New York City's Financial District in Lower Manhattan, including Wall Street, the largest International Financial Centre (IFC) in the world[1]
New York City's Financial District in Lower Manhattan, including Wall Street, the largest International Financial Centre (IFC) in the world[1]

A financial centre (BE), financial center (AE), or financial hub, is a location with a concentration of participants in banking, asset management, insurance or financial markets with venues and supporting services for these activities to take place.[2][3] Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds, insurers, and hedge funds), and issuers (such as companies and governments). Trading activity can take 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 services, for example relating to mergers and acquisitions, public offerings, or corporate actions; or which participate in other areas of finance, such as private equity, hedge funds, and reinsurance. Ancillary financial services include rating agencies, as well as provision of related professional services, particularly legal advice and accounting services.[4]

The International Monetary Fund's classes of major financial centres are: International Financial Centres (IFCs), such as New York City,[5] London and Tokyo; Regional Financial Centres (RFCs), such as Shanghai, Shenzhen, Frankfurt, and Sydney; and Offshore Financial Centres (OFCs), such as Cayman Islands, Dublin, Hong Kong, and Singapore.[a]

The City of London (the "Square Mile") is one of the oldest financial centres.  London is ranked as one of the largest International Financial Centres in the world.
The City of London (the "Square Mile") is one of the oldest financial centres. London is ranked as one of the largest International Financial Centres in the world.

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 global cities. Offshore Financial Centres, and also some Regional Financial Centres, tend to specialise in tax-driven services, such as corporate tax planning tools, tax–neutral vehicles,[b] and shadow banking/securitisation, and can include smaller locations (e.g. Luxembourg), or city-states (e.g. Singapore). The IMF notes an overlap between Regional Financial Centres and Offshore Financial Centres (e.g. Hong Kong and Singapore are both Offshore Financial Centres and Regional Financial Centres). Since 2010, academics consider Offshore Financial Centres synonymous with 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.[8] 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):[9]

  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 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. In terms of assets, London is the largest and most established such centre, followed by New York, the difference being that the proportion of international to domestic business is much greater in the former. Examples cited by the IMF included New York City, 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.

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).[9]

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.[10] 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.[11]

Conduit and Sink OFCs: Mapping the links between financial centres
Conduit and Sink OFCs: Mapping the links between financial centres

Progress from 2000 onwards from IMFOECDFATF initiatives on common standards, regulatory compliance, and banking transparency, has reduced the regulatory attraction of OFCs over IFCs and RFCs. Since 2010, academics considered the services of OFCs to be synonymous with 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).[6][7]

In July 2017, a study by the University of Amsterdam's CORPNET group, broke down the definition of an OFC into two subgroups, Conduit and Sink OFCs:[12]

Sink OFCs rely on Conduit OFCs to re–route funds from high–tax locations using base erosion and profit shifting ("BEPS") tax planning tools, which are encoded, and accepted, in the Conduit OFC's extensive networks of global bilateral 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.[13]: 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.[14]

Global Financial Centres Index (2007–ongoing)

Main article: Global Financial Centres Index

International Finance Centre, Hong Kong, one of the main global financial centres located in Asia

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.[15] As of 24 March 2022, the top global financial centres per the GFCI article containing a ranked list of 119 financial centres were:[16]

Rank Change Centre Rating
1 Steady United States New York City 759
2 Steady United Kingdom London 726
3 Steady  Hong Kong 715
4 Increase 2 China Shanghai 714
5 Increase 2 United States Los Angeles 713
6 Decrease 2  Singapore 712
7 Decrease 2 United States San Francisco 711
8 Steady China Beijing 710
9 Steady Japan Tokyo 708
10 Increase 6 China Shenzhen 707
11 Decrease 1 France Paris 706
12 Increase 1 South Korea Seoul 705
13 Decrease 2 United States Chicago 704
14 Decrease 2 United States Boston 703
15 Steady United States Washington, D.C. 702
16 Decrease 2 Germany Frankfurt 694
17 Increase 1 United Arab Emirates Dubai 691
18 Increase 6 Spain Madrid 690
19 Decrease 2 Netherlands Amsterdam 687
20 Increase 1 Switzerland Zurich 686

