In recent months, currency turbulences in Asia and the race for the final qualification for the European single currency almost caused the fundamental transformations international financial markets are undergoing at the moment to be forgotten. True, London, New York and Tokyo are still the predominant places both in their regions and worldwide but their position is no longer undisputed. In Asia, Singapore and Hong Kong are becoming a serious threat to Tokyo's leading role, and in Europe, Frankfurt and Paris seek to strengthen their competitiveness, challenging London's supremacy in the wake of EMU.
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