We've spent some time discussing the rise of London as a financial center. New York pols are worried about it, that's for sure. For traders anyway, it's a hot destination. And why not? According to one recent survey, traders in London made up to 50 percent more in 2006 than traders in New York. In specific, the pay disparity among derivatives traders seems more acute. Most locals are still nodding to Sarbanes-Oxley, of course, but also the time zone advantage that London seems to enjoy. Is this a cause for concern? Well, it would have been nice if the U.S. carved out a stronger niche as a derivatives trading venue, but I am not convinced this is reflection of long-term erosion of the quality of the U.S. markets. The debate will rage.

For more:
- here's an article from The Times