- Financial Centre
A financial centre is a
global citythat is a companyand business hub, as well as being home to many world famous banks and/or stock exchanges.
Financial centres have existed throughout history in ancient centres such as
Babylon, Constantinople, Romeand Timbuktu.
As of March 2008, the top 10 financial centres according to the
Global Financial Centres Indexin the world are: [ [http://www.zyen.com/Knowledge/Research/GFCI%202%20September%202007.pdf Global Financial Centres Index September 2007] ]
London, United Kingdom
* New York,
New York United States
Hong Kong, Hong Kong SAR
Frankfurt, Germany European Union
Illinois United States
Other financial centres include:
* San Francisco,
California United States
North Carolina United States
Washington, DC, District of Columbia United States
Edinburgh, United Kingdom
Texas United States
Kuala Lumpur, Malaysia
Seoul, South Korea
The Global Financial Centres Index by
City of London Corporationis updated annually.
"Financial centres are where market liquidity is and
market liquidityis very hard to move. Nobody can move liquidity unilaterally and so once a global centre such as London or New York has been established it is virtually impossible to move. It will take a number of significant factors, acting over a number of years to alter the status quo now that it has been established."(Head of Trading, London-based investment bank)
Examples of European financial centres
Londonis one of the three leading world financial centres. It is famous for its banks and Europe's largest stock exchange, that have been established over hundreds of years (e.g. Lloyd's of London, London Stock Exchange). The financial market of London is also commonly referred to as the City. It has historically been situated around the part of London called the Square Mile, but in the 1980s and 1990s a large part of the City of London's wholesale financial services relocated to Canary Wharf.
Frankfurtplays a major role in German economics, and is famous for its tall skyscrapers and world-wide businesses such as Deutsche Bankand Commerzbank. Frankfurt is also home to the European Central Bank.
Zurichis well known for its banks.
Genevais home of the World Trade Organization.
Baselis home to the Bank for International Settlements.
Parisis home to the Organisation for Economic Co-operation and Development(OECD)
Qatar Financial Centre
* [http://www.cityoflondon.gov.uk/NR/rdonlyres/131B4294-698B-4FAF-9758-080CCE86A36C/0/BC_RS_compposition_FR.pdf The Competitive Position of London as a Global Financial Centre]
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