The article discusses how financial centers play a crucial role in attracting financial activity, especially in information-sensitive securities. Despite concerns about technology leading to the decentralization of financial activity, financial centers can still thrive by generating local benefits. Evidence suggests that financial centers that can gather local information effectively will remain important. As global market access and information costs decrease, the demand for local securities may increase, strengthening the role of certain financial centers. Additionally, the presence of both information-sensitive and less sensitive financial activities in these centers can attract more business.