover, which is more than that of New York, and Tokyo combined. It is one of the worlds largest international insurance markets, with a leading share of aviation and ocean insurance. It is the largest fund management centre. It is the worlds most important centre for advice on privatisation.Supervision and regulation2. Financial markets2.1 The Stock ExchangeThis is one of the worlds oldest marketplaces for the buying and selling of shares, but its advanced trading systems mean it is also one of the most modern. It is the worlds leading marketplace for international shares more international companies choose to list in London than on any other exchange. It therefore plays a vital role in maintaining Londons position as a major financial centre.The main market is where most British and international shares are listed, while the Alternative investing Market (AIM), established in 1995, is for younger and fast-growing businesses.