http://lookingforwords.com/2009/03/...gapore-worlds-third-leading-financial-centre/
Singapore is the top Asian financial centre and third in the world, behind only London and New York, according to the Global Financial Centres Survey commissioned by the City of London.
Hong Kong, in fourth place, is the only other Asian financial centre in the top 10. Zurich, Geneva, Chicago, Frankfurt, Boston and Dublin complete the list.
Tokyo dropped eight places to 15th, the most dramatic decline among the major cities, reports Bloomberg. Dubai retained its rank at no. 23, while Mumbai remained no. 49.
The report, which is updated every six months, was based on the responses of 1,455 professionals in banking, asset management and insurance. They ranked 62 cities basing their scores in areas such as regulation and taxation, market access, people and infrastructure.
The survey for the six-month period up to December shows a fall in confidence across all centres. But the survey notes the top-ranked centres have shown a much greater degree of resilience and a smaller drop in scores than those lower down the rankings.
London and New York remain the only two truly global centres with a growing gap between New York and third-placed Singapore, the survey adds.
The survey, the fifth in the series, uses this format:
City- Current Rank- Previous Rank- Current Overall Rating out of 1000- Previous Overall Rating out of 1000
London 1(1) 781 (791) London remains in the top place, closely followed by New York, separated by 13 points, down from 17 points in GFCI 4. In spite of the current economic climate, London is again in the top quartile of nearly all instrumental factors as well as the overall GFCI. London still leads New York in all areas of competitiveness, and in four of the five industry sector sub-indices, although respondents expressed continuing concerns about the likelihood of increased regulatory burden, and a less predictable tax-regime.
New York 2(2) 768(774) New York remains in second place, and dropped only 6 points since GFCI 4 in spite of a host of financial turmoil: government support of Fannie Mae and Freddie Mac, bankruptcy filings for Lehman Brothers, the sale of Merrill Lynch to Bank of America and the US Federal Reserve bailout of AIG. New York moved marginally ahead of London in the Banking sector sub-index.
Singapore 3(3) 687(701) Singapore has dropped 14 points, but retains the number 3 ranking over Hong Kong that it gained in GFCI 4. It is now 81 points behind New York. It remains a solid centre, as evidenced in its continuing high performance in all industry sector sub-indices and in all areas of competitiveness, taking 3rd or 4th place across the board.
Hong Kong 4(4) 684(700) Hong Kong remains a strong financial centre and is in 3rd or 4th place in all industry sector sub-indices, except Insurance, and in all areas of competitiveness. With only a few exceptions, most Asian banks continue to be able to finance loans with deposits, insulating Hong Kong from some of the direct impact of the current financial crisis.
Zurich 5(5) 659(676) Zurich held steady at 5th place in GFCI 5 due both to its deep-rooted market niche in the private banking and asset management sectors, and the early moves by Swiss banks to cut back on exposure prior to, and early in, the current financial crisis.
Geneva 6(6) 638*(645) Geneva has remained at 6th place as investors move to find firm ground amidst the tumult. This has helped the city?s score in the Business Environment sub-index move up 5 points.
Chicago 7(8) 638*(641) Slipping only three points from GFCI 4, Chicago remained relatively stable in a market that saw most other centres suffer far more. Chicago remained in 6th in the General Competitiveness sub-index.
Frankfurt 8(9) 633(636) Frankfurt is in 8th place, up one rank from GFCI 4. The financial system in Germany has been more stable than in London or New York over the past six months. Frankfurt also did very well in certain industry sub-sectors, rising five places to 7th among Government & Regulatory respondents, and three places to 9th among Professional Services respondents.
Boston 9(11) 618*(625) Boston has historically moved in and out of the GFCI top 10, and is ranked 9th in GFCI 5. It showed a strong increase in average assessments among respondents, rising from 628 in GFCI 4 to 699 now. It was hit by a falling performance in some of the instrumental factors, however.
Dublin 10(13) 618* (622) Dublin has benefited from the Irish government?s investment over the past decade which has made Ireland a cost efficient location for banking operations. Dublin is also an attractive destination for investment and corporate tax residence. Dublin has climbed three places in the rankings despite recent worries about the Irish economy as a whole.
Here are the complete rankings.
