section_path: Economy/City of London
section_name: City of London
paragraph_text: City of London
  
  London's finance industry is based in the City of London and Canary Wharf, the two major 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. 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. This economic strength of the city was attributed to its diversity.
  
  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. As of 2023, London ranks second in the world rankings on the Global Financial Centres Index (GFCI), and it ranked second in A.T. Kearney's 2018 Global Cities Index.
  
  London's largest industry is finance, and its financial exports 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, London is still one of Europe's most economically powerful cities, 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 per cent of the $5.1 trillion average daily volume, according to the BIS. Over 85 per cent (3.2 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 financial crisis of 2007–2008. 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. 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. Founded in 1690, Barclays, whose branch in Enfield, north London installed the first cash machine (ATM) in 1967, is one of the oldest banks in continuous operation.
  
  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 per cent of the FTSE 100 are within London's metropolitan area, and 75 per cent of Fortune 500 companies have offices in London. 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.