Financial centre

Source: Wikipedia, the free encyclopedia.
For a list, see List of financial districts.

New York City's Financial District in Lower Manhattan, including Wall Street, the largest International Financial Centre (IFC) and fintech centre in the world[1][2]
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    A financial centre (financial center in

    rating agencies, as well as provision of related professional services, particularly legal advice and accounting services.[5]

    The

    Offshore Financial Centres (OFCs), such as the Cayman Islands, Dublin, Cyprus and Hong Kong.[a]

    International Financial Centres, and many Regional Financial Centres, are full–service financial centres with direct access to large capital pools from banks, insurance companies, investment funds, and listed capital markets, and are major

    tax havens.[c]

    Definitions

    FSF–IMF approach

    In April 2000, the Financial Stability Forum ("FSF"),[d] concerned about OFCs on global financial stability produced a report listing 42 OFCs.[9] In June 2000, the International Monetary Fund (IMF) published a working paper on OFCs, but which also proposed a taxonomy on classifying the various types of global financial centres, which they listed as follows (with the description and examples they noted as typical of each category, also noted):[10]

    1. International Financial Center (IFC). Described by the IMF as being large international full–service centres with advanced settlement and payments systems, supporting large domestic economies, with deep market liquidity where both the sources and uses of funds are diverse, and where the legal and regulatory frameworks are adequate to safeguard the integrity of principal–agent relationships and supervisory functions. IFCs generally borrow short–term from non–residents and lend long–term to non–residents. Examples cited by the IMF included New York City,[1][2] London, and Tokyo.
    2. Regional Financial Center (RFC). The IMF noted that RFCs, like IFCs, have developed financial markets and infrastructure and intermediate funds in and out of their region, but in contrast to IFCs, have relatively small domestic economies. Examples cited by the IMF included Hong Kong, Singapore, and Luxembourg.
    3. Offshore Financial Center (OFC). The IMF noted that OFCs are usually smaller, and provide more specialist services, however, OFCs still ranged from centres that provide specialist and skilled activities, attractive to major financial institutions, and more lightly regulated centres that provide services that are almost entirely tax driven, and have very limited resources to support financial intermediation. The IMF listed 46 OFCs in 2000, the largest of which was Ireland, the Caribbean (including the Cayman Islands, and the British Virgin Islands), Hong Kong, Singapore, and Luxembourg.
    International Finance Centre (Hong Kong)

    The IMF noted that the three categories were not mutually exclusive and that various locations could fall under the definition of an OFC and an RFC, in particular (e.g. Singapore and Hong Kong were cited).[10]

    Rationale for OFCs

    See also: Offshore financial centre

    The IMF noted that OFCs could be set up for legitimate purposes (listing various reasons), but also for what the IMF called dubious purposes, citing tax evasion and money–laundering. In 2007, the IMF produced the following definition of an OFC: a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy.[11] The FSF annual reports on global shadow banking use the IMF definition to track the OFCs with the largest financial centres relative to their domestic economies.[12]

    Conduit and Sink OFCs
    : Mapping the links between financial centres

    Progress from 2000 onwards from

    tax havens, and use the term OFC and tax haven interchangeably (e.g. the academic lists of tax havens include all the FSF–IMF OFCs).[7][8]

    In July 2017, a study by the

    Conduit and Sink OFCs:[13]

    Sink OFCs rely on Conduit OFCs to re–route funds from high–tax locations using

    tax treaties
    . Because Sink OFCs are more closely associated with traditional tax havens, they tend to have more limited treaty networks and access to global higher–tax locations.

    Rankings

    Prior to the 1960s, there was little data available to rank financial centres.[14]: 1  In recent years many rankings have been developed and published. Two of the most relevant are the Global Financial Centres Index and the Xinhua–Dow Jones International Financial Centres Development Index.[15]

    Global Financial Centres Index (2007–ongoing)

    Main article: Global Financial Centres Index
    London is one of the main global financial centres in Europe.

    The Global Financial Centres Index ("GFCI") is compiled semi-annually by the London-based think tank Z/Yen in conjunction with the Shenzhen-based think tank China Development Institute.[16] As of 28 September 2023, the top global financial centres per the GFCI article containing a ranked list of 121 financial centres were:[17]

