This paper brings financial centres into the debate on the causes and consequences of the global financial crisis, by focusing on New York and London. It argues that the degree of commonality, complementarity and connectivity between the two leading global financial centres justifies the use of the term ‘the New York–London axis’ (the axis). It shows that the global financial crisis 2007–09 originated to large extent in the axis rather than in an abstract space of financial markets. The dominance of the axis in global finance can be easily underestimated and evidence suggests that, contrary to expectations the axis is not in decline. The main implication is that the debate on global financial reform has to take seriously the reality of global financial centres. In particular, if global finance is to change, the New York–London axis has to change.