London Is Eating New York's Lunch Why is London so attractive to wealthy traders? One of the reasons is the relative lack of enforcement against criminal activity. New York authorities have prosecuted 66 people for insider trading, with 57 convictions or guilty pleas since 2009. By contrast, the Financial Services Authority in the U.K. has secured very few criminal convictions: the first major one being in 2009, when Christopher McQuoid, former general counsel at TTP Communications, went to jail for telling his father-in-law to buy shares when he heard that Motorola was planning to take over the company. posted on corpwatch.org Upshot: It won't be long before banks have dozens of lax reg environments/cities to choose from in Asia and S. America.