London as a financial center

Robert Laslett

Revue d'Économie Financière, 2000, vol. 57, issue 2, 57-68

Abstract: [eng] In economic terms, a financial centre is a location where value is added to financial products, in the form of the wages paid, and the returns on the capital employed. The financial centre in terms of value added continues to be the major location for high-skill jobs, individual talent, and capital. . For example, in 1998 EUREX, with its superior screen-based technology, « captured » the vital 10-year German government bond future from floor-based LIFFE. While screen-based, cheaper trading allowed the transactions and liquidity to move across to the Frankfurt exchange, the provision of screens in London meant that the traders themselves did not relocate. Frankfurt gained an increase in futures trading, but London retained the jobs, talent and investment. . JEL Classification : G10, R38

Date: 2000
Note: DOI:10.3406/ecofi.2000.4724
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