Study shows London has taken over as the new centre of world commerce

An influential new report claims that London now tops a list of 50 cities as the world's centre of commerce - beating New York, Tokyo and Chicago.
The UK capital has overtaken New York in four of six areas including economic stability, the ease of doing business, volumes of financial flows and attributes as a business centre, according to the report by credit card company MasterCard.
The study is the latest to say New York lags behind London as a global commerce centre.
It follows in the footsteps of a report earlier this year by internationally renowned management consultants McKinsey, which stated that New York is losing its place to London as the world's leading financial centre.
And it follows a series of articles by newspapers and magazines that have celebrated London's global success.
In March, the respected American magazine New York admitted that London is 'shaping up to be the global capital of the 21st century'.
Two years before this, Newsweek said London's success means it is leaving other European cities behind.
In the latest report - MasterCard's first annual worldwide centres of commerce index - the authors state: 'Once considered the unchallenged financial capital of the world, New York cedes to London a key dimension measuring financial transactions primarily because bond market regulations in New York affect the volume of listed sales.' London has the biggest financial services network of all cities, with more banking, financial services and insurance companies based there than any other, said MasterCard.
London vs New York
London
Population - 7.5 million
By last year, a total of 419 international firms listed on London's Stock Exchange
318,000 people are employed in the financial district
New York
Population - 8.2 million
By last year, a total of 174 international firms listed on the New York Stock Exchange or Nasdaq
328,000 employed in the financial district