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Rankings

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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 Xinhua–Dow Jones International Financial Centres Development Index . Global Financial Centres Index (2007–ongoing) edit 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. As of 25 September 2020, the top ten global financial centres per the GFCI article containing a ranked list of 111 financial centres were: Rank Centre Rating 1 New York City 770 2 London 766 3 Shanghai 748 4 Tokyo 747 5 Hong Kong 743 6 Singapore 742 7 Beijing 741 8 San Francisco 738 9 Shenzhen 732 10 Zurich 724 Xinhua–Dow Jones Index (2010–2014) edit The Xinhua–Dow Jones International Financial Centers D...
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Financial centre

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A financial centre , financial center , 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. Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds, insurers, 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 and reinsurance. Ancillary financial services include rating agencies, as well as provision of re...
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Definitions

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FSF–IMF approach edit In April 2000, the Financial Stability Forum ("FSF"),d concerned about OFCs on global financial stability produced a report listing 42 OFCs. In June 2000, the 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): 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). Rationale for OFCs edit 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 ...
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