A financial centre is a location that is home to a cluster of nationally or internationally significant financial services providers such as banks, investment managers or stock exchanges.:1 A prominent financial centre can be described as an international financial centre (IFC) or a global financial centre and is often also a global city. Regional and national financial centres interact with these leading centres and may act as business feeders or provide local access to them. An offshore financial centre (OFC) is typically a smaller, lower-tax, more lightly regulated jurisdiction that primarily serves non-residents. In a number of large cities, the name International Financial Centre is given to skyscrapers located in business districts, for example the landmark International Finance Centre (Hong Kong).
Financial centres are locations with an agglomeration of participants in financial markets and venues for these activities to take place. Participants can include financial intermediaries (such as banks, brokers, asset management funds), institutional investors (such as investment managers), as well as central banks. Trading activity takes place on venues such as exchanges and involve clearing houses, although many transactions take place over-the-counter (OTC), that is directly between participants. Financial centres usually host companies that offer a wide range of financial advisory services, for example relating to mergers and acquisitions, or which participate in other areas of finance, such as private equity and reinsurance.
Financial centres serve the domestic business of their home country and may also serve international business. International activity occurs as soon as one of the participants in the activity is foreign to the home country of the financial centre, or when the instruments themselves are international in nature such as Eurobonds. The term international financial centre or global financial centre is mostly used to indicate a prominent financial centre where such international or cross-border business takes place.
International Financial Centers (IFCs)—such as London, New York, and Tokyo—are large international full-service centers with advanced settlement and payments systems, supporting large domestic economies, with deep and liquid markets where both the sources and uses of funds are diverse, and where legal and regulatory frameworks are adequate to safeguard the integrity of principal-agent relationships and supervisory functions.
International financial centres started an early primitive life in the 11th century in England at the annual fair of St. Giles, then developed in medieval France during the Champaign Fairs. The first real international financial center was the City State of Venice which slowly emerged from the 9th century to its peak in the 14th century. Contemporary finance centers such as London, Amsterdam, Paris, Tokyo and New York, have long histories; today there is a diverse range of financial centres worldwide. While New York and London often stand out as the leading global financial centres, other established financial centres provide significant competition and several newer financial centres are developing. Despite this proliferation of financial centres, academics have discussed evidence showing increasing concentration of financial activity in the largest national and international financial centres in the 21st century.:24–34 Others have discussed the ongoing dominance of New York and London, and the role linkages between these two financial centres played in the financial crisis of 2007–08.
Prior to the 1960s, there is little data available to rank financial centres.:1 In recent years many rankings have been developed and published. Two of the most relevant are the Global Financial Centres Index and the International Financial Centres Development Index.
Global Financial Centres Index
The Global Financial Centres Index is compiled semi-annually by the London-based British think-tank Z/Yen. London has been the top-ranked centre from the index's inception in 2007, except from March 2014 to September 2015, when New York City led.
As of September 2016, the top ten global financial centres are:
|2||New York City||794|
International Financial Centres Development Index
The International Financial Centres Development Index is compiled annually by the Xinhua News Agency of China with the Chicago Mercantile Exchange and Dow Jones & Company of the United States, and is known as the Xinhua-Dow Jones International Financial Centers Development Index. New York has been the top-ranked centre since inception of the index in 2010. According to the 2014 Xinhua-Dow Jones International Financial Centres Development Index, the top ten financial centres in the world are:
|1||New York City||87.72|
Comparisons of financial centres focus on their history, role and significance in serving national, regional and international financial activity. Each centre's offering includes differing legal, tax and regulatory environments. One journalist suggested three prime factors for success as a financial city: a pool of money to lend or invest; a decent legal framework; and high-quality human resources.
- Amsterdam. Amsterdam is well known for the size of its pension fund market. It is also a centre for banking and trading activities. Amsterdam was a prominent and innovative financial centre in Europe in the 17th century.:24
- Chicago. The Illinois city has the "world’s largest [exchange-traded] derivatives market" when the Chicago Mercantile Exchange and the Chicago Board of Trade merged in 2007, under the CME Group.
