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It will not be too long before financial centres such as Dubai, Shanghai and Mumbai are competing so effectively with London that clients that we find too dodgy will go elsewhere. What our financial centres sell, above all, is respectability.

Interesting. I heard that London's costs were higher than NYC's because our reputation for dealing in dodgy money and stock made the back office securities and insurance rates more expensive. So people preferred to trade in NYC if they had clean stuff cos it was cheaper, but traded in London if it was a bit "spotty".

So Dubain etc will be expensive if they trade in bad stuff.

Leastways that's what I understood.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Thu Oct 9th, 2008 at 08:42:58 AM EST
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