1. London 1 1,289 801
2. New York 2 976 807
3. Singapore 3 677 738
4. Hong Kong 4 811 723
5. Zurich 5 755 702
6. Geneva 6 721 668
7. Chicago 7 525 671
8. Frankfurt 8 659 658
9. Boston 9 468 642
10. Dublin 10 795 640
11. Toronto 11 459 663
12. Guernsey 12 584 652
13. Jersey 13 646 650
14. Luxembourg 14 658 641
15. Tokyo 15 518 660
16. Sydney 16 411 660
17. San Francisco 17 406 639
18. Isle of Man 18 522 638
19. Paris 19 685 614
20. Edinburgh 20 603 627
21. Washington D.C. 21 382 596
22. Cayman Islands 22 495 625
23. Dubai 23 581 622
24. Amsterdam 24 538 605
25. Vancouver 25 304 583
26. Montreal 26 319 562
27. Hamilton 27 408 597
28. Melbourne 28 270 563
29. Munich 29 403 607
30. Stockholm 30 373 556
31. Glasgow 31 207 563
32. Brussels 32 516 564
33. Gibraltar 33 245 588
34. British Virgin Islands 34 243 600
35. Shanghai 35 390 603
36. Bahamas 36 182 585
37. Monaco 37 191 583
38. Copenhagen 38 332 506
39. Oslo 39 279 485
40. Milan 40 408 532
41. Taipei 41 113 615
42. Vienna 42 340 520
43. Bahrain 43 299 541
44. Helsinki 44 284 490
45. Kuala Lumpur 45 137 588
46. Qatar 46 255 525
47. Madrid 47 405 511
48. Johannesburg 48 305 524
49. Mumbai 49 339 523
50. Bangkok 50 137 539
51. Beijing 51 322 513
52. Osaka 52 200 472
53. Seoul 53 240 499
54. Sao Paulo 54 219 496
55. Rome 55 341 458
56. Wellington 56 204 472
57. Lisbon 57 275 410
58. Prague 58 278 449
59. Warsaw 59 263 422
60. Moscow 60 358 403
61. Athens 61 298 364
62. Budapest 62 265 395
Link to the actual report: http://217.154.230.218/NR/rdonlyres/8D37DAE2-5937-4FC5-A004-C2FC4BED7742/0/BC_RS_GFCI5.pdf
Singapore is the top Asian financial centre and third in the world, behind only London and New York, according to the Global Financial Centres Survey commissioned by the City of London.
Hong Kong, in fourth place, is the only other Asian financial centre in the top 10. Zurich, Geneva, Chicago, Frankfurt, Boston and Dublin complete the list.
Tokyo dropped eight places to 15th, the most dramatic decline among the major cities, reports Bloomberg. Dubai retained its rank at no. 23, while Mumbai remained no. 49.
The report, which is updated every six months, was based on the responses of 1,455 professionals in banking, asset management and insurance. They ranked 62 cities basing their scores in areas such as regulation and taxation, market access, people and infrastructure.
The survey for the six-month period up to December shows a fall in confidence across all centres. But the survey notes the top-ranked centres have shown a much greater degree of resilience and a smaller drop in scores than those lower down the rankings.
London and New York remain the only two truly global centres with a growing gap between New York and third-placed Singapore, the survey adds.
The survey, the fifth in the series, uses this format:
City- Current Rank- Previous Rank- Current Overall Rating out of 1000- Previous Overall Rating out of 1000
London 1(1) 781 (791) London remains in the top place, closely followed by New York, separated by 13 points, down from 17 points in GFCI 4. In spite of the current economic climate, London is again in the top quartile of nearly all instrumental factors as well as the overall GFCI. London still leads New York in all areas of competitiveness, and in four of the five industry sector sub-indices, although respondents expressed continuing concerns about the likelihood of increased regulatory burden, and a less predictable tax-regime.
New York 2(2) 768(774) New York remains in second place, and dropped only 6 points since GFCI 4 in spite of a host of financial turmoil: government support of Fannie Mae and Freddie Mac, bankruptcy filings for Lehman Brothers, the sale of Merrill Lynch to Bank of America and the US Federal Reserve bailout of AIG. New York moved marginally ahead of London in the Banking sector sub-index.
Singapore 3(3) 687(701) Singapore has dropped 14 points, but retains the number 3 ranking over Hong Kong that it gained in GFCI 4. It is now 81 points behind New York. It remains a solid centre, as evidenced in its continuing high performance in all industry sector sub-indices and in all areas of competitiveness, taking 3rd or 4th place across the board.
