Editing London (section)

===City of London===
London's finance industry is based in the [[City of London]] and [[Canary Wharf]], the two major [[Central business district|business districts]]. London took over as a major financial centre shortly after 1795 when the Dutch Republic collapsed before the Napoleonic armies. This caused many bankers established in [[Amsterdam]] (e.g. Hope, Baring I'm), to move to London. Also, London's market-centred system (as opposed to the bank-centred one in Amsterdam) grew more dominant in the 18th century.<ref name='Finance Hub'/> The London financial elite was strengthened by a strong Jewish community from all over Europe capable of mastering the most sophisticated financial tools of the time.<ref name="auto2"/> This economic strength of the city was attributed to its diversity.<ref>{{Cite web|url=http://www.bartleby.com/34/2/6.html|title=Letter VI – On the Presbyterians. Letters on the English.|last=Voltaire|first=François Marie Arouet de.|date=1909–1914|website=Bartleby.com|publisher=The Harvard Classics|orig-year=1734|access-date=22 July 2017}}</ref><ref>{{cite news |title=The Origin of Religious Tolerance: Voltaire |url=https://www.independent.org/news/article.asp?id=2095 |access-date=28 June 2023 |work=Independent Institute}}</ref>

[[File:Paternoster Square.jpg|thumb|The [[London Stock Exchange]] at [[Paternoster Square]] and [[Temple Bar, London|Temple Bar]]]]
[[File:London.bankofengland.arp.jpg|thumb|The [[Bank of England]], established in 1694, is the model on which most modern central banks are based.<ref>{{cite news |title=Bank of England |url=https://corporatefinanceinstitute.com/resources/economics/what-is-bank-of-england-boe/ |access-date=2 May 2024 |agency=Corporate Finance Institute}}</ref>]]
By the mid-19th century, London was the leading financial centre, and at the end of the century over half the world's trade was financed in British currency.<ref>{{cite news |title=London - Finance |url=https://www.britannica.com/place/London/Finance |access-date=4 July 2022 |work=Encyclopaedia Britannica}}</ref> {{As of|2023|lc=n}}, London ranks second in the world rankings on the [[Global Financial Centres Index]] (GFCI),<ref>{{cite news |last1=Wee |first1=Denise |title=Singapore Overtakes Hong Kong in World Financial Centers Ranking|url=https://www.bloomberg.com/news/articles/2022-09-23/singapore-overtakes-hong-kong-in-world-financial-centers-ranking|access-date=26 July 2024|work=www.bloomberg.com}}</ref> and it ranked second in A.T. Kearney's 2018 Global Cities Index.<ref>{{Cite web |last1=Hales |first1=Mike |last2=Mendoza Peña |first2=Andrés |last3=Peterson |first3=Erik R.|last4=Dessibourg |first4=Nicole |title=2018 Global Cities Report – Learning from the East: Insights from China's Urban Success|url=https://atkearney.com/2018-global-cities-report |url-status=dead |archive-url=https://web.archive.org/web/20180620232225/https://www.atkearney.com/2018-global-cities-report |archive-date=20 June 2018 |access-date=20 June 2018 |website=[[A.T. Kearney]]}}</ref>

