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Thread: WashingtonPost-Financial Hubs See an Opening Up at the Top

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[quote=GUEST18186,328398]Tokyo has lifted some regulations on banks and insurance groups and has begun to do something it resisted for a long time: print securities documents in English. The Singapore government, which through its massive sovereign wealth funds has increased its private equity and other financial holdings in recent years, has said it is looking to invest in more distressed assets in the United States.

And Dubai, riding the Middle East's oil-fired boom, has declared itself the center of Islamic finance and says it aims, in the words of Dubai's government, to "develop the same stature as New York."

With U.S. investment houses tumbling into bankruptcy, consolidating operations or transforming themselves into more closely regulated commercial banks, Wall Street's reputation as the prime address to raise capital, seek investment advice or trade securities is no longer rock-solid.

The flow of capital had already begun moving away from the United States this summer. A survey released last week about the competitiveness of world financial centers found that New York and London, often neck-and-neck in such rankings, were still at the top.

But the survey also found that the two cities' lead over their rivals shrank after February because of the credit crisis and the collapse of U.S. securities firms. Frankfurt, Germany, and Paris also lost ground. Cities in Asia and the Middle East, meanwhile, were deemed most likely to gain in importance.

"Dubai, Singapore, Shanghai and Mumbai -- they are the probable leaders," said Michael Mainelli, executive chairman of Z/Yen group, which carried out the survey. Researchers looked at factors including infrastructure, foreign direct investment, cost of living and the presence of a fair and just business environment.

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