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.
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:[17]

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 have long histories.[18][19] Today there is a diverse range of financial centres worldwide.[20] While New York and London often stand out as the leading global financial centres,[21][22] other established financial centres provide significant competition and several newer financial centres are developing.[23] 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]: 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.[25]

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.[26] 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".[27]

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[28]
The New York Stock Exchange on Wall Street, the world's largest stock exchange by listed capitalisation[28]
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.[29]: 31–32 [32] The NYSE and NASDAQ are the two largest stock exchanges in the world.[33] 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.[29]: 34–35  The New York Federal Reserve Bank, the largest within the Federal Reserve System, regulates financial institutions and implements U.S. monetary policy,[34][35] which in turn influences the world's economy.[36][37] The three major global credit rating agenciesStandard 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.
The London Stock Exchange in the City of London, the largest exchange in Europe by capitalisation[33]
The London Stock Exchange in the City of London, the largest exchange in Europe by capitalisation[33]
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.[42][43][44] 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,[45] foreign exchange markets,[46] money markets,[47] issuance of international debt securities,[48] international insurance,[49] trading in gold, silver and base metals through the London bullion market and London Metal Exchange,[50] and international bank lending.[4]: 2 [41][51] 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,[52] and benefited from its location within the European Union,[53]: 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.[54][55]
The Tokyo Stock Exchange, located in Nihonbashi-Kabutocho, Tokyo, Japan, is the largest stock exchange in Asia.[33]
The Tokyo Stock Exchange, located in Nihonbashi-Kabutocho, Tokyo, Japan, is the largest stock exchange in Asia.[33]

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 lists of major tax havens, and on lists of the largest 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.

The Frankfurt Stock Exchange building, which dates back to 1879[83]
The Frankfurt Stock Exchange building, which dates back to 1879[83]
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.[86][87]
Bolsa de Madrid. Madrid's stock exchange is the world's second-largest in number of listed companies.[88]
Bolsa de Madrid. Madrid's stock exchange is the world's second-largest in number of listed companies.[88]
The seat of Borsa Italiana, Palazzo Mezzanotte
Sydney's northern CBD serves as the financial and banking hub of the city.
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][83]

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 Venice which slowly emerged from the 9th century to its peak in the 14th century.[106] Tradable bonds as a commonly used type of security, were invented by the Italian city-states (such as Venice and Genoa) of the late 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: Economic history of Belgium, History of Bruges, and 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 (organised 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 Paris were the world's only prominent financial centres throughout most of the 19th century.[13]: 1  After 1870, Berlin and New York grew to become major financial centres mainly serving their national economies. An array of smaller international financial centres found market niches, such as Amsterdam, Brussels, Zurich, and Geneva. London was the leading international financial centre in the four decades before World War I.[13]: 74–75 [18]: 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 since the 19th century, acting as a centre of lending and investment around the world.[13]: 74–75 [107]: 149  English contract law was adopted widely for international finance, with legal services provided in London.[108] Financial institutions located there provided services internationally such as Lloyd's of London (founded 1686) for insurance and the Baltic Exchange (founded 1744) for shipping.[109] During the 20th century London played an important role in the development of new financial products such as the Eurodollar and Eurobonds in the 1960s, international asset management and international equities trading in the 1980s, and derivatives in the 1990s.[18]: 13 [4]: 6, 12–13, 88–9 [41]

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.[110][111][112] 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,[113] foreign exchange markets,[114] money markets,[115] issuance of international debt securities,[116] international insurance,[117] trading in gold, silver and base metals through the London bullion market and London Metal Exchange,[118] and international bank lending.[4]: 2 [41][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,[53]: 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 Wall Street in Manhattan's Financial District, has been described as a leading financial centre.[13]: 1 [24]: 25 [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.[29]: 39–49 [123] One source described New York as extending its lead as the world's centre of finance in September 2018; according to Reuters, the 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.[31]

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.[29]: 31–32 [124] The NYSE and NASDAQ are the two largest stock exchanges in the world.[33] 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.[29]: 34–35  The New York Federal Reserve Bank, the largest within the Federal Reserve System, regulates financial institutions and implements U.S. monetary policy,[34][125] which in turn influences the world's economy.[126][127] The three major global credit rating agenciesStandard 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.

