A tale of two cities
Tim Frost looks at why London has forged ahead in the credit derivatives stakes while New York has become something of an also-ran
Mayor Bloomberg of New York has been worrying about the relative decline of New York as a financial centre and has engaged management consultants to report on what can be done. Currently parts of New York City are festooned with banners defiantly declaring "New York the financial centre of the world".
This may remind older readers of the angst that London experienced in the 1990s as venerable City institutions were bought by foreigners and it seemed only a matter of time before Paris or 'Reading
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