6th Global Financial Centres Index (GFCI)
6th Global Financial Centres Index (GFCI) commissioned by the City of London Corporation and produced by Z/Yen Group. The report is based on a wide survey of leading global financial players. The study is published every six months.
This latest version of GFCI shows that of the 75 centres rated, 59 centres have received higher scores and only three have decreased. Thirteen new centres appear in the ratings for the first time. The current rise in ratings demonstrates a return of confidence to GFCI 4 levels.
Hong Kong and Singapore have demonstrated stable long term competiveness over the last two years and have now joined London and New York as genuine global leaders.
London remains in top place, 16 points ahead of New York (from 13 points in GFCI 5). Followed by Hong Kong and Singapore.
Top 10 Financial Centres in the World: London, New York, Hong Kong, Singapore, Shenzhen, Zurich, Tokyo, Chicago, Geneva and shanghhai.
Most significant rise in ranking: Beijing followed by Shanghai, Seoul, Taipei and Osaka
Most significant fall in ranking: Glasgow and Gibraltar followed by Oslo, Helsinki, Dublin and Bahamas
Top 5 centres beleived to be suffering the most from the crisis: New York, London, Shanghai, Dubai and Hong Kong
Most significant risks to financial competitiveness: Over Regulation, Credit Risk of Financial Institutions, Unemployment & loss of skills, Loss of Confidence & Trust in the industry, Liquidity Risk, Increased Taxation and Wider economic problems.
ASIA
Top 10 Asian Financial Centres: Hong Kong, Singapore, Shenzhen, Tokyo, Shanghai, Beijing, Taipei, Seoul, Osaka and Kuala Lumpur. All asian centres have shown marked improvement. This rise in the ratings of the Asian centres certainly ties in with the fact that many Asian economies are currently faring better than the main Western economies.
Which Finacial Centres are likely to become more significant in the coming years? Shanghai, Shenzhen, Hong Kong, Beijing and Singapore
Which centres the respondents’organisations are most likely to open offices over the next few years? Shenzhen, Shanghai, Beijing, Singapore and Dubai
NORTH AMERICA
Top North American Centres: New York, Chicago, Toronto, San Fransisco, Boston, Washington D.C., Vancouver and Montreal.
EUROPE
Top 10 European Financial Centres: London, Zurich, Geneva, Frankfurt, Paris, Dublin, Edinburgh, Munich, Amsterdam and Stockholm
Offshore Centres
Many offshore centres are regarded as ‘tax havens’ and there has been significant pressure applied to these centres by many national regulators as well as international bodies such as the OECD. A reduction in secrecy required by the internationally agreed tax standards has been a key demand of the regulators.
Top Offshore Centres: Jersey, Guernsey, Isle of Man, Cayman Island, Bermuda, British Virgin Islands, Bahamas and Gibraltar.
