This paper uses a value chain approach to identify possible patterns of spatial (re)organisation resulting from the implementation of information and communication technologies (ICT) in wholesale financial services. Although ICT can be used to split up production processes and thus increase mobility, proximity -not only spatial but also cultural, organisational and professional -remains essential for the financial industry. Thus, while ICT may induce a 're-bundling' of functions among financial centres, location continues to be a relevant factor. An analysis of the value chains of three financial products is presented with a focus on implications for the financial centre in Frankfurt. Frankfurt is a particularly interesting case study of this phenomenon as it is one of the centres for the development of 'financial technology', such as computerbased trading systems with remote access.