London's largest industry is finance, and its [[financial export]]s make it a large contributor to the UK's [[balance of payments]]. Notwithstanding a post-[[Brexit]] exodus of stock listings from the [[London Stock Exchange]],<ref name="LSEExodusToNewYork">{{cite news |author=Daniel O'Boyle |date=6 June 2024 |title=Shein has ethical concerns? So do many London-listed companies — let's look at them too |url=https://www.standard.co.uk/business/shein-ethics-labour-london-stock-exchange-ipo-flotation-float-fast-fashion-clothes-environment-b1162619.html |access-date=17 August 2024 |newspaper=London Evening Standard |quote=The post-Brexit London Stock Exchange has struggled to properly articulate what it offers over [[New York City|New York]].}}</ref><ref name=LSEExodus>{{cite news |url= https://fortune.com/2023/10/31/uk-stock-market-doom-loop-london-financial-capital/ |title=UK's stock market is in a 'doom loop' that's undermining London's status as a global financial capital, investment bank says |author=Alexandra Muller and [[Bloomberg News]] |work=Fortune |location=New York |date=31 October 2023|access-date=20 February 2024}}</ref> London is still one of Europe's most economically powerful cities,<ref name="London.gov.uk"/> and it remains one of the major financial centres of the world. It is the world's biggest currency trading centre, accounting for some 37% of the $5.1&nbsp;trillion average daily volume, according to the BIS.<ref>{{Cite news |date=18 September 2016 |title=London's core role in euros under spotlight after Brexit vote |work=[[Reuters]] |url=http://uk.reuters.com/article/uk-global-markets-bis-britain-idUKKCN11O0C4 |archive-url=https://web.archive.org/web/20160918105609/http://uk.reuters.com/article/uk-global-markets-bis-britain-idUKKCN11O0C4 |url-status=dead |archive-date=18 September 2016 |access-date=28 March 2021}}</ref> Over 85% (3.2&nbsp;million) of the employed population of greater London works in the services industries. Because of its prominent global role, London's economy had been affected by the [[2008 financial crisis]]. However, by 2010, the city had recovered, put in place new regulatory powers, proceeded to regain lost ground and re-established London's economic dominance.<ref>{{Cite news |last=Gardiner |first=Beth |date=20 January 2010 |title=The London Banking Center Is Beginning to Feel Like Itself Again. |work=[[The New York Times]] |url=https://www.nytimes.com/2010/01/21/business/global/21rglofinuk.html |url-status=live |access-date=28 March 2021 |archive-url=https://web.archive.org/web/20100125173353/https://www.nytimes.com/2010/01/21/business/global/21rglofinuk.html |archive-date=25 January 2010}}</ref> Along with [[professional services]] headquarters, the City of London is home to the [[Bank of England]], London Stock Exchange, and [[Lloyd's of London]] insurance market.<ref>{{cite book|last=Mantle|first=Jonathan|title=For Whom the Bell Tolls|url=https://archive.org/details/forwhombelltolls0000mant|url-access=registration|year=1992|publisher=Sinclair-Stevenson |location=London |isbn=9781856191524 }}</ref> Founded in 1690, [[Barclays]], whose [[Barclays Bank, Enfield|branch in Enfield]], north London installed the first [[Automated teller machine|cash machine]] (ATM) in 1967, is one of the [[List of oldest banks in continuous operation|oldest banks in continuous operation]].<ref>{{cite book |last1=McManus |first1=John |last2=Winroth |first2=Mats |last3=Angelis |first3=Jannis |title=Service Operations Management |date=2019 |publisher=Bloomsbury |page=39}}</ref>

Over half the UK's top 100 listed companies (the [[FTSE 100]]) and over 100 of Europe's 500 largest companies have their headquarters in central London. Over 70% of the FTSE 100 are within London's metropolitan area, and 75% of [[Fortune 500]] companies have offices in London.<ref name="london_113">{{Cite web|date=9 June 2009|title=London Stock Exchange|url=http://www.londonstockexchange.com/en-gb/|url-status=dead|archive-url=https://web.archive.org/web/20090609022757/http://www.londonstockexchange.com/en-gb/|archive-date=9 June 2009|access-date=27 April 2008|website=[[London Stock Exchange]]}}</ref> In a 1992 report commissioned by the London Stock Exchange, Sir [[Adrian Cadbury]], chairman of his family's confectionery company [[Cadbury]], produced the [[Cadbury Report]], a code of best practice which served as a basis for reform of [[corporate governance]] around the world.<ref>{{cite web |last1=Gittelson |first1=Steven |title=Adrian Cadbury, a leader in corporate governance, dies at 86 |url=https://www.washingtonpost.com/business/adrian-cadbury-a-leader-in-corporate-governance-dies-at-86/2015/09/04/e87dd2fe-532e-11e5-8c19-0b6825aa4a3a_story.html |newspaper=The Washington Post |access-date=23 July 2022 |date=4 September 2015}}</ref>