Sydney named one of top 10 world financial centres

Hong Kong joins New York and London as top finance center

HONG KONG -- Hong Kong has joined London and New York among the world’s top financial centers, with other Asian cities including Shanghai and Seoul also moving up the ranks, a survey said Monday.

Hong Kong was third behind New York and first-placed London in the Global Financial Centers Index, which ranks 75 financial hubs based on surveys of professionals and criteria including business environment, market access and infrastructure.

“There remains no significant difference between London and New York (in the ratings). Respondents continue to believe that these centers work together for mutual benefit,” according to the twice-annual report produced by London-based think tank Z/Yen Group.

“Hong Kong has joined London and New York as a genuinely global financial center. Singapore may well join this trio soon.”

Singapore placed fourth in the top 10 followed by Tokyo, Shanghai, Chicago, Zurich, Geneva and Sydney.

“The top four centers control a large proportion of financial transactions (over 70 percent of equity trading)...(and) are likely to remain powerful financial centres for the foreseeable future,” the report said.

Asia “continues to exhibit enhanced competitiveness” with Shanghai breaking into the top 10 and Seoul cracking the top 25, the report said.

Respondents said the five finance centers “likely to become more significant in the next few years” are the southern Chinese industrial city of Shenzhen, Shanghai, Singapore, Seoul, and Beijing. -- AFP

http://www.bworldonline.com/main/content.php?id=18080




Pretty impressive!!

Singapore has been making amazing progress in recent years and it will be interesting to see if it does join London, NYC and Hong Kong at the top of the pile.