New York is considered the financial capital of the world. However, according to surveys by Trader Monthly magazine and the Financial Times, Chicago and London are considered the top trading cities in the world. The guys turn on the webcam to learn more.
"Fast Money’s" first guest is Jesse Stamer, a trader on the floor of the Chicago Board of Trade with Effective Trade.
Why is Chicago the best place to trade?
Innovation says Stamer. S&P Futures, Bond Futures and Options all originated in Chicago, he explains. And we’re customer friendly.
Guy Adami sees it differently He asks the panel, what’s the nickname of Chicago – it’s the second city!
Fast Money’s second guest is Steve Previs, a trader based in London, who is a Senior Vice President at Jefferies International.
Why is London a better place to trade than New York?
(We) think globally, answers Previs. Money comes to London because money goes where it’s most welcome, he says. The US has Sarbanes-Oxley, The Patriot Act and a protectionist environment in Washington DC.
Eric Bolling disagrees. He says London is a great money center for Europe but not for North America.
The dollar is evaporating replies Previs. You’ve got to open your eyes and think globally. If not, you’re going to get buried.
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Trader disclosure: On June 12 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:
Macke Owns (ATVI), Najarian Owns (NITE), (GS), (STX), (AAPL); Bolling Owns (ICE), (T), (DIS)(NMX); Bolling Is Short S&P Futures; Bolling Is Short Nasdaq Futures