- Dubai. The second largest emirate in the United Arab Emirates is a growing centre for finance in the Middle East, including for Islamic finance. Its emergence as a financial centre is relatively recent, although commercial banking activity in the UAE became established in the second half of the 20th century (the first commercial bank in Dubai was British Bank of the Middle East in 1946, and the first domestic commercial bank was the National Bank of Dubai established in 1963).
- Dublin. Dublin is a diverse financial services centre, home to banking, insurance and trading services as well as bespoke activities such as aircraft leasing. Dublin has a global reputation as an asset management centre, particularly for alternative investment funds.
- Frankfurt. Frankfurt attracts many foreign banks which maintain offices in the city. It is the seat of Deutsche Börse, one of the leading stock exchanges and derivatives markets operators, and the European Central Bank, which sets the monetary policy for the single European currency, the euro; in addition, in 2014 the European Central Bank took over responsibility for banking supervision for the 18 countries which form the Eurozone. It is also the seat of Deutsche Bundesbank, the German central bank, as well as of EIOPA, the EU's supervisory authority for insurances and occupational pension systems.
- Frankfurt has been the financial centre of Germany since the second half of the 20th century as it was before the mid-19th century. Berlin held the position during the intervening period, focusing on lending to European countries while London focused on lending to the Americas and Asia.
- Hong Kong. As a financial centre, Hong Kong has strong links with London and New York City.:10–11 It developed its financial services industry while a British territory and its present legal system, defined in Hong Kong Basic Law, is based on English law. In 1997, Hong Kong became a Special Administrative Region of the People's Republic of China, retaining its laws and a high degree of autonomy for at least 50 years after the transfer. Most of the world's 100 largest banks have a presence in the city. Hong Kong is a leading location for initial public offerings, competing with New York City, and also for merger and acquisition activity.
- London. London has been a leading international financial centre since the 19th century.:74–75:149 For much of this time, it has been a major centre of lending and investment around the world and during the late 20th century played an important role in the development of new financial products such as the Eurobond market in the 1960s and derivatives in the 1990s.:13:2 English contract law was adopted widely for international finance, with legal services provided in London, and financial institutions located there provided services internationally such as Lloyd's of London for insurance and the Baltic Exchange for shipping.
- London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around the world. However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and Shanghai. London is the largest centre for derivatives markets, foreign exchange markets, money markets, issuance of international debt securities, international insurance, trading in gold, silver and base metals through the London bullion market and London Metal Exchange, and international bank lending.:2 London benefits from its position between the Asia and U.S. time zones, and has benefited from its location within the European Union, though this may end following the outcome of the Brexit referendum of 2016 and the decision of the United Kingdom to leave the European Union. As well as the London Stock Exchange, the Bank of England, the second oldest central bank, and the European Banking Authority are based in London, although the latter is expected to move following Brexit.
- Luxembourg. The Luxembourg financial centre is the largest investment fund centre in Europe, and second in the world after the United States. It is the leading private banking centre in the Eurozone and the largest captive reinsurance centre in Europe. 143 banks from 28 different countries are established in Luxembourg. The country is also the third largest renminbi centre in the world by numbers, in certain activities such as deposits, loans, bond listing and investment funds. Three of the largest Chinese banks have their European hub in Luxembourg (ICBC, Bank of China, China Construction Bank).
- Madrid. Madrid is the headquarters to the Spanish company Bolsas y Mercados Españoles, which owns the four stock exchanges in Spain, the largest being the Bolsa de Madrid. Trading of equities, derivatives and fixed income securities are linked through the Madrid-based electronic Spanish Stock Market Interconnection System (SIBE), handling more than 90% of all financial transactions. Madrid ranks fourth in European equities market capitalisation, and Madrid’s Stock Exchange is second in terms of number of listed companies, just behind New York Stock Exchange (NYSE plus NASDAQ). As a financial centre, Madrid has extensive links with Latin America and acts as a gateway for many Latin American financial firms to access the EU banking and financial markets.:6–7
- Milan. The city is Italy's main centre of banking and finance. It hosts the Borsa Italiana stock exchange, one of the larger stock exchanges in Europe, which is now part of the London Stock Exchange Group.:245
- New York City. Since the middle of the 20th century, New York City, represented by Wall Street, has been described as a leading financial centre.:1:25:4–5 Over the past few decades, with the rise of a multipolar world with new regional powers and global capitalism, numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be the focus of new worldwide growth.:39–49 One source described New York as extending its lead as the world's centre of finance in November 2014; according to Kinetic Partners, "New York has proven that it can draw and maintain institutions that believe it is the best place to grow their businesses".
