FINANCIAL HUB

A city or region that is considered to be a focal point for the financial services industry. Financial hubs are home to major banks and/or stock exchanges as well as other financial services. They often develop in areas due to externalities, as well as supportive government regulation.

New York's Wall Street is a highly recognizable international financial hub, as it is the location of the New York Stock Exchange and has long been established as a leader in the financial industry. Other cities, such as London and Hong Kong, are also huge financial hubs. A financial hub can improve a company's economy by drawing in more financial transactions and more business.