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Important note: This is an exercise in which I have to summarize written text in a single sentence. What I wrote as a summary was this:

Which one of these is correct regarding comma usage?: (NOTE: One adds a comma before "not only", and the other doesn't )

Despite various setbacks since its foundation in 1698, London has surpassed New York, Frankfurt, and Tokyo as the world's most important money capital not only by the size of the funds managed but also because it controls 70% of the global secondary bond market and dominates foreign exchange trading.

OR

Despite various setbacks since its foundation in 1698, London has surpassed New York, Frankfurt, and Tokyo as the world's most important money capital, not only by the size of the funds managed but also because it controls 70% of the global secondary bond market and dominates foreign exchange trading.

(A grammar app I have, corrects me when I put the comma between managed and but, so I guess a comma does not go there)

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Short answer: your grammar app is throwing false positives. The comma is not required in either case, and (outside of a few grammar structures) the comma is rarely required in English writing. Commas just make a sentence easier to read, by breaking up concepts into defined blocks.

So almost any combination of commas in the above sentence would be "correct", although, of course, putting a comma in an unexpected place will make the sentence more difficult to parse.

I personally would use commas both between capital and not, and between managed and but, and also possibly between market and and.

... London has surpassed New York, Frankfurt, and Tokyo as the world's most important money capital, not only by the size of the funds managed, but also because it controls 70% of the global secondary bond market(,) and dominates foreign exchange trading.

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