- New York City remains the largest centre for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. economy.:31–32 The NYSE and NASDAQ are the two largest stock exchanges in the world. New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. Several investment banks and investment managers headquartered in New York City are important participants in other financial centres.:34–35 The New York Federal Reserve Bank, the largest within the Federal Reserve System, regulates financial institutions and implements U.S. monetary policy, which in turn influences the world's economy. The three major global credit rating agencies – Standard and Poor's, Moody's Investor Service, and Fitch Ratings – are headquartered or co-headquartered in New York City, with Fitch being co-headquartered in London.
- Paris. Alongside equity trading on the Paris Stock Exchange, there is futures and options trading, insurance, corporate banking and asset management taking place in Paris. The city is home to the Banque de France and the European Securities and Markets Authority. Paris has been a major financial centre since the 19th century.:1
- Seoul. South Korea's capital has developed significantly as a financial centre since the late-2000s recession. In 2009, Seoul ranked 53rd among global financial centres; by 2012, Seoul had risen to number 9. Seoul has continued to build office space with the completion of the International Financial Center Seoul in 2013. It ranked 7th in the 2015 Global Financial Centres Index, recording the highest growth in rating among the top ten cities.
- Shanghai. Official efforts have been directed to making Pudong a financial leader by 2010. Efforts during the 1990s were mixed, but in the early 21st century, Shanghai gained ground. Factors such as a "protective banking sector" and a "highly restricted capital market" have held the city back, according to one analysis in 2009 in China Daily. Shanghai has done well in terms of market capitalisation but it needs to "attract an army of money managers, lawyers, accountants, actuaries, brokers and other professionals, Chinese and foreign" to enable it to compete with New York and London. China is generating tremendous new capital, which makes it easier to stage initial public offerings of state-owned companies in places like Shanghai.
- Singapore. Singapore has developed into the Asia region’s largest centre for foreign exchange and commodity trading, as well as a growing wealth management hub. Other than Tokyo, it is one of the main centres for fixed income trading in Asia. However, the market capitalisation of its stock exchange has been falling since 2014 and several major companies plan to delist.
- Sydney. Australia's most populous city is a financial and business services hub not only for Australia but for the Asia-Pacific region. Sydney competes quite closely with other Asia Pacific hubs, however it concentrates a greater portion of Australian-based business in terms of clients and services. Sydney is home to two of Australia's four largest banks, the Commonwealth Bank of Australia and Westpac Banking Corporation, both headquartered in the Sydney CBD. Sydney is also home to 12 of the top 15 asset managers in Australia, Melbourne on the other hand tends to concentrate more of the Australian superannuation funds (pension funds). Sydney is using the large Barangaroo development project on its harbour to further position itself as an Asian Pacific hub. Sydney is also home to the Australian Securities Exchange and an array of brokerage banks which are either headquartered or regionally based in Sydney including Australia's largest investment bank Macquarie Group.
- Tokyo. One report suggests that Japanese authorities are working on plans to transform Tokyo but have met with mixed success, noting that "initial drafts suggest that Japan's economic specialists are having trouble figuring out the secret of the Western financial centres' success." Efforts include more English-speaking restaurants and services and the building of many new office buildings in Tokyo, but more powerful stimuli such as lower taxes have been neglected and a relative aversion to finance remains prevalent in Japan. Tokyo emerged as a major financial centre in the 1980s as the Japanese economy became one of the largest in the world.:1 As a financial centre, Tokyo has good links with New York City, and London.
- Toronto. The city is a leading market for Canada's largest financial institutions and large insurance companies. It has also become one of the fastest growing financial centres following the late-2000s recession, helped by the stability of the Canadian banking system. Most of the financial industry is concentrated along Bay Street, where the Toronto Stock Exchange is also located.
