Posted by: Sam Carson | 2 October, 2007

London: the world’s financial centre.

The world’s centre of finance is in London says the the Telegraph.  A recent study has placed it above New York as the centre of global capital flows and financial services.

The second Global Financial Centres Index rates the two cities as the world’s “only truly global financial centres”, well ahead of other centres in the top five – Hong Kong, Singapore and Zurich.

Compiled for the City of London Corporation, the report found London was drawing a greater share of initial public offerings by foreign companies than New York. It was also closing on the US city’s private equity and hedge fund dominance, with one in five global hedge funds managed in London.

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Responses

  1. Interesting that Toronto is 12th. Behind Sydney and Chicago, but ahead of Boston and Washington.

    Montreal’s 21st and Vancouver 27th, for those who are interested.

  2. That is interesting. I would have thought TO would place better than Chicago or Sydney, being the financially dominant city of a G8 nation.

  3. Actually, if you look through the report Canadian cities do quite well generally. There are several categories in which Toronto ranks in the top ten, and Vancouver and Montreal show up in a lot of the top lists too.

  4. True, perhaps Sam, but Chicago’s Mercantile Exchange is still pretty important (and big), and Sydney’s pretty close to China, which is no doubt important in it’s ranking! Plus, the rankings give a fair amount of clout to a city’s position as a national financial centre, and while Toronto is clearly that in Canada, there are still two cities (Montreal and Vancouver) that get mentioned quite a bit, whereas in Australia there’s just two, Sydney and Melbourne (then again, Melbourne’s ahead of Montreal and Vancouver, so there’s that!!!). Nonetheless, perhaps the wealth is spread a bit more in Canada in this regard.

  5. Yeah. Its an interesting report. I would have assumed Los Angeles would have had a stronger position than Chicago, but thinking about it LA doesn’t really have significance in finance.

    That Shanghai is one spot higher than Vancouver is really interesting, as it the relative strength of the Channel Islands. I might put together a broader post on this sometime soon. The methodology and concept this report at the very least deserve some attention, as much as the results.

  6. Theres hardly any difference between London and NYK, anyway its No1 and thats all that matters ! everyones progressing now, so there are gonna be lots of changes to the list in the future and its only healthy competition that gets the best out of ppl. Shanghai, Hong Kong and Tokyo are on the list Im hoping to see a few more Asian / African countries soon, so that the londoners and nw yorkers get some inspiration to work Harder, and yes being an Indian I pray that India does well enough to come up to that level soon

  7. The other thing that’s interesting is the “niche markets”. Zurich and Geneva aren’t so high out of overall power or clout, but because of their strength in private banking (the cliched “Swiss Bank Account”) as is true as well for the Cayman Islands for example. So, smaller centres with a laser-like focus on finance (or particular kinds of finance) get bumped, perhaps higher than larger and more “generally powerful/important” city’s in a ranking of “financial centres”.

    I’m still a bit surprised by Sydney, but Chicago isn’t a surprise to me at all. As I said, the CME (Chicago Mercantile Exchange) is huge, and still quite important in the financial universe.

  8. Please tell me what is Authendication and formalities to get document authendicaed from World Financial Centre, London


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