Rise of Asian centres

See also: Japanese economic miracle, Four Asian Tigers, Chinese economic reform, and Conduit and Sink OFCs

In Asia, Tokyo emerged as a major financial centre in the 1980s as the Japanese economy became one of the largest in the world.[13]: 1  Hong Kong and Singapore developed soon after leveraging their links with London and Britain.[25]: 10–11 [75] In the 21st century, other centres have grown including Toronto, Sydney, Seoul, Shanghai and Astana. Astana International Financial Centre has become the fastest growing financial hub in Central Asia. Dubai has become a centre for finance in the Middle East, including for Islamic finance. The rapid rise of India has enabled Mumbai to become an emerging financial centre. India is also making an International Financial Centre GIFT City from scratch. GIFT city is now functional and has already won the crown of fastest emerging International Finance Centre of South Asia. Linked to the rise of these new IFCs, has seen the rise of "partner OFCs" (offshore tax-havens to which funds are routed), such as Taiwan (a major Sink OFC for Asia, and 7th largest global Sink OFC), Mauritius (a major 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 Shanxi merchants, with the creation of so-called "draft banks". The first draft bank Rishengchang was created in 1823 in Pingyao. Some large draft banks had branches in Russia, Mongolia and Japan to facilitate the international trade. Throughout the nineteenth century, the central Shanxi region became the de facto financial centres of Qing China. With the fall of Qing Dynasty, the financial centres gradually shifted to Shanghai, mainly due to its geographical location at the estuary of 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. ^ Tax–neutral is a term that OFCs use to describe legal structures where the OFC does not levy any taxes, duties or VAT on fund flows into, during, or exiting (e.g. no withholding taxes) the vehicle. Major examples being the Irish Qualifying investor alternative investment fund (QIAIF), and the Cayman Islands SPC.
  3. ^ This is since circa 2010, after the post 2000 IMFOECDFATF initiatives on common standards, regulatory compliance, and banking transparency, which had significantly weakened the regulatory attraction of OFCs over IFCs and RFCs.[6][7]
  4. ^ The FSF is a group consisting of major national financial authorities such as finance ministries, central bankers, and international financial bodies