- Zurich. Zurich is a significant centre for banking, asset management including provision of alternative investment products, and insurance. Since Switzerland is not a member of the European Union, Zurich is not directly subject to EU regulation.
- Others. Mumbai is an emerging financial centre which currently provides services to support other financial centres. Cities such as São Paulo and Johannesburg and other "would-be hubs" lack liquidity and the "skills base," according to one source. Financial industries in countries and regions such as the Indian subcontinent and Malaysia require not only well-trained people but the "whole institutional infrastructure of laws, regulations, contracts, trust and disclosure" which takes time to happen.
|“||In today’s burgeoning and increasingly integrated global financial markets — a vast, neural spaghetti of wires, Web sites and trading platforms — the N.Y.S.E. is clearly no longer the epicenter. Nor is New York. The largest mutual-fund complexes are in Valley Forge, Pa., Los Angeles and Boston, while trading and money management are spreading globally. Since the end of the cold war, vast pools of capital have been forming overseas, in the Swiss bank accounts of Russian oligarchs, in the Shanghai vaults of Chinese manufacturing magnates and in the coffers of funds controlled by governments in Singapore, Russia, Dubai, Qatar and Saudi Arabia that may amount to some $2.5 trillion. -- Daniel Gross in 2007.||”|
An example is the alternative trading platform known as BATS, based in Kansas City, which came "out of nowhere to gain a 9 percent share in the market for trading United States stocks." The firm has computers in the U.S. state of New Jersey, two salespersons in New York City, but the remaining 33 employees work in a centre in Kansas. Charlotte is the second-largest banking centre in the United States, after New York City. Bank of America, the United States' second-largest bank is headquartered here, as well as a secondary headquarters for Wells Fargo. BB&T, MetLife, TIAA-CREF, and SunTrust Banks all have a major corporate presence in the city.
Offshore financial centres
An offshore financial centre, although not precisely defined, is usually a small, low-tax jurisdiction specialising in providing 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. Although the terms are not synonymous, many leading offshore finance centres are regarded as "tax havens", and the lack of precise definition often leads to confusion between the concepts. In Tolley's International Initiatives Affecting Financial Havens 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, this is qualified 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. 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.
- Financial capital
- Financial Development Index
- Geography of finance
- Global financial system
- Kaleigh Alessandro (August 9, 2012). "Hedge Fund Real Estate Update: Is Midtown Still the NYC Hot Spot?". Eze Castle Integration. Retrieved April 9, 2015.
- Nicole Pohl, Franklin; Marshall College (2004). "Where is Wall Street? Financial Geography after 09/11". The Industrial Geographer. Retrieved April 9, 2015.
- "Worldwide Centres of Commerce Index 2008" (PDF). Mastercard. 2008. Retrieved 5 July 2011.
- London and Paris as International Financial Centres in the Twentieth Century. Oxford: OUP Oxford. 2005. ISBN 9780191533471.
- "Financial Centres: What, Where and Why?" (PDF). The University of Western Ontario. Retrieved 24 May 2015.
- "Why Europe needs International Financial Centres" (PDF). International Regulatory Strategy Group, CBI. Retrieved 24 May 2015.
- "The Competitive Position of London as a Global Financial Centre" (PDF). Z/Yen Limited. November 2005. Retrieved 24 May 2015.
- "Offshore Financial Centers: IMF Background Paper". International Monetary Fund. 23 June 2000. Retrieved 24 May 2015.
- Coispeau, Olivier (2016-08-10). Finance Masters: A Brief History of International Financial Centers in the Last Millennium. World Scientific. ISBN 9789813108844.
- Cameron, Rondo; Bovykin, V.I., eds. (1991). International Banking: 1870–1914. New York, NY: Oxford University Press. ISBN 978-0-19-506271-7.
- "What Makes A Successful Global Financial Centre?". Gresham College. 14 October 2009. Retrieved 24 May 2015.
- Mercer (3 August 2012). "Cost of living and quality of life in international financial centres". City of London. Retrieved 23 May 2015.
- "New York and London vie for crown of world's top financial centre". The Financial Times. 1 October 2014. Retrieved 24 May 2015.
