DEFINITION of 'The City'
The main financial district of London, and one of the world's major concentrations of business and financial institutions. The City is approximately one square mile and is located in the city of London within the United Kingdom. The City is the world's largest currency trading center surpassing the second place New York City.
BREAKING DOWN 'The City'
The foreign exchange market is the world's largest financial market. Highly liquid, the average daily volume is in the trillions of dollars. London accounts for more than one-third of the total daily turnover, followed by New York City and Tokyo. London's collective business and financial institutions such as Bank of England and the Royal Exchange are located there.