Anchored by Wall Street in Lower Manhattan, New York City has been characterized as the world's premier financial center.[1][2][3][4] It is home to the New York Stock Exchange and NASDAQ, the world's two largest stock exchanges by both market capitalization and trading activity. In 2012, the New York metropolitan area generated a gross metropolitan product (GMP) of over US$1.33 trillion with a population of 20.3 million people. The Combined Statistical Area[5] produced a GMP of over US$1.55 trillion.