The importance of stock markets for the future of financial centres

[eng] History shows us that financial centers are rather largely constructed around stock exchanges, thus suggesting that the existence of an organized stock market plays a determining role in the development of a financial center. But is it a question of an incidental encounter or of a strong and necessary link ? We hold that the link still exists today but that it has profoundly changed in its nature. It should be considered today as a network system with preferential connections of mutual interactions. . JEL classification : G18, R11