- Beth Gardiner (January 20, 2010). "The London Banking Center Is Beginning to Feel Like Itself Again". The New York Times: Global Business. Retrieved 2011-01-15.
- Bourse Consult (18 November 2013). "From local to global: building a modern financial centre". City of London. Retrieved 24 May 2015.
- Jacobs, [edited by] A.J. (2013). "2: Cities in a World Economy (2006) Saskia Sassen". The world's cities : contrasting regional, national, and global perspectives (1st ed.). New York: Routledge. ISBN 9780415894852. Retrieved 29 May 2015.
- Wójcik, Dariusz (2011). "The dark side of NY-LON: Financial centres and the global financial crisis". School of Geography and Environment, University of Oxford. Retrieved 20 August 2016.
- See, for example, Yoshio Okubo, Vice Chairman, Japan Securities Dealers Association (October 2014). "Comparison of Global Financial Center". Harvard Law School, Program on International Financial Systems, Japan-U.S. Symposium. Retrieved 30 May 2015.
- "London beats New York to top financial hub ranking - RTÉ News". Rte.ie. Retrieved 2015-09-24.
- "GFCI - Global Financial Centres Index". Z/Yen Group. Retrieved 24 September 2015.
- "New York Strips London of Mantle as World's Top Financial Center". Bloomberg. 17 March 2014. Retrieved 30 May 2015.
- "The Global Financial Centres Index 19". Long Finance. March 2016.
- "Xinhua-Dow Jones International Financial Centers Development Index - 2014" (PDF). Xinhua and Dow Jones. November 2014. Retrieved November 2014. Check date values in:
- "2013 WFE Market Highlights" (PDF). World Federation of Exchanges. Archived from the original (PDF) on March 27, 2014. Retrieved July 20, 2014.
- "Top 10 Stock Exchanges in the world". World Stock Exchanges. 2011. Retrieved 24 May 2015; "UK's financial services trade surplus biggest in the world, dwarfing its nearest rivals". TheCityUK. 3 July 2014. Retrieved 5 June 2015.
- "History of the Frankfurt Stock Exchange – Patricians, princes and commodity markets: 18th - 19th century". Deutsche Börse. Retrieved 11 July 2015.
- Patrick McGeehan (February 22, 2009). "After Reversal of Fortunes, City Takes a New Look at Wall Street". The New York Times. Retrieved 2011-01-15.
- Daniel Altman (September 30, 2008). "Other financial centers could rise amid crisis". The New York Times: Business. Retrieved 2011-01-15.
- "The financial and business sector in the Amsterdam metropolitan area." (PDF). Amsterdam Business. Retrieved 23 May 2015.
- Roberts, Richard (2008). The City: A Guide to London's Global Financial Centre. Economist.
- Heather Timmons (October 27, 2006). "New York Isn't the World's Undisputed Financial Capital". The New York Times. Retrieved 2011-01-15.
- "Dubai as an international financial centre" (PDF). Cass Business School. September 2013. Retrieved 2 June 2015.
- "Ireland's IFSC (International Financial Services Centre)". Finance Dublin. Retrieved 23 May 2015.
- "Key Facts". IFSC Ireland. Retrieved 23 May 2015.
- "Frankfurt as a Financial Centre". The Financial Times. Retrieved 25 May 2015.
- https://eiopa.europa.eu/Contacts, accessed 17 November 2015.
- Julia Bersch, Ludwig-Maximilians-University Munich and Munich Graduate School of Economics, Graciela L. Kaminsky, (September 2008). "Financial globalization in the 19th century: Germany as a financial center" (PDF). pp. 1, 4.
- Jeske, Carl-Ludwig Holtfrerich.; Metzler, Friedrich von (1999). Frankfurt as a financial centre : from medieval trade fair to European banking centre. München: Beck. ISBN 9783406456718.
- (Xinhua) (2009-06-02). "HK, Shenzhen promote financial industry in NY". China Daily. Retrieved 2011-01-15.
- "Hong Kong's Likely Return as Top IPO Market Not All Rosy". Wall Street Journal. 23 June 2016. Retrieved 9 October 2016.
- "China to Wall Street's Deal Makers: We Don't Need You". Wall Street Journal. 21 February 2016. Retrieved 9 October 2016.