References

  1. ^ "New York widens lead over London in top finance centres index". www.reuters.com. Retrieved 25 June 2022.
  2. ^ Kenton, Will. "How Financial Hubs Work". Investopedia. Retrieved 2 October 2020.
  3. ^ "Financial Centres: What, Where and Why?" (PDF). The University of Western Ontario. Retrieved 24 May 2015.
  4. ^ a b c d e f Roberts, Richard (2008). "The City: A Guide to London's Global Financial Centre". The Economist. ISBN 9781861978585.
  5. ^ Huw Jones (27 January 2020). "New York surges ahead of Brexit-shadowed London in finance: survey". Reuters. Retrieved 27 January 2020. New York remains the world’s top financial center, pushing London further into second place as Brexit uncertainty undermines the UK capital and Asian centers catch up, a survey from consultants Duff & Phelps said on Monday.
  6. ^ a b James R. Hines Jr. (2010). "Treasure Islands". Journal of Economic Perspectives. 4 (24): 103–125. Tax havens are also known as "offshore financial centers" or "international financial centers", phrases that may carry slightly different connotations but nevertheless are used almost interchangeably with "tax havens
  7. ^ a b Gabriel Zucman (August 2013). "The Missing Wealth of Nations: Are Europe and the U.S. Net Debtors or net Creditors?" (PDF). The Quarterly Journal of Economics. 128 (3): 1321–1364. doi:10.1093/qje/qjt012. hdl:10.1093/qje/qjt012. Tax havens are low–tax jurisdictions that offer businesses and individuals opportunities for tax avoidance" (Hines, 2008). In this paper, I will use the expression "tax haven" and "offshore financial center" interchangeably (the list of tax havens considered by Dharmapala and Hines (2009) is identical to the list of offshore financial centers considered by the Financial Stability Forum (IMF, 2000), barring minor exceptions)
  8. ^ "Report from the Working Group on Offshore Centres" (PDF). Financial Stability Forum. 5 April 2000.
  9. ^ a b "Offshore Financial Centers: IMF Background Paper". International Monetary Fund. 23 June 2000.
  10. ^ Ahmed Zoromé (1 April 2007). "Concept of Offshore Financial Centers: In Search of an Operational Definition" (PDF). International Monetary Fund. IMF Working Paper 07/87 ((cite journal)): Cite journal requires |journal= (help)
  11. ^ "Global Shadow Banking and Monitoring Report: 2017" (PDF). Financial Stability Forum. 5 March 2018. p. 30. Jurisdictions with the largest financial systems relative to GDP (Exhibit 2–3) tend to have relatively larger OFI [or Shadow Banking] sectors: Luxembourg (at 92% of total financial assets), the Cayman Islands (85%), Ireland (76%) and the Netherlands (58%)
  12. ^ a b Javier Garcia-Bernardo; Jan Fichtner; Frank W. Takes; Eelke M. Heemskerk (24 July 2017). "Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network". Scientific Reports. 7 (6246): 6246. arXiv:1703.03016. Bibcode:2017NatSR...7.6246G. doi:10.1038/s41598-017-06322-9. PMC 5524793. PMID 28740120.
  13. ^ a b c d e f g h i j 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.
  14. ^ 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.((cite web)): CS1 maint: multiple names: authors list (link)
  15. ^ "The Global Financial Centres Index 21". Z/Yen Group. March 2017. Archived from the original on 13 September 2015. Retrieved 12 August 2017.
  16. ^ "The Global Financial Centres Index 30". Reuters. March 2022. Retrieved 24 March 2022.
  17. ^ "Xinhua–Dow Jones International Financial Centers Development Index (2014)" (PDF). Xinhua and Dow Jones. November 2014. p. 6.
  18. ^ a b c d Cameron, Rondo; Bovykin, V.I., eds. (1991). International Banking: 1870–1914. New York, NY: Oxford University Press. ISBN 978-0-19-506271-7.
  19. ^ "What Makes A Successful Global Financial Centre?". Gresham College. 14 October 2009. Retrieved 24 May 2015.
  20. ^ Mercer (3 August 2012). "Cost of living and quality of life in international financial centres". City of London. Archived from the original on 25 May 2015. Retrieved 23 May 2015.
  21. ^ "New York and London vie for crown of world's top financial centre". The Financial Times. 1 October 2014. Retrieved 24 May 2015.
