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From Wikipedia, the free encyclopedia

The City of London, London, United Kingdom is comprised almost entirely of financial services.

A financial centre is a global city that is a company and business hub, as well as being home to many world famous banks and/or stock exchanges.

An international financial centre is a non-specific term of reference usually meant to designate a city as a major participant in international financial markets for the trading of cross-border assets. An international financial centre (sometimes abbreviated to IFC) will usually have at least one significant stock market as well as other financial markets, as well as being subject to a significant presence of international banks.

According to the WEF (World Economic Forum) London in the United Kingdom has now replaced Wall Street as the centre of the financial world, despite concerns over confidence in both American and European markets due to the recession.

Contents

Global Financial Centres Index

As of 2009, the top ten financial centres according to the Global Financial Centres Index in the world are:[1][2]

  1. United Kingdom London
  2. United States New York City
  3. Hong Kong Hong Kong
  4. Singapore Singapore
  5. People's Republic of China Shenzhen
  6. Switzerland Zurich
  7. Japan Tokyo
  8. United States Chicago
  9. Switzerland Geneva
  10. People's Republic of China Shanghai

The Global Financial Centres Index is published by the City of London Corporation and is updated annually.

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Criticism

This study, is given by the city of London.[3] The financial crisis of 2009 has also highlighted the United Kingdom's dependence on the financial sector as it and the United States have been the most dramatically hit, France and Germany have not had to intervene in the financial sector anywhere near as much as the UK, as their financial sectors are much smaller.

Worldwide Centres of Commerce Index

As of 2008, the top ten commercial centres according to the Worldwide Centres of Commerce Index in the world, by country are:[4]

  1. United Kingdom London
  2. United States New York City
  3. Japan Tokyo
  4.  Singapore
  5. United States Chicago
  6.  Hong Kong
  7. France Paris
  8. Germany Frankfurt
  9. South Korea Seoul
  10. Netherlands Amsterdam

The Worldwide Centres of Commerce Index is published by MasterCard Worldwide and is updated annually.

List of Major financial centres by location

Africa

Americas

Chicago, United States
San Francisco, United States

Asia

Europe

Oceania

Offshore Financial Centres

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

The term offshore financial centre is a relatively modern neologism, first coined in the 1980s.[7] Although the terms are not synonymous, many leading offshore finance centres are regarded as "tax havens", and the lack of precise definitions often leads to confusion between the concepts. In Tolley's International Initiatives Affecting Financial Havens[8] the author in 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, he then qualifies this 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."

References

External links


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