The City vies with New York City's Downtown Manhattan as the financial capital of the world. Whilst New York is the most significant stock-trading centre, London's foreign exchange market is the biggest in the world, by the amount traded. The London Stock Exchange (shares and bonds), Lloyd's of London (insurance) and the Bank of England are all based in the City. Over 500 banks have offices in the City. The Alternative Investment Market, a market for trades in equities of smaller firms, is a recent development. In 2009, the City of London accounted for 2.4% of UK GDP.