  22. ^ Beth Gardiner (20 January 2010). "The London Banking Center Is Beginning to Feel Like Itself Again". The New York Times: Global Business. Retrieved 15 January 2011.
  23. ^ Bourse Consult (18 November 2013). "From local to global: building a modern financial centre". City of London. Archived from the original on 25 May 2015. Retrieved 24 May 2015.
  24. ^ a b c 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. ((cite book)): |first1= has generic name (help)
  25. ^ a b c d e Wójcik, Dariusz (2011). "The dark side of NY–LON: Financial centres and the global financial crisis". School of Geography and Environment, University of Oxford. SSRN 1890644. ((cite journal)): Cite journal requires |journal= (help)
  26. ^ Patrick McGeehan (22 February 2009). "After Reversal of Fortunes, City Takes a New Look at Wall Street". The New York Times. Retrieved 15 January 2011.
  27. ^ a b c Daniel Altman (30 September 2008). "Other financial centers could rise amid crisis". The New York Times. Retrieved 15 January 2011.
  28. ^ Kat Tretina and Benjamin Curry (9 April 2021). "NYSE: What Is The New York Stock Exchange". Forbes. Retrieved 24 July 2022.
  29. ^ a b c d e f 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 2 May 2015.
  30. ^ "Backgrounder: The Shifting Capital of Capital". The New York Times. 12 July 2007. Retrieved 25 May 2015.
  31. ^ a b Huw Jones (4 September 2018). "United States top, Britain second in financial activity: think-tank". Thomson Reuters. Retrieved 5 September 2018. Think-tank New Financial’s study, which focuses on the "raw" value of actual domestic and international financial activity like managing assets and issuing equity, underscored the overall dominance of New York as the world’s top financial center.
  32. ^ "Total debt securities" (PDF). Bank for International Settlements. June 2013. Retrieved 23 May 2015.
  33. ^ a b c d "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.
  34. ^ a b Matt Taibbi (13 July 2009). "The Great American Bubble Machine". Rolling Stone. p. 6. Archived from the original on 6 April 2010. Retrieved 27 August 2015.
  35. ^ "About the Fed." New York Federal Reserve Web page. Footnote upgraded/confirmed 30 March 2010.
  36. ^ Appelbaum, Binyamin (25 August 2015). "Bets That the Fed Will Delay Interest Rate Rise Could Be Premature". The New York Times. Retrieved 27 August 2015. In addition, the International Monetary Fund has expressed concern that the Fed, by raising rates, could increase pressure on developing economies.; "Rich economies must heed policy impact on emerging nations: Carney". Reuters. 6 June 2019. Retrieved 8 June 2019.
  37. ^ "Goldman Sachs Sees Limited Impact of Fed Rate Hike on Emerging Markets". Fox Business. 18 September 2015. Archived from the original on 23 September 2015. Retrieved 23 September 2015. emerging market assets will be driven primarily by local fundamentals
  38. ^ Michie, Ranald (2006). The Global Securities Market: A History. OUP Oxford. ISBN 978-0191608599.
  39. ^ "UK leading the way as an international centre for legal services and dispute resolution". TheCityUK. 30 January 2014. Archived from the original on 11 July 2015. 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.
  40. ^ Clark, David (2003). Urban world/global city. Routledge. pp. 174–176. ISBN 978-0415320979; Shubik, Martin (1999). The theory of money and financial institutions. MIT Press. p. 8. ISBN 978-0262693110; Europe Economics (6 July 2011). "The value of Europe's international financial centres to the EU economy". City of London and TheCityUK. p. 6. Archived from the original on 25 May 2015. Retrieved 23 May 2015.
  41. ^ a b c d Michie, Ranald (July 2012). "The City of London as a Global Financial Centre: An historical and comparative perspective". Archived from the original on 7 July 2015.
  42. ^ "UK's financial services trade surplus biggest in the world, dwarfing its nearest rivals". TheCityUK. 3 July 2014. Archived from the original on 11 July 2014. Retrieved 5 June 2015; Oxford Economics (20 January 2011). "London's competitive place in the UK and global economies". City of London. Archived from the original on 27 April 2015. Retrieved 24 May 2015.
