Financial centre

New York City's Financial District in Lower Manhattan, which includes Wall Street. Many financial firms have expanded northward to Midtown Manhattan.[1][2]
The City of London is one of the oldest financial centres and today remains at the heart of London's financial services industry.[3]

A financial centre is a location that is home to a cluster of nationally or internationally significant financial services providers such as banks, investment managers, hedge-funds or stock exchanges.[4]:1 A prominent financial centre can be described as an international financial centre (IFC) or a global financial centre and is often also a global city. Regional and national financial centres interact with these leading centres and may act as business feeders or provide local access to them. An offshore financial centre (OFC) is typically a smaller, lower-tax, more lightly regulated jurisdiction that primarily serves non-residents.[note 1]

Description

Financial centres are locations with an agglomeration of participants in financial markets and venues for these activities to take place.[5] Participants can include financial intermediaries (such as banks, brokers, asset management funds), institutional investors (such as investment managers), as well as central banks. Trading activity takes 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 advisory services, for example relating to mergers and acquisitions, or which participate in other areas of finance, such as private equity and reinsurance.

Financial centres serve the domestic business of their home country and may also serve international business. International activity occurs as soon as one of the participants in the activity is foreign to the home country of the financial centre, or when the instruments themselves are international in nature such as Eurobonds. The term international financial centre or global financial centre is mostly used to indicate a prominent financial centre where such international or cross-border business takes place.[6][7]

A paper by the International Monetary Fund offers the following definition:[8]

International Financial Centers (IFCs)—such as London, New York, and Tokyo—are large international full-service centers with advanced settlement and payments systems, supporting large domestic economies, with deep and liquid markets 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.

Rise and decline of key financial centres in history

Origins and early developments

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.[9][10] The first real international financial center was the City State of Venice which slowly emerged from the 9th century to its peak in the 14th century.[9] Tradable bonds as a commonly used type of security, was invented by the Italian city-states (such as Venice and Genoa) of the late medieval and early Renaissance periods. In the sixteenth century, the overall economic supremacy of the Italian city-states gradually came to an end and the centre of financial activities in Europe shifted to the Low Countries, first to Bruges, and later to Antwerp and Amsterdam. They, too, became important centres of financial innovation.

Italian city-states

Low Countries

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)

Modern developments

17th–18th centuries

Amsterdam and the financial revolution of the Dutch Republic
17th-century etching of the Oost-Indisch Huis (Dutch for "East India House"), the headquarters of the United East India Company (VOC) in Amsterdam. Considered by many to be the first truly (modern) transnational corporation, the VOC - the first company to be ever listed on an official stock exchange - started off as a spice trader. The VOC's institutional innovations helped lay the foundations for modern corporations (especially large-scale business enterprises or multinational corporations) and capital markets that now greatly affect the world economy.
The Dam Square in Amsterdam, by Gerrit Adriaensz Berckheyde, c. 1660. In the picture of the centre of highly cosmopolitan and tolerant Amsterdam, Muslim/Oriental figures (possibly Ottoman or Moroccan merchants) are shown negotiating. The seventeenth-century Amsterdam’s institutional innovations greatly helped lay the foundations for modern international financial centres that now dominate the global financial system.[11][12]

By the first decades of the 18th century, Amsterdam had become the world's leading commercial and financial centre for more than a century.[13][14][15] As the first modern model of a international (global) financial centre,[16] Amsterdam developed a sophisticated financial system with central banking, fully-fledged capital markets, certain kinds of financial derivatives, and publicly traded multinational corporations. As Richard Sylla (2015) noted, “In modern history, several nations had what some of us call financial revolutions.[17][18] These can be thought of as creating in a short period of time all the key components of a modern financial system. The first was the Dutch Republic four centuries ago.”[19] It was in Amsterdam that the important institutional innovations such as limited-liability joint-stock companies, publicly traded companies, transnational corporations, capital markets (including bond markets and stock markets), central banking system, investment banking system, and investment funds (mutual funds) were systematically operated for the first time in history. Amsterdam – unlike its predecessors such as Bruges, Antwerp, Genoa, and Venice – controlled crucial resources and markets directly, sending its fleets to all quarters of the world.[20][21] During their Golden Age, the Dutch were responsible for three major institutional innovations in economic and financial history:

By the early 1800s, London officially replaced Amsterdam as the world's leading financial centre. In his book Capitals of Capital (2010), Youssef Cassis argues that the decline and fall of Amsterdam, as the world's foremost financial capital, was one of the dramatic events in history of global finance.[35]

19th–20th centuries

Rise of London and British financial power
USA and the rise of New York City as the first non-European financial capital of the world
Rise of non-Western financial centres

21th-century onwards

Contemporary centres

Contemporary finance centers such as London, Amsterdam, Paris, Tokyo and New York, have long histories;[36][37] today there is a diverse range of financial centres worldwide.[38] While New York and London often stand out as the leading global financial centres,[39][40] other established financial centres provide significant competition and several newer financial centres are developing.[41] 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.[42]: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.[43]

Ranking

Prior to the 1960s, there is little data available to rank financial centres.[4]:1 In recent years many rankings have been developed and published. Two of the most relevant are the Global Financial Centres Index and the International Financial Centres Development Index.[44]

Global Financial Centres Index

The Central District of Hong Kong, one of the main financial centres in Asia, seen from the Peak.

