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President and CEO First Bank Financial Centre Oconomowoc, Wis. Bank assets: $ million. Retail offices: Employees: Founded: First Bank Financial Centre (FBFC) is a full-service, independent, community bank that has served southeast Wisconsin since was a year of notable achievement for Oconomowoc Bancshares Inc. and First Bank Financial Centre (FBFC). We are proud to report the highest earnings in.

First bank financial centre -

Financial centre

Locations which are centres of financial activity

For a list, see List of financial districts.

A financial centre, financial center, or financial hub is a location with a concentration of participants in banking, asset management, insurance or financial markets with venues and supporting services for these activities to take place.[1][2] Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds, insurers, hedge funds), and issuers (such as companies and governments). Trading activity can take place on venues such as exchanges and involve clearing houses, although many transactions take place over-the-counter (OTC), that is directly between participants. Financial centres usually host companies that offer a wide range of financial services, for example relating to mergers and acquisitions, public offerings, or corporate actions; or which participate in other areas of finance, such as private equity and reinsurance. Ancillary financial services include rating agencies, as well as provision of related professional services, particularly legal advice and accounting services.[3]

The International Monetary Fund's classes of major financial centers are: International Financial Centres (IFCs), such as New York City,[4]London, Singapore, and Tokyo; Regional Financial Centres (RFCs), such as Shanghai, Shenzhen, Frankfurt, and Sydney; and Offshore Financial Centres (OFCs), such as Cayman Islands, Dublin, Luxembourg City, and Hong Kong.[a]

The City of London(the "Square Mile") is one of the oldest financial centres. London is ranked as one of the largest International Financial Centres ("IFC") in the world.

International Financial Centres, and many Regional Financial Centres, are full–service financial centres with direct access to large capital pools from banks, insurance companies, investment funds, and listed capital markets, and are major global cities. Offshore Financial Centres, and also some Regional Financial Centres, tend to specialise in tax-driven services, such as corporate tax planning tools, tax–neutral vehicles,[b] and shadow banking/securitization, and can include smaller locations (e.g. Luxembourg), or city-states (e.g. Singapore). The IMF notes an overlap between Regional Financial Centres and Offshore Financial Centres (e.g. Hong Kong and Singapore are both Offshore Financial Centres and Regional Financial Centres). Since , academics consider Offshore Financial Centres synonymous with tax havens.[c]

Definitions[edit]

FSF–IMF approach[edit]

In April , the Financial Stability Forum ("FSF"),[d] concerned about OFCs on global financial stability produced a report listing 42 OFCs.[7] In June , the IMF published a working paper on OFCs, but which also proposed a taxonomy on classifying the various types of global financial centres, which they listed as follows (with the description and examples they noted as typical of each category, also noted):[8]

  1. International Financial Centre ("IFC"). Described by the IMF as being large international full–service centres with advanced settlement and payments systems, supporting large domestic economies, with deep and liquid markets where both the sources and uses of funds are diverse, and where legal and regulatory frameworks are adequate to safeguard the integrity of principal–agent relationships and supervisory functions. IFCs generally borrow short–term from non–residents and lend long–term to non–residents. In terms of assets, London is the largest and most established such centre, followed by New York, the difference being that the proportion of international to domestic business is much greater in the former. Examples cited by the IMF were: London, New York and Tokyo;
  2. Regional Financial Center ("RFC"). The IMF noted that RFCs, like IFCs, have developed financial markets and infrastructure and intermediate funds in and out of their region, but in contrast to IFCs, have relatively small domestic economies. Examples cited by the IMF were: Hong Kong, Singapore, and Luxembourg;
  3. Offshore Financial Centre ("OFC"). The IMF noted that OFCs are usually smaller, and provide more specialist services, however, OFCs still ranged from centres that provide specialist and skilled activities, attractive to major financial institutions, and more lightly regulated centres that provide services that are almost entirely tax driven, and have very limited resources to support financial intermediation. The IMF listed 46 OFCs in , the largest of which was Ireland, the Caribbean (includes the Cayman Islands, and the British Virgin Islands), Hong Kong, Singapore and Luxembourg.

