Thursday, December 12, 2013

According to the Centre for the Study of Financial Innovation (CSFI) (2005), a robust financial regulatory climate exists in London, but when compared to other cities, London was ranked higher than Tokyo, in terms of regulatory efficiency. The study further revealed that London, compared to Tokyo, had a much larger pool of financially savvy, experienced international finance staff and executives, whose first language is English, which also happens to be the worlds primary business language (Mainelli, 2006). A majority of the respondents from the Corporation of Londons survey, also said that despite the active oversight authority in London, regulators there were generally fair, because the Financial Services Authority (FSA) in the UK listens and considers all points of view, before taking action. This Wimbledon effect (Mainelli, 2006, p. 4), was cited by respondents, as being very reassuring. A predictable oversight atmosphere is also conducive to a stress free and stable work environment in London, compared to Tokyo. As a result of this, employees in financial services firms complete more trades per day, compared to their Japanese counterparts (Slater, 2004)

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