Move Over NYC: London Is The World's Financial Hub

The WEF's 2009 Financial Development Index ranks 55 countries on the sophistication and stability of their financial systems and markets. The criteria used, and there are 120 of them, range from the size of their equity and bond markets, from their technology infrastructure and human capital to the ease of obtaining consumer and commercial loans, and more.

One would think the part about loans would really have hurt the U.S.; the Obama administration has stressed that Wall Street has not yet begun to lend to the extent that it should, and certainly not to Main Street.

While the rise of the U.K. to No. 1 is one thing, the U.S. didn't just drop to No. 2. Rather, Australia moved all the way up, 9 places, to No. 2, while the U.S. dropped to No. 3.

If, in fact, the U.S. recession is over, as the recent GDP numbers seem to indicate, London's time at the top might be short-lived. On the other hand, jobless numbers don't seem to indicate the recession is over.

Interestingly, some countries took a far greater hit than the U.S. France and Germany, which held top slots last year, dropped out of the top 10 altogether, landing at 11th and 12th place, respectively.