While originally it was simply locality, the reason New York law (and indeed English law in other parts of the world) remains so popular for large financial tra

While originally it was simply locality, the reason New York law (and indeed English law in other parts of the world) remains so popular for large financial transactions (in the elements where there is a choice of law available) is about predictability - it gets used routinely in transactions where none of the parties is based in New York for example. In the New York courts, there's a much longer history of relevant cases decided, judges with more specialist knowledge and the system is used to the workload of large and complex cases. This all combines to give a perceived higher degree of predictability.