  43. ^ "London's Low Taxes Lure Foreign Companies as Banks Retrench". Bloomberg L.P. Retrieved 22 December 2013; "KPMG's Annual Tax Competitiveness Survey 2013". KPMG. Retrieved 22 December 2013.
  44. ^ "London Is Eating New York's Lunch". The New York Times Magazine. 29 February 2012. Retrieved 24 May 2015.
  45. ^ "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.
  46. ^ "Triennial Central Bank Survey: Foreign exchange turnover in April 2013" (PDF). Bank for International Settlements. September 2013. p. 14. Retrieved 23 May 2015.
  47. ^ "International money market instruments – all issuers By residence of issuer" (PDF). Bank for International Settlements. March 2015. Retrieved 23 May 2015.
  48. ^ "International debt securities – all issuers All maturities, by residence of issuer" (PDF). Bank for International Settlements. March 2015. Retrieved 23 May 2015.
  49. ^ "Key Facts about the UK as an International Financial Centre report 2015" (PDF). TheCityUK. 21 July 2015. p. 3. Retrieved 9 October 2016.[permanent dead link]
  50. ^ "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.
  51. ^ "External loans and deposits of banks" (PDF). Bank for International Settlements. April 2015. Retrieved 23 May 2015.
  52. ^ "London Wants to Tap Chinese Currency Market". The New York Times Deal Book. 16 January 2012. Retrieved 13 December 2014.
  53. ^ a b c d "Brexit: the United Kingdom and EU financial services" (PDF). Economic Governance Support Unit of the European Parliament. 9 December 2016. Retrieved 2 March 2018.
  54. ^ "Contacts". 19 March 2019.
  55. ^ "EBA seeks more time in London after Brexit". Financial News. 8 January 2018. Retrieved 5 April 2018.
  56. ^ a b Martin Fackler (16 November 2007). "Tokyo Seeking a Top Niche in Global Finance". The New York Times: World Business. Retrieved 15 January 2011.
  57. ^ Sassen, Saskia (2001). The Global City: New York, London, Tokyo (2nd ed.). Princeton University Press.
  58. ^ "Japan-U.S. Symposium". Harvard Law School, Program on International Financial Systems, Japan-U.S. Symposium. Retrieved 30 May 2015.
  59. ^ "The financial and business sector in the Amsterdam metropolitan area" (PDF). Amsterdam Business. Archived from the original (PDF) on 5 July 2015. Retrieved 23 May 2015.
  60. ^ "Netherlands and UK are biggest channels for corporate tax avoidance". The Guardian. 25 July 2017.
  61. ^ "The Netherlands is world's biggest conduit to offshore tax havens: research". Dutch News NL. 24 July 2017.
  62. ^ "Amsterdam ousts London as Europe's top share trading hub". Financial Times. 10 February 2021. Retrieved 9 October 2016.
  63. ^ "High-flying aviation industry one of Ireland's biggest successes". The Irish Times. 24 January 2019.
  64. ^ "Ireland is top Eurozone jurisdiction for SPVs". Irish Independent. 19 August 2017.
  65. ^ "Ireland's IFSC (International Financial Services Centre)". Finance Dublin. Retrieved 23 May 2015.
  66. ^ "Key Facts". IFSC Ireland. Retrieved 23 May 2015.
  67. ^ Gabriel Zucman; Thomas Torslov; Ludvig Wier (June 2018). "The Missing Profits of Nations". National Bureau of Economic Research, Working Papers. p. 31. Table 2: Shifted Profits: Country-by-Country Estimates (2015)
  68. ^ "Ireland is the world's biggest corporate 'tax haven', say academics". The Irish Times. 13 June 2018. Study claims State shelters more multinational profits than the entire Caribbean
  69. ^ "Zucman:Corporations Push Profits into Corporate Tax Havens as Countries Struggle in Pursuit, Gabrial Zucman Study Says". The Wall Street Journal. 10 June 2018. Such profit shifting leads to a total annual revenue loss of $200 billion globally
  70. ^ (Xinhua) (2 June 2009). "HK, Shenzhen promote financial industry in NY". China Daily. Retrieved 15 January 2011.
  71. ^ "Hong Kong's Likely Return as Top IPO Market Not All Rosy". The Wall Street Journal. 23 June 2016. Retrieved 9 October 2016.
