The Global Financial Centres Index - 1 - Z/Yen

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The Global Financial Centres IndexTable 16Current Survey –AssessmentsCity Number of Average Standard DeviationAssessments Assessment of AssessmentsLondon 236 843 1.06New York 172 806 1.31Hong Kong 130 767 1.45Singapore 116 734 1.46Zurich 98 730 1.39Sydney 61 720 1.57Chicago 89 696 1.60Tokyo 90 680 1.80Geneva 73 670 1.68Boston 71 669 1.93San Francisco 65 665 1.92Frankfurt 111 650 1.37Paris 142 646 1.61Edinburgh 77 627 1.92Melbourne 45 627 1.75Dublin 90 618 1.70Amsterdam 81 617 1.45Toronto 58 607 1.87Hamilton 44 602 2.32Channel Islands 55 602 2.37Shanghai 50 598 2.39Dubai 45 596 1.88Cayman Islands 39 595 2.33Luxembourg 53 594 1.84Stockholm 47 577 1.97Madrid 58 571 1.69Montreal 44 570 2.14Brussels 78 563 1.43Milan 52 562 1.66Washington D.C. 62 552 2.06Beijing 44 527 1.86Vancouver 41 524 2.37Vienna 34 521 1.90Copenhagen 47 519 2.02Helsinki 40 508 1.95Rome 42 490 2.02Prague 40 480 1.91Oslo 33 476 2.25Wellington 26 469 2.22Warsaw 35 457 1.93Mumbai 40 455 2.05Lisbon 34 438 1.95Seoul 29 431 2.07Moscow 40 380 1.86Budapest 34 379 1.89Athens 41 366 1.8148
The Global Financial Centres IndexThe results shown in Table 16 relate to the current survey only andrepresent the 251 responses during a four month period at the endof 2006.The questions asked in the current online survey are detailed inAppendix B. The responses to the open ended questions (numbers15 to 18) of the survey were analysed in some depth. We were ableto gain insight into which of the key areas of competitiveness arecurrently of greatest concern to respondents. Table 17 shows thepercentage of responses that mention the different areas.Table 17Key Areas ofCompetitivenessArea of CompetitivenessPercentage of responsesBusiness Environment 46.2%People 37.2%Infrastructure 29.5%Market Access 12.8%In the previous City of London research in 2003 and 2005,people issues were rated as the most important factors ofcompetitiveness followed by regulatory issues. In this research,people factors have been replaced as the most important factorby the business environment and specifically the regulatory andtax environments. Comments from our respondents show thatthere are two main factors behind this increased importance: first,concerns about the level and quality of financial servicesregulation in the USA and in particular the somewhat draconianmeasures within the Sarbanes-Oxley legislation; second, theconcerns about the increasing levels of corporate taxation in theUK which are beginning to drive companies away from Londontowards more advantageous tax regimes.People factors, specifically the pool of available talent in afinancial centre and the flexibility of the labour market, were thesecond most mentioned of the key areas of competitiveness andare still of great importance.49
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