The City of London’s financial Services and Markets:The City of London is one of the world’s three leading financial centres, along with Tokyo and New York, and is by far the largest in Europe. While New York and Tokyo rely on very large domestic economies to fuel their business, London’s success can be attributed to its international business. Major financial institutions and markets in the City include the Bank of England, the London Stock Exchange, Lloyd’s insurance market, and the London International Financial Futures and Options Exchange.1.1 Facts and figures of Britain’s financial services industry: There are more overseas banks in London than in any other city in the world: 555 branches, subsidiaries and representative offices at the end of February 1999. Financial services account for almost 7 per cent of Britain’s Gross Domestic Product (GDP). Net overseas earnings of Britain’s 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 world’s three major international bond 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 worldwide dealing, and with an average daily turnover, which is more than that of New York, and Tokyo combined. It is one of the world’s largest international insurance markets, with a leading share of aviation and marine insurance. It is the largest fund management centre. It is the world’s most important centre for advice on privatisation.Supervision and regulation2. Financial markets:2.1 The Stock Exchange:This is one of the world’s oldest marketplaces for the buying and selling ...
