Editing Wall Street (section)

====Versus Midtown Manhattan====
A requirement of the New York Stock Exchange was that brokerage firms had to have offices "clustered around Wall Street" so clerks could deliver physical paper copies of stock certificates each week.<ref name="usatoday20011024" /> There were some indications that midtown had been becoming the locus of financial services dealings even by 1911.<ref>{{cite news |title=WALL STREET BANKS CONNECTING UPTOWN; Financial District Notes This as American Exchange National Buys Into the Pacific. |newspaper=The New York Times |date=May 27, 1911 |url=https://www.nytimes.com/1911/05/27/archives/wall-street-banks-connecting-uptown-financial-district-notes-this.html |access-date=January 14, 2010 |archive-date=October 30, 2020 |archive-url=https://web.archive.org/web/20201030154328/https://www.nytimes.com/1911/05/27/archives/wall-street-banks-connecting-uptown-financial-district-notes-this.html |url-status=live }}</ref> But as technology progressed, in the middle and later decades of the 20th century, computers and telecommunications replaced paper notifications, meaning that the close proximity requirement could be bypassed in more situations.<ref name="usatoday20011024" /> Many financial firms found that they could move to [[Midtown Manhattan]], only {{convert|4|mi|km|0|spell=in}} away,<ref name="nyt20010909" /> and still operate effectively. For example, the former investment firm of [[Donaldson, Lufkin & Jenrette]] was described as a ''Wall Street firm'' but had its headquarters on [[Park Avenue]] in [[Midtown Manhattan|Midtown]].<ref>{{cite news |first=Heidi N. |last=Moore |title=DLJ: Wall Street's Incubator |newspaper=The Wall Street Journal |date=March 10, 2008 |url=https://blogs.wsj.com/deals/2008/03/10/the-little-bank-that-was-wall-streets-incubator/ |access-date=January 14, 2010 |archive-date=July 26, 2018 |archive-url=https://web.archive.org/web/20180726103746/https://blogs.wsj.com/deals/2008/03/10/the-little-bank-that-was-wall-streets-incubator/ |url-status=live }}</ref> A report described the migration from Wall Street:

{{blockquote|The financial industry has been slowly migrating from its historic home in the warren of streets around Wall Street to the more spacious and glamorous office towers of Midtown Manhattan. Morgan Stanley, J.P. Morgan Chase, Citigroup, and Bear Stearns have all moved north.|source=''USA Today'', October 2001.<ref name="usatoday20011024" />}}

Nevertheless, a key magnet for the Wall Street remains the [[New York Stock Exchange Building]]. Some "old guard" firms such as [[Goldman Sachs]] and [[Merrill Lynch]] (bought by [[Bank of America]] in 2009), have remained "fiercely loyal to the Financial District" location, and new ones such as [[Deutsche Bank]] have chosen office space in the district.<ref name="usatoday20011024" /> So-called "face-to-face" trading between buyers and sellers remains a "cornerstone" of the NYSE, with a benefit of having all of a deal's players close at hand, including [[Investment banking|investment bankers]], [[lawyer]]s, and [[accountant]]s.<ref name="usatoday20011024" />