Is Wall Street Losing Its Financial Edge to London?
Michael Mainelli, Executive Director of Z/Yen, told CNBC’s Maria Bartiromo that London is pulling even with New York as the world’s business capital. So why is Wall Street losing its edge?
Mainelli points to stricter financial regulations in the United States. “The U.S. definitely needs to look hard and long at the regulatory system,” he said on "Closing Bell." Mainelli also said London offers flexibility. “You can get in and get out.”
London’s share of global deal making has been growing as New York’s share has been slowing. London’s share of global IPOs hit 14.8% in 2006, compared to New York’s 11.1%. “The NYSE ought to look at its own turf,” Mainelli said. “It dropped the ball in several high profile cases.”
I’m an American,” Mainelli said. “I’m living over here because this is where the action is.”