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Financial centre

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"International finance centre" redirects here. For the landmark in Hong Kong, see International Finance Centre. For a banking location, see Branch (banking).
The City of London, London, United Kingdom is composed almost entirely of financial services.

A financial centre is a global city that is a company and business hub, as well as being home to many world famous banks and/or stock exchanges.

An international financial centre is a non-specific term of reference usually meant to designate a city as a major participant in international financial markets for the trading of cross-border assets. An international financial centre (sometimes abbreviated to IFC) will usually have at least one major stock market as well as other financial markets, as well as being subject to a significant presence of international banks and financial services companies.

Global Financial Centres Index

Main article: Global Financial Centres Index
The London Stock Exchange

As of 2011, the top eleven financial centres according to the Global Financial Centres Index in the world are:[1]

1. United Kingdom London
2. United States New York City
3. Hong Kong Hong Kong
4. Singapore Singapore
=5. China Shanghai
=5. Japan Tokyo
7. United States Chicago
8. Switzerland Zurich
9. Switzerland Geneva
=10. Australia Sydney
=10. Canada Toronto

The Global Financial Centres Index is published by the London based British think-tank Z/Yen and is updated annually.[2]

World's most economically powerful cities

The New York Stock Exchange

In 2008, Forbes ranked the top ten most economically influential and powerful cities in the world:[3]

  1. United Kingdom London
  2. Hong Kong Hong Kong
  3. United States New York City
  4. Japan Tokyo
  5. United States Chicago
  6. South Korea Seoul
  7. France Paris
  8. United States Los Angeles
  9. China Shanghai
  10. Canada Toronto

Worldwide Centres of Commerce Index

Main article: Worldwide Centres of Commerce Index
The Tokyo Stock Exchange

As of 2008, the top ten commercial centres according to the Worldwide Centres of Commerce Index in the world, by country are:[4]

  1. United Kingdom London
  2. United States New York City
  3. Japan Tokyo
  4.  Singapore
  5. United States Chicago
  6.  Hong Kong
  7. France Paris
  8. Germany Frankfurt
  9. South Korea Seoul
  10. Netherlands Amsterdam

The Worldwide Centres of Commerce Index is published by MasterCard Worldwide and is updated annually.

List of major financial centres by location

Africa

Americas

New York, United States
Chicago, United States
San Francisco, United States
Toronto, Canada
Montreal, Canada

Asia

Tokyo, Japan
Singapore City, Singapore
Hong Kong
File:Gangnampicturefromtheoffice.jpg
Seoul, South Korea
File:Taipei night view from Xiangshan.jpg
Tapei, Taiwan
File:KarachiFinancial.jpg
Karachi, Pakistan

Europe

The City of London, London, UK
Frankfurt, Germany
Paris, France
Milan, Italy
Amsterdam, Netherlands

Oceania

Sydney, Australia
Melbourne, Australia

Offshore financial centres

Main article: Offshore financial centre

An offshore financial centre, although not precisely defined, is usually a small, low-tax jurisdiction specialising in providing the corporate and commercial services to non-residents in the form of offshore companies and the investment of offshore funds.

The term offshore financial centre is a relatively modern neologism, first coined in the 1980s.[10] Although the terms are not synonymous, many leading offshore finance centres are regarded as "tax havens", and the lack of precise definitions often leads to confusion between the concepts. In Tolley's International Initiatives Affecting Financial Havens[11] the author in the Glossary of Terms defines an "offshore financial centre" in forthright terms as "a politically correct term for what used to be called a tax haven." However, he then qualifies this by adding "The use of this term makes the important point that a jurisdiction may provide specific facilities for offshore financial centres without being in any general sense a tax haven."

In 2009 the International Financial Centres Forum (IFC Forum) was established by a group of professional service firms and businesses with offices in the leading offshore centres.[12] According to its website, the IFC Forum aims to provide authoritative and balanced information about the role of the small international financial centres in the global economy.

References

  1. ^ "The Global Financial Centres Index 9" (PDF). Z/Yen. Retrieved 2011-03-24.
  2. ^ "AFP: Hong Kong joins NY, London uk as top finance centre". Agence France-Presse.
  3. ^ ""World's Most Economically Powerful Cities"". Forbes.com. 2008-07-15. Retrieved 2011-02-26.
  4. ^ "Worldwide Centres of Commerce Index 2008" (PDF). Mastercard.
  5. ^ "Hong Kong surpasses New York in IPOs". International Herald Tribune. 2006-12-25. Retrieved 2008-02-01.
  6. ^ Ed Feulner (2008-01-22). "Football and economic freedom". IndyStar. Retrieved 2008-02-04. [dead link]
  7. ^ "Mumbai a global financial centre? Of course!". Rediff.com. Retrieved 2011-02-26.
  8. ^ "BSE - Key statistics". Bseindia.com. Retrieved 2011-02-26.
  9. ^ "National Stock Exchange". Nasscom.in. 2006-07-12. Retrieved 2010-08-26.
  10. ^ Offshore Financial Centres, Richard Roberts, ISBN 1-85898-155-7
  11. ^ ISBN 0-406-94264-1, Tim Bennett (2001)
  12. ^ "International Financial Centres Forum Launched", Cayman Financial Review, 5 January 2010, retrieved 16 March 2011{{citation}}: CS1 maint: date and year (link)
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