  72. ^ "China to Wall Street's Deal Makers: We Don't Need You". The Wall Street Journal. 21 February 2016. Retrieved 9 October 2016.
  73. ^ "Number of banks per country of origin". Commission de Surveillance du Secteur Financier. 30 April 2015. Retrieved 25 May 2015.
  74. ^ "Luxembourg third largest RMB centre worldwide". Investment Europe. 9 July 2014. Retrieved 25 May 2015.
  75. ^ a b "Singapore may renegotiate EU trade deal after Brexit removes British markets". The Independent. 21 August 2017. Retrieved 21 August 2017.
  76. ^ "Singapore jostles with Hong Kong for financial crown". The Financial Times. 16 October 2014. Retrieved 25 May 2015.
  77. ^ "Brand Singapore Takes a Beating". The Wall Street Journal. 25 July 2016. Retrieved 9 October 2016.
  78. ^ "Portrait of the Zurich financial centre". Finanzplatz Zurich. Archived from the original on 8 May 2015. Retrieved 24 May 2015.
  79. ^ "The Zurich banking centre" (PDF). Zurich Banking Association. Archived from the original (PDF) on 25 May 2015. Retrieved 24 May 2015.
  80. ^ "Financial Services". Canton of Zurich. Retrieved 24 May 2015.
  81. ^ Heather Timmons (27 October 2006). "New York Isn't the World's Undisputed Financial Capital". The New York Times. Retrieved 15 January 2011.
  82. ^ "Dubai as an international financial centre" (PDF). Cass Business School. September 2013. Retrieved 2 June 2015.
  83. ^ a b "History of the Frankfurt Stock Exchange – Patricians, princes and commodity markets: 18th – 19th century". Deutsche Börse. Retrieved 11 July 2015.
  84. ^ "Frankfurt as a Financial Centre". The Financial Times. Retrieved 25 May 2015.
  85. ^ "Contacts". EIOPA: European Insurance and Occupational Pensions Authority.
  86. ^ 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.((cite web)): CS1 maint: multiple names: authors list (link)
  87. ^ 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.
  88. ^ Europe Economics (July 2011). "Value of EU's Financial Centres" (PDF). City of London Corporation and TheCityUK. Archived from the original (PDF) on 18 August 2016. Retrieved 11 July 2016.
  89. ^ Europe Economics (July 2011). "Value of EU's Financial Centres" (PDF). City of London Corporation and TheCityUK. Archived from the original (PDF) on 18 August 2016. Retrieved 11 July 2016.
  90. ^ Europe Economics (6 July 2011). "The value of Europe's international financial centres to the EU economy". City of London and TheCityUK. Archived from the original on 25 May 2015. Retrieved 23 May 2015.
  91. ^ Sako, Musterd; Murie, Alan, eds. (2011). Making Competitive Cities. John Wiley & Sons. ISBN 978-1444390421.
  92. ^ "Paris, the Euro Area's leading financial centre". French Ministry of Foreign Affairs and International Development. Retrieved 24 May 2015.
  93. ^ "Relocation of the UK-based EU agencies – Consilium". www.consilium.europa.eu. Retrieved 16 April 2018.
  94. ^ "Seoul's Rise as a Global Financial Center". The Korea Society. 21 September 2012. Retrieved 25 May 2015.
  95. ^ Seth Faison (13 December 1996). "Hong Kong Continues to Eclipse An Economic Rebirth in Shanghai". The New York Times: Business Day. Retrieved 15 January 2011.
  96. ^ Hong Liang (4 May 2009). "Software for a financial center here". China Daily. Retrieved 15 January 2011.
  97. ^ Dealbook (2 March 2010). "Shanghai Opens Doors to Financial World". The New York Times. Retrieved 15 January 2011.
  98. ^ Daniel Gross (14 October 2007). "The Capital of Capital No More?". The New York Times: Magazine. Retrieved 15 January 2011.
  99. ^ "Sydney seeks to become Asia finance hub with Barangaroo project". Financial Times. 22 March 2015.
  100. ^ "Rethinking Sydney's role as an international financial centre". China Spectator. 25 November 2014. Retrieved 25 May 2015.
  101. ^ "Sydney losing battle to become a leading financial centre". The Sydney Morning Herald. 25 September 2014. Retrieved 25 May 2015.
  102. ^ "Financial Services". Invest Toronto. Retrieved 25 May 2015.
  103. ^ "Mumbai – An International Financial Centre". Indian Institute of Management Bangalore. March 2008. Retrieved 24 May 2015.