The IMF noted that the three categories were not mutually exclusive and that various locations could fall under the definition of an OFC and an RFC, in particular (e.g. Singapore and Hong Kong were cited).[8]

Rationale for OFCs[edit]

See also: Offshore financial centre

The IMF noted that OFCs could be set up for legitimate purposes (listing various reasons), but also for what the IMF called dubious purposes, citing tax evasion and money–laundering. In , the IMF produced the following definition of an OFC: a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy.[9] The FSF annual reports on global shadow banking use the IMF definition to track the OFCs with the largest financial centres relative to their domestic economies.[10]

Progress from onwards from IMF–OECD–FATF initiatives on common standards, regulatory compliance, and banking transparency, has reduced the regulatory attraction of OFCs over IFCs and RFCs. Since , academics considered the services of OFCs to be synonymous with tax havens, and use the term OFC and tax haven interchangeably (e.g. the academic lists of tax havens include all the FSF–IMF OFCs).[5][6]

In July , a study by the University of Amsterdam's CORPNET group, broke down the definition of an OFC into two subgroups, Conduit and Sink OFCs:[11]

  • 24 Sink OFCs: jurisdictions in which a disproportionate amount of value disappears from the economic system (e.g. the traditional tax havens).
  • 5 Conduit OFCs: jurisdictions through which a disproportionate amount of value moves toward Sink OFCs (e.g. the corporate–focused tax havens)
    (Conduits are: Netherlands, United Kingdom, Switzerland, Singapore and Ireland)

Sink OFCs rely on Conduit OFCs to re–route funds from high–tax locations using base erosion and profit shifting ("BEPS") tax planning tools, which are encoded, and accepted, in the Conduit OFC's extensive networks of global bilateral tax treaties. Because Sink OFCs are more closely associated with traditional tax havens, they tend to have more limited treaty networks and access to global higher–tax locations.

Rankings[edit]

Prior to the s, there is little data available to rank financial centres.[12]:&#;1&#; In recent years many rankings have been developed and published. Two of the most relevant are the Global Financial Centres Index and the Xinhua–Dow Jones International Financial Centres Development Index.[13]

Global Financial Centres Index (–ongoing)[edit]

Main article: Global Financial Centres Index

The Lujiazui financial district in Shanghai, which has been categorised as a "broad and deep global leader" by the Global Financial Centres Index.

The Global Financial Centres Index ("GFCI") is compiled semi-annually by the London-based think tank Z/Yen in conjunction with the Shenzhen-based think tank China Development Institute.[14] As of 25 September , the top ten global financial centres per the GFCI article containing a ranked list of financial centres were:[15]

Xinhua–Dow Jones Index (–)[edit]

The Xinhua–Dow Jones International Financial Centers Development Index was compiled annually by the Xinhua News Agency of China with the Chicago Mercantile Exchange and Dow Jones & Company of the United States from to During that time New York was the top-ranked centre.

According to the Xinhua–Dow Jones International Financial Centres Development Index (IFCD), the top ten financial centres in the world were:[16]

(Δ) Appears on the FSF–IMF Offshore Financial Centre (OFC) Lists.
(†) Also appears as one of the top 5 Conduit OFC, in CORPNET's research; or
(‡) Also appears as one of the top 5 Sink OFC, in CORPNET's research.

Major financial centers on all continents[edit]

Asia[edit]

North America[edit]

Europe[edit]

AZCAand CTBAbusiness districts in Madrid

South America[edit]

Oceania[edit]

Africa[edit]

Examples[edit]

Old finance centers such as Amsterdam, London, Paris, and New York have long histories.[17][18] Today there is a diverse range of financial centres worldwide.[19] While New York and London often stand out as the leading global financial centres,[20][21] other established financial centres provide significant competition and several newer financial centres are developing.[22] Despite this proliferation of financial centres, academics have discussed evidence showing increasing concentration of financial activity in the largest national and international financial centres in the 21st century.[23]:&#;24–34&#; Others have discussed the ongoing dominance of New York and London, and the role linkages between these two financial centres played in the financial crisis of –[24]

Comparisons of financial centres focus on their history, role and significance in serving national, regional and international financial activity. Each centre's offering includes differing legal, tax and regulatory environments.[25] One journalist suggested three factors for success as a financial city: "a pool of capital to lend or invest; a decent legal and taxation framework; and high-quality human resources".[26]

Major IMF IFCs[edit]

New York, London, and Tokyo are in every list of major IFCs. Some of the major RFCs (see below), such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs in some lists.

