The global financial centres index (GFCI) 3 - Z/Yen

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The Global Financial Centres Index
The Global Financial Centres Index Foreword Michael Snyder Chairman, Policy and Resources Committee, City of London The Global Financial Centres Index 3 (GFCI 3) is the third report produced by the Z/Yen Group for the City of London which ranks financial centres based on external benchmarking data and current perceptions of competitiveness. Previous GFCI reports, and other City of London commissioned research, such as The Impact of Taxation on Financial Services Business Location Decisions, show that international financial services firms, and the talented staff that they employ, are both highly mobile and responsive to a range of both market and non-market factors. These factors are important to policy makers looking to maintain or improve the competitiveness of their markets. GFCI 3 shows that, as in the case of GFCI 1 and GFCI 2, London and New York are the leading global financial centres, with London continuing to be ahead but by a smaller margin than in the previous report. This reflects as before the excellent access of London to markets, skilled staff and a proportionate regulatory regime. With the Financial Services Action Plan being rolled out across Europe we are seeing a progressive and welcome reduction in market barriers to international financial services. In this context, infrastructure and taxation are likely to be even higher on the list of competitive factors influencing the perceptions of individuals employed in global firms. On these measures London’s lead is being squeezed and there is no room for complacency if we are to safeguard and improve the resilience and competitiveness of this financial centre. Since the publication of GFCI 2, the collapse of the sub-prime mortgage market in the US, the subsequent write down of US mortgage-backed financial products, and the dissemination of the associated credit shock and liquidity crisis through the global financial system via securitised debt products have shown that international financial markets are highly interdependent and strongly linked to the real economy. In this connection it is also worth noting the increased attention that is being paid to the role of the emerging markets of China, India and Brazil. As in previous reports, the evidence gathered in GFCI 3 reflects the inputs by financial services respondents and I would encourage professionals around the globe to participate in the ongoing survey at www.cityoflondon.gov.uk/GFCI Michael Snyder City of London March 2008 1
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The City of London Corporation The
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