London is now the leading global financial centre

London has been named the world's leading center of commerce in a survey by Mastercard. The survey found that London outpaced New York in four of the six dimensions used by the Worldwide Center of Commerce Index: economic stability, ease of doing business, financial flow and business center.

While the other three are self-explanatory, business center "depends on the clustering effect of business formation, supported by efficiency in logistics and transportation linkages."

According to the report, London "scores the highest in being the most economically stable (93.54), followed by 'ease of doing business' (87.87) and 'legal and political framework' (84.11). It scores the lowest in 'knowledge creation and information flow' (52.72), which is lower than what New York and Tokyo score in this dimension (61.55 and 55.94, respectively)."

Of course, more shares are traded in New York, at least in terms of value, but London is decidedly global. And with the New York Stock Exchange hitched to the U.S. economy and the dollar in the pooper, going global is like the next sector rotation.

That means stocks traded in London, ADRs in the US, and those ever-versatile ETFs are going to be pretty hot for a while.