In London, they are convinced New York's problem is regulation. In New York, they say the same thing about London.

That is where agreement ends. Viewed from London, which has recently started to proclaim itself the financial capital of the world, an American over-reaction to the corporate scandals at the beginning of this decade, such as Enron and WorldCom, created an opportunity. The Sarbanes-Oxley corporate governance legislation which followed it is widely seen as having been too onerous.