Hong Kong 4(4) 684(700) Hong Kong remains a strong financial centre and is in 3rd or 4th place in all industry sector sub-indices, except Insurance, and in all areas of competitiveness. With only a few exceptions, most Asian banks continue to be able to finance loans with deposits, insulating Hong Kong from some of the direct impact of the current financial crisis.
Zurich 5(5) 659(676) Zurich held steady at 5th place in GFCI 5 due both to its deep-rooted market niche in the private banking and asset management sectors, and the early moves by Swiss banks to cut back on exposure prior to, and early in, the current financial crisis.
Geneva 6(6) 638*(645) Geneva has remained at 6th place as investors move to find firm ground amidst the tumult. This has helped the city?s score in the Business Environment sub-index move up 5 points.
Chicago 7(8) 638*(641) Slipping only three points from GFCI 4, Chicago remained relatively stable in a market that saw most other centres suffer far more. Chicago remained in 6th in the General Competitiveness sub-index.
Frankfurt 8(9) 633(636) Frankfurt is in 8th place, up one rank from GFCI 4. The financial system in Germany has been more stable than in London or New York over the past six months. Frankfurt also did very well in certain industry sub-sectors, rising five places to 7th among Government & Regulatory respondents, and three places to 9th among Professional Services respondents.
Boston 9(11) 618*(625) Boston has historically moved in and out of the GFCI top 10, and is ranked 9th in GFCI 5. It showed a strong increase in average assessments among respondents, rising from 628 in GFCI 4 to 699 now. It was hit by a falling performance in some of the instrumental factors, however.
Dublin 10(13) 618* (622) Dublin has benefited from the Irish government?s investment over the past decade which has made Ireland a cost efficient location for banking operations. Dublin is also an attractive destination for investment and corporate tax residence. Dublin has climbed three places in the rankings despite recent worries about the Irish economy as a whole.
Here are the complete rankings.
1. London 1 1,289 801
2. New York 2 976 807
3. Singapore 3 677 738
4. Hong Kong 4 811 723
5. Zurich 5 755 702
6. Geneva 6 721 668
7. Chicago 7 525 671
8. Frankfurt 8 659 658
9. Boston 9 468 642
10. Dublin 10 795 640
11. Toronto 11 459 663
12. Guernsey 12 584 652
13. Jersey 13 646 650
14. Luxembourg 14 658 641
15. Tokyo 15 518 660
16. Sydney 16 411 660
17. San Francisco 17 406 639
18. Isle of Man 18 522 638
19. Paris 19 685 614
20. Edinburgh 20 603 627
21. Washington D.C. 21 382 596
22. Cayman Islands 22 495 625
23. Dubai 23 581 622
24. Amsterdam 24 538 605
25. Vancouver 25 304 583
26. Montreal 26 319 562
27. Hamilton 27 408 597
28. Melbourne 28 270 563
29. Munich 29 403 607
30. Stockholm 30 373 556
31. Glasgow 31 207 563
32. Brussels 32 516 564
33. Gibraltar 33 245 588
34. British Virgin Islands 34 243 600
35. Shanghai 35 390 603
36. Bahamas 36 182 585
37. Monaco 37 191 583
38. Copenhagen 38 332 506
39. Oslo 39 279 485
40. Milan 40 408 532
41. Taipei 41 113 615
42. Vienna 42 340 520
43. Bahrain 43 299 541
44. Helsinki 44 284 490
45. Kuala Lumpur 45 137 588
46. Qatar 46 255 525
47. Madrid 47 405 511
48. Johannesburg 48 305 524
49. Mumbai 49 339 523
50. Bangkok 50 137 539
51. Beijing 51 322 513
52. Osaka 52 200 472
53. Seoul 53 240 499
54. Sao Paulo 54 219 496
55. Rome 55 341 458
56. Wellington 56 204 472
57. Lisbon 57 275 410
58. Prague 58 278 449
59. Warsaw 59 263 422
60. Moscow 60 358 403
61. Athens 61 298 364
62. Budapest 62 265 395
Link to the actual report: http://217.154.230.218/NR/rdonlyres/8D37DAE2-5937-4FC5-A004-C2FC4BED7742/0/BC_RS_GFCI5.pdf
