This year, 88 companies delisted or transferred their primary listing away from the London Stock Exchange. Only 18 new companies listed. This, according to FT, marks the biggest net outflow of companies since the financial crisis.

A lot of these companies are, of course, moving their listings over to the US. The New York Stock Exchange and the Nasdaq are, by far, the two largest stock exchanges in the world by market cap. And so many companies believe that they'll generally have a better time being listed over there -- better access to capital, greater liquidity, etc.

This is not a new trend. Last year, the FT also called out the London Stock Exchange as being the European stock exchange with the greatest risk of seeing companies depart for the US. Here's what's been happening since the financial crisis:

Some people may not think that this is a big deal, but it certainly undermines London's position as a pre-eminent global center. Most rankings of the world's best or most global cities have London and New York out front. But from an economic prosperity standpoint, the US hegemony is real and feels even stronger right now.

Naturally, this decline will also trickle through other parts of the economy. On the real estate side, prime central London is seeing the biggest buyer's market since the financial crisis. (Presumably this is true of other submarkets as well.) On the new construction side, sales and starts are falling, and unsold homes sitting as developer inventory are increasing:

It is tempting to say that London will always be London. But:

“The UK market does not have any god-given right to be a leading listing venue, [but] it requires nurturing and support to be successful in a market that is increasingly global,” said Hall, adding that “more companies will depart” unless action is taken.

This is true of every city and every industry. There are no guarantees. Cities need to compete, just as companies compete. I am also of the opinion that Brexit has and will continue to be a drag on the UK economy. Disclaimer: I'm not an economist. But the UK is a relatively small country. So intuitively, I would think that the way to compete with the scale and dominance of the US is through a more unified Europe.

Are you bullish or bearish on London right now?