    Rank Centre Rating Change in rank Change in rating
    1 United States New York City 763 Steady Increase 3
    2 United Kingdom London 744 Steady Increase 13
    3 Singapore Singapore 742 Steady Increase 19
    4 Hong Kong Hong Kong 741 Steady Increase 19
    5 United States San Francisco 735 Steady Increase 14
    6 United States Los Angeles 734 Steady Increase 15
    7 China Shanghai 733 Steady Increase 16
    8 United States Washington, D.C. 732 Increase 3 Increase 19
    9 United States Chicago 731 Decrease 1 Increase 15
    10 Switzerland Geneva 730 Increase 13 Increase 29
    11 South Korea Seoul 729 Decrease 1 Increase 15
    12 China Shenzhen 728 Steady Increase 16
    13 China Beijing 727 Steady Increase 16
    14 Germany Frankfurt 726 Increase 3 Increase 19
    15 France Paris 725 Decrease 1 Increase 15
    16 Luxembourg Luxembourg 724 Increase 3 Increase 19
    17 United States Boston 723 Decrease 8 Increase 8
    18 Switzerland Zürich 722 Increase 2 Increase 18
    19 Netherlands Amsterdam 721 Decrease 3 Increase 13
    20 Japan Tokyo 720 Increase 1 Increase 17

    Xinhua–Dow Jones Index (2010–2014)

    Frankfurt's banking district, home to various global and European bank headquarters. The district houses the main German stock exchange and many EU and German regulators.

    The Xinhua–Dow Jones International Financial Centers Development Index was compiled annually by the Xinhua News Agency of China with the Chicago Mercantile Exchange and Dow Jones & Company of the United States from 2010 to 2014. During that time New York was the top-ranked centre.

    According to the 2014 Xinhua–Dow Jones International Financial Centres Development Index (IFCD), the top ten financial centres in the world were:[18]

    Rank Change Centre Rating
    1 Steady United States New York City 87.72
    2 Steady United Kingdom LondonĆ 86.64
    3 Increase 1 Japan Tokyo 84.57
    4 Increase 1 Singapore SingaporeĆ 77.23
    5 Decrease 2 Hong Kong Hong Kongć 77.10
    5 Steady China Shanghai 77.10
    7 Steady France Paris 64.83
    8 Steady Germany Frankfurt 60.27
    9 Increase 2 China Beijing 59.98
    10 Decrease 1 United States Chicago 58.22

    (Δ) Appears on the FSF–IMF Offshore Financial Centre (OFC) Lists.
    (†) Also appears as one of the top 5

    Conduit OFC
    , in CORPNET's 2017 research; or
    (‡) Also appears as one of the top 5
    Sink OFC
    , in CORPNET's 2017 research.

    Examples

    Old finance centres such as Amsterdam, London, Paris, and New York

    financial crisis of 2007–08.[26]

    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.[27] One journalist suggested three factors for success as a financial city: "a pool of capital to lend or invest; a decent legal and taxation framework; and high-quality human resources".[28]

    Major IMF IFCs

    New York, London, and Tokyo are in every list of major IFCs. Some of the major RFCs (see below), such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs in some lists.

    The New York Stock Exchange on Wall Street, the world's largest stock exchange by listed capitalisation[29]
    • New York City. Since the middle of the 20th century, New York City, represented by
      think-tank New Financial concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre.[32]
    New York City remains the largest centre for trading in
    Standard and Poor's, Moody's Ratings, and Fitch Ratings
    – are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London.
    The London Stock Exchange in the City of London, the largest exchange in Europe by capitalisation[34]
    • London. London has been a leading international financial centre
      Eurobonds in the 1960s, international asset management and international equities trading in the 1980s, and derivatives in the 1990s.[19]: 13 [5]: 6, 12–13, 88–9 [42]
    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.
    bank lending.[5]: 2 [42][52] London has the second largest concentration of hedge funds (847 according to HedgeLists.com). London benefits from its position between the Asia and U.S. time zones,[53] and benefited from its location within the European Union,[54]: 1  although this ended on 31 January 2020 when the United Kingdom left the European Union following the Brexit referendum of 2016. As well as the London Stock Exchange, the Bank of England, the second oldest central bank, is in London, although the European Banking Authority moved to Paris after Brexit.[55][56]
    Tokyo, Japan, is the largest stock exchange in Asia.[34]

    Major IMF OFCs

    See also:
    Conduit and Sink OFCs

    These centres appear in all FSF–IMF lists of OFCs and, bar the Caribbean OFCs of the Cayman Islands, the British Virgin Islands, and Bermuda, represent all the major OFCs. Some also appear as RFCs in various lists, particularly Hong Kong, and Singapore. They also appear on most

    Conduit and Sink OFCs
    in the world.

    Major IMF RFCs

    In some lists, RFCs such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs, however, they do not appear in all lists. They are certainly major RFCs.