  104. ^ "Making Mumbai an International Financial Centre" (PDF). Ministry of Finance, Government of India. 2007. Retrieved 24 May 2015.
  105. ^ "Mumbai's dream of becoming an international financial centre may soon be a reality". The Economic Times. 3 November 2014. Retrieved 24 May 2015.
  106. ^ a b Coispeau, Olivier (10 August 2016). Finance Masters: A Brief History of International Financial Centers in the Last Millennium. World Scientific. ISBN 9789813108844.
  107. ^ Michie, Ranald (2006). The Global Securities Market: A History. OUP Oxford. ISBN 978-0191608599.
  108. ^ "UK leading the way as an international centre for legal services and dispute resolution". TheCityUK. 30 January 2014. Archived from the original on 11 July 2015. 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.
  109. ^ Clark, David (2003). Urban world/global city. Routledge. pp. 174–176. ISBN 978-0415320979; Shubik, Martin (1999). The theory of money and financial institutions. MIT Press. p. 8. ISBN 978-0262693110; Europe Economics (6 July 2011). "The value of Europe's international financial centres to the EU economy". City of London and TheCityUK. p. 6. Archived from the original on 25 May 2015. Retrieved 23 May 2015.
  110. ^ "UK's financial services trade surplus biggest in the world, dwarfing its nearest rivals". TheCityUK. 3 July 2014. Archived from the original on 11 July 2014. Retrieved 5 June 2015; Oxford Economics (20 January 2011). "London's competitive place in the UK and global economies". City of London. Archived from the original on 27 April 2015. Retrieved 24 May 2015.
  111. ^ "London's Low Taxes Lure Foreign Companies as Banks Retrench". Bloomberg L.P. Retrieved 22 December 2013; "KPMG's Annual Tax Competitiveness Survey 2013". KPMG. Retrieved 22 December 2013.
  112. ^ "London Is Eating New York's Lunch". The New York Times Magazine. 29 February 2012. Retrieved 24 May 2015.
  113. ^ "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.
  114. ^ "Triennial Central Bank Survey: Foreign exchange turnover in April 2013" (PDF). Bank for International Settlements. September 2013. p. 14. Retrieved 23 May 2015.
  115. ^ "International money market instruments – all issuers By residence of issuer" (PDF). Bank for International Settlements. March 2015. Retrieved 23 May 2015.
  116. ^ "International debt securities – all issuers All maturities, by residence of issuer" (PDF). Bank for International Settlements. March 2015. Retrieved 23 May 2015.
  117. ^ "Key Facts about the UK as an International Financial Centre report 2015" (PDF). TheCityUK. 21 July 2015. p. 3. Retrieved 9 October 2016.[permanent dead link]
  118. ^ "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.
  119. ^ "External loans and deposits of banks" (PDF). Bank for International Settlements. April 2015. Retrieved 23 May 2015.
  120. ^ "London Wants to Tap Chinese Currency Market". The New York Times Deal Book. 16 January 2012. Retrieved 13 December 2014.
  121. ^ "Contacts". 19 March 2019.
  122. ^ "EBA seeks more time in London after Brexit". Financial News. 8 January 2018. Retrieved 5 April 2018.
  123. ^ "Backgrounder: The Shifting Capital of Capital". The New York Times. 12 July 2007. Retrieved 25 May 2015.
  124. ^ "Total debt securities" (PDF). Bank for International Settlements. June 2013. Retrieved 23 May 2015.
  125. ^ "About the Fed." New York Federal Reserve Web page. Footnote upgraded/confirmed 30 March 2010.
  126. ^ Appelbaum, Binyamin (25 August 2015). "Bets That the Fed Will Delay Interest Rate Rise Could Be Premature". The New York Times. Retrieved 27 August 2015. In addition, the International Monetary Fund has expressed concern that the Fed, by raising rates, could increase pressure on developing economies.; "Rich economies must heed policy impact on emerging nations: Carney". Reuters. 6 June 2019. Retrieved 8 June 2019.
  127. ^ "Goldman Sachs Sees Limited Impact of Fed Rate Hike on Emerging Markets". Fox Business. 18 September 2015. Archived from the original on 23 September 2015. Retrieved 23 September 2015. emerging market assets will be driven primarily by local fundamentals