  • New York City. Since the middle of the 20th century, New York City, represented by Wall Street in Manhattan's Financial District, has been described as a leading financial centre.[12]:&#;1&#;[23]:&#;25&#;[24]:&#;4–5&#; Over the past few decades, with the rise of a multipolar world with new regional powers and global capitalism, numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be the focus of new worldwide growth.[28]:&#;39–49&#;[29] One source described New York as extending its lead as the world's centre of finance in September ; according to Reuters, the think-tankNew Financial concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre.[30]
New York City remains the largest centre for trading in public equity and debtcapital markets, driven in part by the size and financial development of the U.S. economy.[28]:&#;31–32&#;[31] The NYSE and NASDAQ are the two largest stock exchanges in the world.[32] New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. Several investment banks and investment managers headquartered in New York City are important participants in other financial centres.[28]:&#;34–35&#; The New York Federal Reserve Bank, the largest within the Federal Reserve System, regulates financial institutions and implements U.S. monetary policy,[33][34] which in turn influences the world's economy.[35][36] The three major globalcredit rating agencies – Standard and Poor's, Moody's Investor Service, and Fitch Ratings – are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London.
London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around the world.[41][42][43] However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and Shanghai. London is the largest centre for derivatives markets,[44]foreign exchange markets,[45]money markets,[46] issuance of international debt securities,[47] international insurance,[48] trading in gold, silver and base metals through the London bullion market and London Metal Exchange,[49] and international bank lending.[3]:&#;2&#;[40][50] London has the second largest concentration of hedge funds ( according to mynewextsetup.us). London benefits from its position between the Asia and U.S. time zones,[51] and benefited from its location within the European Union,[52]:&#;1&#; although this ended on 31 January when the United Kingdom left the European Union following the Brexit referendum of As well as the London Stock Exchange, the Bank of England, the second oldest central bank, is in London, although the European Banking Authority moved to Paris after Brexit.[53][54]
  • Tokyo. One report suggests that Japanese authorities are working on plans to transform Tokyo but have met with mixed success, noting that "initial drafts suggest that Japan's economic specialists are having trouble figuring out the secret of the Western financial centres' success."[55] Efforts include more English-speaking restaurants and services and the building of many new office buildings in Tokyo, but more powerful stimuli such as lower taxes have been neglected and a relative aversion to finance remains prevalent in Japan.[55] Tokyo emerged as a major financial centre in the s as the Japanese economy became one of the largest in the world.[12]:&#;1&#; As a financial centre, Tokyo has good links with New York City and London.[56][57]

Major IMF OFCs[edit]

See also: Conduit and Sink OFCs

These centres appear in all FSF–IMF lists of OFCs and, bar the Caribbean OFCs of the Cayman Islands, the British Virgin Islands, and Bermuda, represent all the major OFCs. Some also appear as RFCs in various lists, particularly Hong Kong, and Singapore. They also appear on most lists of major tax havens, and on lists of the largest Conduit and Sink OFCs in the world.

