section_path: Economy/Wall Street
section_name: Wall Street
paragraph_text: Wall Street
  
  New York City's most important economic sector lies in its role as a comprehensive financial center, metonymously known as Wall Street. Lower Manhattan is home to the New York Stock Exchange and the Nasdaq, representing the world's largest and second largest stock exchanges, respectively, when measured both by overall average daily trading volume and by total market capitalization of their listed companies in 2013. In fiscal year 2013–14, Wall Street's securities industry generated 19% of New York State's tax revenue.
  
  New York City remains the largest global center for trading in public equity and debt capital markets.: 31–32 New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. Several investment banks and investment managers headquartered in Manhattan are important participants in other global financial centers.: 34–35 New York is the principal commercial banking center of the United States.
  
  Manhattan contained over 500 million square feet (46.5 million m 2) of office space in 2018, making New York City the largest office market in the world, while Midtown Manhattan, with 400 million square feet (37.2 million m 2) in 2018, is the largest central business district in the world.