![]() ![]() Many of the first financial institutions and organisations were originally guilds and confraternities that were able to wield power and lobby for special freedoms that endorsed favourable conditions and laws for businesses. As it was a port city, it drew in merchants from around Europe and quickly became a centre of commerce, drawing in over 8,000 immigrants per year after 1650. The City of London was established north of the Thames after the Roman invasion. Due to England’s colonial history, many postcolonial economies based their legal systems on the English legal system as there are historical precedents and judicial independence, as well as a stable environment for international arbitration. London has retained this status since the 1600s, primarily due to its favourable time zone, fluid regulation, established banking systems and English language. Throughout history, cities such as Venice and Amsterdam have held and lost the title of being the world’s biggest financial hub. The mix of the old and new showcase London’s rare landscape of a dynamic financial system that is grounded in established practices and procedures that provide the means for transactions totalling billions of pounds per day. The City of London is uniquely made up of shiny glass skyscrapers and historic stone buildings dating back to the Great Fire of London.
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