The Global Financial Centres Index - 1 - Z/Yen

The Global Financial Centres IndexChart 4The 46 Centres –Variance ofAssessmentsversus Sensitivityto InstrumentalFactorsIncreasing Sensitivity to Instrumental Factors >•Dublin•Montreal•Amsterdam•Madrid•Vienna•Copenhagen•Dubai•Warsaw•Athens•Bucharest•StockholmMoscow• •Lisbon•Beijing•Prague •Rome•Toronto•Helsinki•Montreal•Oslo•Wellington•Shanghai•Chicago•Milan•Dublin•Seoul•Zurich•Tokyo•Mumbai• Brussels•Melbourne•Hong Kong•Luxembourg•LondonNew York•Cayman Islands•San Francisco•SydneyEdinburgh• •Singapore•Washington DC•Paris•Geneva •Boston•Frankfurt•Vancouver•Hamilton•ChannelIslandsIncreasing Variance of Assessments >Chart 4 shows three distinct ‘bands’ of financial centres. Thecentres in the top right of the chart, such as Copenhagen, Oslo,Vienna, Wellington, Shanghai or Dubai, have a high sensitivity tochanges in the instrumental factors and a high variance ofassessments. These centres undoubtedly have the highestpotential volatility in GFCI ratings.The centres in the bottom left of the chart (including London, NewYork, Paris, Frankfurt, Hong Kong, Singapore, Zurich and Geneva)have a low sensitivity to changes in the instrumental factors and alower variance of assessments. These centres are likely to exhibitthe lowest volatility in future GFCI ratings.The GFCI permits sectoral analysis and, over time, we hope tocreate ‘mini-indices’ by business sector i.e. banking, assetmanagement, insurance, professional services and regulatory.While sectoral analysis at this early stage would be premature,Chart 5 contrasts the first GFCI ratings derived from banking sectorrespondents against GFCI ratings derived from non-banking sectorrespondents.22