- Cassis, Youssef (2006). Capitals of Capital: A History of International Financial Centres, 1780–2005. Cambridge, UK: Cambridge University Press. ISBN 978-0-511-33522-8.
- Michie, Ranald (2006). The Global Securities Market: A History. OUP Oxford. ISBN 0191608599.
- Professor Ranald Michie, Durham University (July 2012). "The City of London as a Global Financial Centre: An historical and comparative perspective". Retrieved 23 May 2015.
- "UK leading the way as an international centre for legal services and dispute resolution". TheCityUK. 30 January 2014. Retrieved 5 June 2015.
English law remains one of our most significant exports and continues to ensure the UK plays a leading role in global commerce; "English Common Law is the most widespread legal system in the world" (PDF). Sweet & Maxwell. November 2008. Retrieved 16 December 2013.
- Clark, David (2003). Urban world/global city. Routledge. p. 174-176. ISBN 0415320976; Shubik, Martin (1999). The theory of money and financial institutions. MIT Press. p. 8. ISBN 0262693119.
- "UK's financial services trade surplus biggest in the world, dwarfing its nearest rivals". TheCityUK. 3 July 2014. Retrieved 5 June 2015; Oxford Economics (20 January 2011). "London's competitive place in the UK and global economies". City of London. Retrieved 24 May 2015.
- "London's Low Taxes Lure Foreign Companies as Banks Retrench". Bloomberg. Retrieved 22 December 2013; "KPMG's Annual Tax Competitiveness Survey 2013". KPMG. Retrieved 22 December 2013.
- "London Is Eating New York's Lunch". The New York Times Magazine. 29 February 2012. Retrieved 24 May 2015.
- "Triennial Central Bank Survey: OTC interest rate derivatives turnover in April 2013" (PDF). Bank for International Settlements. September 2013. p. 11. Retrieved 20 May 2015.
- "Triennial Central Bank Survey: Foreign exchange turnover in April 2013" (PDF). Bank for International Settlements. September 2013. p. 14. Retrieved 23 May 2015.
- "International money market instruments - all issuers By residence of issuer" (PDF). Bank for International Settlements. March 2015. Retrieved 23 May 2015.
- "International debt securities - all issuers All maturities, by residence of issuer" (PDF). Bank for International Settlements. March 2015. Retrieved 23 May 2015.
- "Key Facts about the UK as an International Financial Centre report 2015" (PDF). TheCityUK. 21 July 2015. p. 3. Retrieved 9 October 2016.
- "LBMA says banks back its plan to change London gold market". Financial Times. 18 August 2016. Retrieved 9 October 2016; "A guide to The London Bullion Market Association" (PDF). London Bullion Market Association. May 2015. Retrieved 9 October 2016; "London Metal Exchange". The London Metal Exchange. Retrieved 9 October 2016.
- "External loans and deposits of banks" (PDF). Bank for International Settlements. April 2015. Retrieved 23 May 2015.
- "London Wants to Tap Chinese Currency Market". The New York Times Deal Book. 16 January 2012. Retrieved 13 December 2014.
- Europe Economics (6 July 2011). "The value of Europe's international financial centres to the EU economy". City of London and TheCityUK. Retrieved 23 May 2015; "Financial Services: A British, German and European Asset". TheCityUK. 5 July 2013. Retrieved 23 May 2015; "EU position in world trade". European Commission. Retrieved 24 May 2015.
- "Number of banks per country of origin". Commission de Surveillance du Secteur Financier. 30 April 2015. Retrieved 25 May 2015.
- "Luxembourg third largest RMB centre worldwide". Investment Europe. 9 July 2014. Retrieved 25 May 2015.
- Europe Economics (July 2011). "Value of EU's Financial Centres" (PDF). City of London Corporation and TheCityUK.
- Europe Economics (6 July 2011). "The value of Europe's international financial centres to the EU economy". City of London and TheCityUK. Retrieved 23 May 2015.
- Sako, Musterd; Murie, Alan, eds. (2011). Making Competitive Cities. John Wiley & Sons. ISBN 1444390422.
