Globalization generally implies decentralization and denationalization. But in international financial markets, something quite different is happening. Although market activity is spreading to new corners of the world, a powerful process of centralization is reinforcing the traditional dominance of financial capitals, led by London and New York. Battered by the Asian economic crisis, Tokyo and Hong Kong could become leading financial centers again if they open up to the world and continue to let investors snap up Asian assets at bargain prices. Even after globalization, markets will still be based in cities, not computers