The Global Financial Centres Index is compiled semi-annually by the London-based British think-tank Z/Yen. London has been the top-ranked centre from the index's inception in 2007, except from March 2014 to September 2015, when New York City led.[45][46][47]

As of March 2017, the top ten global financial centres are:[48]

Rank Change
Centre
Rating
1 Steady United Kingdom London 782
2 Steady United States New York City 780
3 Steady Singapore Singapore 760
4 Steady Hong Kong Hong Kong 755
5 Steady Japan Tokyo 740
6 Steady United States San Francisco 724
7 Increase 1 United States Chicago 723
8 Increase 3 Australia Sydney 721
9 Decrease 2 United States Boston 720
10 Increase 3 Canada Toronto 719

International Financial Centres Development Index

Frankfurt`s banking district, home to various global and European bank headquarters. The district houses the biggest German stock exchange as well as many European and German regulators.

The International Financial Centres Development Index is compiled annually by the Xinhua News Agency of China with the Chicago Mercantile Exchange and Dow Jones & Company of the United States, and is known as the Xinhua-Dow Jones International Financial Centers Development Index. New York has been the top-ranked centre since inception of the index in 2010. According to the 2014 Xinhua-Dow Jones International Financial Centres Development Index, the top ten financial centres in the world are:[49]

Rank Change
Centre
Rating
1 Steady United States New York City 87.72
2 Steady United Kingdom London 86.64
3 Increase 1 Japan Tokyo 84.57
4 Increase 1 Singapore Singapore 77.23
5 Decrease 2 Hong Kong Hong Kong 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

Comparisons

The New York Stock Exchange on Wall Street, the world's largest stock exchange per total market capitalisation of its listed companies.[50]
The London Stock Exchange in the City of London, the most international stock exchange and the largest in Europe.[51]
The International Finance Centre in Hong Kong which opened in 2003.
The Tokyo Stock Exchange, the largest stock exchange in Asia.[51]
The Frankfurt Stock Exchange building, which dates back to 1879.[10]

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.[52] One journalist suggested three prime factors for success as a financial city: a pool of money to lend or invest; a decent legal framework; and high-quality human resources.[53]

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.[62][63]
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.[71][72][73] 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,[74] foreign exchange markets,[75] money markets,[76] issuance of international debt securities,[77] international insurance,[78] trading in gold, silver and base metals through the London bullion market and London Metal Exchange,[79] and international bank lending.[55]:2[68][80] London benefits from its position between the Asia and U.S. time zones,[81] and has benefited from its location within the European Union, though this may end following the outcome of the Brexit referendum of 2016 and the decision of the United Kingdom to leave the European Union.[82] As well as the London Stock Exchange, the Bank of England, the second oldest central bank, and the European Banking Authority are based in London, although the latter is expected to move following Brexit.
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.[88]:31–32[91] The NYSE and NASDAQ are the two largest stock exchanges in the world.[51] 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.[88]:34–35 The New York Federal Reserve Bank, the largest within the Federal Reserve System, regulates financial institutions and implements U.S. monetary policy,[92][93] which in turn influences the world's economy.[94][95] The three major global credit rating agencies Standard 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.

New York Times journalist Daniel Gross wrote:

In today’s burgeoning and increasingly integrated global financial markets — a vast, neural spaghetti of wires, Web sites and trading platforms — the N.Y.S.E. is clearly no longer the epicenter. Nor is New York. The largest mutual-fund complexes are in Valley Forge, Pa., Los Angeles and Boston, while trading and money management are spreading globally. Since the end of the cold war, vast pools of capital have been forming overseas, in the Swiss bank accounts of Russian oligarchs, in the Shanghai vaults of Chinese manufacturing magnates and in the coffers of funds controlled by governments in Singapore, Russia, Dubai, Qatar and Saudi Arabia that may amount to some $2.5 trillion. -- Daniel Gross in 2007.[101]

One example of Gross' assertion was the then alternative trading platform known as BATS, based in Kansas City, which came "out of nowhere to gain a 9 percent share in the market for trading United States stocks."[101] The firm had computers in the U.S. state of New Jersey, two salespersons in New York City, but the remaining 33 employees work in a centre in Kansas.[101] BATS went on to become a fully registered exchange and eventually acquired Direct Edge.[116] Charlotte is the second-largest banking centre in the United States, after New York City. Bank of America, the United States' second-largest bank is headquartered here, as well as a secondary headquarters for Wells Fargo. BB&T, MetLife, TIAA-CREF, and SunTrust Banks all have a major corporate presence in the city.

Offshore financial centres

An offshore financial centre, although not precisely defined, is usually a small, low-tax jurisdiction specialising in providing corporate and commercial services to non-residents in the form of offshore companies and the investment of offshore funds.[8]

The term offshore financial centre is a relatively modern neologism, first coined in the 1980s.[117] Although the terms are not synonymous, many leading offshore finance centres are regarded as "tax havens", and the lack of precise definition often leads to confusion between the concepts. In Tolley's International Initiatives Affecting Financial Havens[118] the glossary of terms defines an "offshore financial centre" in forthright terms as "a politically correct term for what used to be called a tax haven." However, this is qualified by adding "The use of this term makes the important point that a jurisdiction may provide specific facilities for offshore financial centres without being in any general sense a tax haven."

In 2009 the International Financial Centres Forum (IFC Forum) was established by a group of professional service firms and businesses with offices in the leading offshore centres.[119] According to its website, the IFC Forum aims to provide authoritative and balanced information about the role of the small international financial centres in the global economy.

See also

Notes

  1. In a number of large cities, the name International Financial Centre is given to skyscrapers located in business districts, for example the landmark, International Finance Centre in Hong Kong.

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