- McKinsey & Company and the New York City Economic Development Corporation (2007). "Sustaining New York's and the US' Global Financial Services Leadership" (PDF). City of New York. Retrieved May 2, 2015.
- "Backgrounder: The Shifting Capital of Capital". The New York Times. 12 July 2007. Retrieved 25 May 2015.
- John Glover (November 23, 2014). "New York Boosts Lead on London as Leading Finance Center". Bloomberg L.P. Retrieved November 24, 2014.
- "Total debt securities" (PDF). Bank for International Settlements. June 2013. Retrieved 23 May 2015.
- Matt Taibbi (July 13, 2009). "The Great American Bubble Machine". Rolling Stone. p. 6. Archived from the original on April 6, 2010. Retrieved August 27, 2015.
- "About the Fed." New York Federal Reserve Web page. Footnote upgraded/confirmed 2010-03-30.
- Binnyamin Appelbaum (August 25, 2015). "Bets That the Fed Will Delay Interest Rate Rise Could Be Premature". The New York Times. Retrieved August 27, 2015.
In addition, the International Monetary Fund has expressed concern that the Fed, by raising rates, could increase pressure on developing economies.
- MarketWatch (18 September 2015). "Goldman Sachs Sees Limited Impact Of Fed Rate Hike On Emerging Markets". Fox Business. Retrieved 23 September 2015.
emerging market assets will be driven primarily by local fundamentals
- "Paris, the Euro Area's leading financial centre". French Ministry of Foreign Affairs and International Development. Retrieved 24 May 2015.
- "Seoul's Rise as a Global Financial Center". The Korea Society. 21 September 2012. Retrieved 25 May 2015.
- Seth Faison (December 13, 1996). "Hong Kong Continues to Eclipse An Economic Rebirth in Shanghai". The New York Times: Business Day. Retrieved 2011-01-15.
- Hong Liang (2009-05-04). "Software for a financial center here". China Daily. Retrieved 2011-01-15.
- Dealbook (March 2, 2010). "Shanghai Opens Doors to Financial World". The New York Times. Retrieved 2011-01-15.
- Daniel Gross (October 14, 2007). "The Capital of Capital No More?". The New York Times: Magazine. Retrieved 2011-01-15.
- "Singapore jostles with Hong Kong for financial crown". The Financial Times. 16 October 2014. Retrieved 25 May 2015.
- "Brand Singapore Takes a Beating". Wall Street Journal. 25 July 2016. Retrieved 9 October 2016.
- "Sydney seeks to become Asia finance hub with Barangaroo project". Financial Times. 22 March 2015.
- "Rethinking Sydney's role as an international financial centre". China Spectator. 25 November 2014. Retrieved 25 May 2015.
- "Sydney losing battle to become a leading financial centre". Sydney Morning Herald. 25 September 2014. Retrieved 25 May 2015.
- Martin Fackler (November 16, 2007). "Tokyo Seeking a Top Niche in Global Finance". The New York Times: World Business. Retrieved 2011-01-15.
- "Japan-U.S. Symposium". Harvard Law School, Program on International Financial Systems, Japan-U.S. Symposium. Retrieved 30 May 2015.
- "Financial Services". Invest Toronto. Retrieved 25 May 2015.
- "Portrait of the Zurich financial centre". Finanzplatz Zurich. Retrieved 24 May 2015.
- "The Zurich banking centre" (PDF). Zurich Banking Association. Retrieved 24 May 2015.
- "Financial Services". Canton of Zurich. Retrieved 24 May 2015.
- "Mumbai – An International Financial Centre". Indian Institute of Management Bangalore. March 2008. Retrieved 24 May 2015.
- "Making Mumbai an International Financial Centre" (PDF). Ministry of Finance, Government of India. 2007. Retrieved 24 May 2015.
- "Mumbai's dream of becoming an international financial centre may soon be a reality". The Economic Times. 3 November 2014. Retrieved 24 May 2015.
- Offshore Financial Centres, Richard Roberts, ISBN 1-85898-155-7
- ISBN 0-406-94264-1, Tim Bennett (2001)
- "International Financial Centres Forum Launched", Cayman Financial Review, 5 January 2010, retrieved 16 March 2011