When did New York overtake/match London as the World's most important financial center?

by nyshtick

When did the NYSE pass the London stock exchange? When did New York based investment banks start passing London based investment banks?

piyochama

So this is really a multi-part question:

  • When did investment banks begin? At what point did they diverge from their merchant bank predecessors?

  • Why New York, and why not London?

Which part would you like answered?