    • Dubai. The second largest emirate in the
      National Bank of Dubai established in 1963).[83]
    The Frankfurt Stock Exchange building, which dates back to 1879[84]
    • Frankfurt. Frankfurt attracts many foreign banks which maintain offices in the city. It is the seat of
      EIOPA, the EU's supervisory authority for insurances and occupational pension systems.[86]
    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.[87][88]
    Bolsa de Madrid. Madrid's stock exchange is the world's second-largest in number of listed companies.[89]
    • 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).[89] 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.[90]: 6–7 
    The seat of Borsa Italiana, Palazzo Mezzanotte
    Shanghai Stock Exchange building at Pudong
    • Shanghai. Official efforts have been directed to making Pudong a financial leader by 2010.[95] 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 a 2009 opinion piece in China Daily.[96] 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.[97] China is generating tremendous new capital, which makes it easier to stage initial public offerings of state-owned companies in places like Shanghai.[98]
    The CBD of Mumbai viewed from the Arabian Sea. Also seen is the Bandra - Worli Sea Link
    Sydney's northern CBD serves as the financial and banking hub of the city.

    History

    See also: History of banking

    Primitive financial centres started in the 11th century in the Kingdom of England at the annual fair of St. Giles and in the Kingdom of Germany at the Frankfurt autumn fair, then developed in medieval France during the Champaign Fairs.[106][84]

    Italian city-states

    See also: Economic history of Italy, Economic history of Venice, and History of Genoa

    The first real international financial centre was the city state of

    medieval and early Renaissance periods while Florence can be said to be the birthplace of double-entry bookkeeping from the publication and proliferation of the work of Luca Pacioli
    .

    The Low Countries

    See also:
    History of Antwerp
    For the origin and history of the bourse in general (not to be confused with the concept of the stock exchange and stock market), see exchange (organized market)

    In the sixteenth century, the overall economic supremacy of the Italian city-states gradually waned, and the centre of financial activities in Europe shifted to the Low Countries, first to Bruges, and later to Antwerp and Amsterdam which acted as Entrepôt cities. They also became important centres of financial innovation, capital accumulation and investment.[citation needed] By the early 1800s, London officially replaced Amsterdam as the world's leading financial centre.

    19th–21st centuries

    See also: Global financial system § History of international financial architecture

    London and

    Zurich, and Geneva. London was the leading international financial centre in the four decades before World War I.[14]: 74–75 [19]: 12–15  Since then, New York and London have developed leading positions in different activities and some non-Western financial centres have grown in prominence, notably Tokyo, Hong Kong, Singapore and Shanghai
    .

    Rise of London

    See also: Economic history of the United Kingdom, City of London, History of London, and Economy of London

    London has been a leading international financial centre

    Eurobonds in the 1960s, international asset management and international equities trading in the 1980s, and derivatives in the 1990s.[19]: 13 [5]: 6, 12–13, 88–9 [42]

    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.

    bank lending.[5]: 2 [42][119] London has the second largest concentration of hedge funds (847 according to HedgeLists.com). London benefits from its position between the Asia and U.S. time zones,[120] and benefited from its location within the European Union,[54]: 1  although this ended on 31 January 2020 when the United Kingdom left the European Union following the Brexit referendum of 2016. As well as the London Stock Exchange, the Bank of England, the second oldest central bank, is in London, although the European Banking Authority moved to Paris after Brexit.[121][122]

    Rise of New York

    See also: Economic history of the United States; Wall Street; Financial District, Manhattan; History of New York City; and Economy of New York City

    Since the middle of the 20th century, New York City, represented by

    think-tank New Financial concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre.[32]

    New York City remains the largest centre for trading in

    Standard and Poor's, Moody's Ratings, and Fitch Ratings
    – are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London.

    Rise of Asian centres

    See also:
    Conduit and Sink OFCs
    The Bombay Stock Exchange is the largest in India and one of the largest in the world

    In

    Sink OFC
    for South Asia, especially India, and Africa, and the 9th largest global Sink OFC).

    The private nationwide financial system in China was first developed by the

    Yangtze River and to the control of customs in China. After the establishment of People's Republic of China, the financial centres in China today are Beijing, Shanghai, and Shenzhen
    .

    See also

    Notes

    1. ^ "Offshore" does not refer to the location of the OFC (i.e. many FSF–IMF OFCs, such as Luxembourg and Hong Kong, are located "onshore"), but to the fact that the largest users of the OFC are nonresident (i.e. the users are non-domestic).
    2. Qualifying investor alternative investment fund (QIAIF)
      , and the Cayman Islands SPC.
    3. IMF–OECD–FATF initiatives on common standards, regulatory compliance, and banking transparency, which had significantly weakened the regulatory attraction of OFCs over IFCs and RFCs.[7][8]
    4. ^ The FSF is a group consisting of major national financial authorities such as finance ministries, central bankers, and international financial bodies

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    External links

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