Anchored by Wall Street, New York City is considered the world’s leading financial center, home to the two largest exchanges on earth (NYSE and NASDAQ). Amid the COVID-19 pandemic, the financial securities subsector—which includes businesses that engage in securities underwriting activities, acting as agents between buyers and sellers of securities and commodities, and providing securities and commodity exchange and related services—exhibited great resiliency, managing significant demand for its services. The subsector was responsible for 16 percent of all economic activity in the City in 2021 and 8 percent of City tax collections in CFY 2022.
