The economy of New York City is the largest regional economy in the United States. Anchored by Wall Street, in Lower Manhattan, New York City has been characterized as the world's premier financial center,[1][2][3][4] with tough competition from London and is home to the New York Stock Exchange and NASDAQ, the world's largest stock exchanges by market capitalization and trading activity. In 2012, the New York City Metropolitan Statistical Area generated a gross metropolitan product (GMP) of over US$1.33 trillion, while the Combined Statistical Area[5] produced a GMP of over US$1.55 trillion, both ranking first nationally by a wide margin and behind the GDP of only twelve nations and eleven nations, respectively.[6] The city's economy accounts for the majority of the economic activity in the states of New York and New Jersey.[7]