  • Amsterdam. Amsterdam is well known for the size of its pension fund market. It is also a centre for banking and trading activities.[58] Amsterdam was a prominent financial centre in Europe in the 17th and 18th centuries and several of the innovations developed there were transported to London.[3]:&#;24&#; In June , a study published in Nature ranked the Netherlands as the world's largest Conduit OFC, a term use to describe the re-routing of fund flows to tax havens.[11][59][60] Additionally, after the UK's departure from the European Union, Amsterdam became Europe’s largest share trading centre.[61]
  • Dublin. Dublin (via its International Financial Services Centre, "IFSC"), is a specialised financial services centre with a focus on fund administration and domiciling, fund management, custodial activities and aircraft leasing.[62] It is the largest securitisation location in the EU,[63][64][65] and the second largest domicile for investment funds, particularly alternative investment funds, after Luxembourg. Many of the funds domiciled and managed in Dublin are at the instruction of investment managers in larger Asset Management jurisdictions such as London, Frankfurt, New York and Luxembourg.[52]:&#;5–6&#; Dublin's advanced BEPS tax tools, for example the double Irish, the single malt, and the capital allowances for intangible assets ("CAIA") tools, have led the economist Gabriel Zucman to judge Ireland to be the largest corporate tax haven by virtue of its use as a conduit OFC.[66][67][68]
  • Luxembourg. Luxembourg is a specialised financial services centre that is the largest location for investment fund domiciliation in Europe, and second in the world after the United States. Many of the funds domiciled in Luxembourg are managed in London.[52]:&#;5–6&#; Luxembourg is the leading private banking centre in the Eurozone and the largest captive reinsurance centre in Europe. banks from 28 different countries are established in Luxembourg.[72] The country is also the third largest renminbi centre in the world by numbers, in certain activities such as deposits, loans, bond listing and investment funds.[73] Three of the largest Chinese banks have their European hub in Luxembourg (ICBC, Bank of China, China Construction Bank).
  • Singapore. With its strong links with London,[74] Singapore has developed into the Asia region's largest centre for foreign exchange and commodity trading, as well as a growing wealth management hub.[75] Other than Tokyo, it is one of the main centres for fixed income trading in Asia. However, the market capitalisation of its stock exchange has been falling since and several major companies plan to delist.[76]
  • Zurich. Zurich is a significant centre for banking, asset management including provision of alternative investment products, and insurance.[77][78][79] Since Switzerland is not a member of the European Union, Zurich is not directly subject to EU regulation.

Major IMF RFCs[edit]

In some lists, RFCs such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs, however, they do not appear in all lists. They are certainly major RFCs.

Frankfurt has been the financial centre of Germany since the second half of the 20th century as it was before the midth century. Berlin held the position during the intervening period, focusing on lending to European countries while London focused on lending to the Americas and Asia.[85][86]
  • Madrid. Madrid is the headquarters to the Spanish company Bolsas y Mercados Españoles, which owns the four stock exchanges in Spain, the largest being the Bolsa de Madrid. Trading of equities, derivatives and fixed income securities are linked through the Madrid-based electronic Spanish Stock Market Interconnection System (SIBE), handling more than 90% of all financial transactions. Madrid ranks fourth in European equities market capitalisation, and Madrid's stock exchange is second in terms of number of listed companies, just behind New York Stock Exchange (NYSE plus NASDAQ).[88] As a financial centre, Madrid has extensive links with Latin America and acts as a gateway for many Latin American financial firms to access the EU banking and financial markets.[89]:&#;6–7&#;
  • Milan. Italy's main centre of banking and finance. It hosts the Borsa Italiana stock exchange, one of the larger stock exchanges in Europe, which is now part of the London Stock Exchange Group.[90]:&#;&#;
  • Paris. Alongside equity trading on the Paris Stock Exchange, there is futures and options trading, insurance, corporate banking and asset management taking place in Paris.[91] The city is home to the Banque de France and the European Securities and Markets Authority. Paris has been a major financial centre since the 19th century.[12]:&#;1&#; The European Banking Authority is also moving to Paris in March following Brexit.[92]
  • Seoul. South Korea's capital has developed significantly as a financial centre since the lates recession. In , Seoul ranked 53rd among global financial centres; by , Seoul had risen to number 9.[93] Seoul has continued to build office space with the completion of the International Financial Center Seoul in It ranked 7th in the Global Financial Centres Index, recording the highest growth in rating among the top ten cities.
  • Shanghai. Official efforts have been directed to making Pudong a financial leader by [94] Efforts during the s were mixed, but in the early 21st century, Shanghai gained ground. Factors such as a "protective banking sector" and a "highly restricted capital market" have held the city back, according to one analysis in in China Daily.[95] Shanghai has done well in terms of market capitalisation but it needs to "attract an army of money managers, lawyers, accountants, actuaries, brokers and other professionals, Chinese and foreign" to enable it to compete with New York and London.[96] China is generating tremendous new capital, which makes it easier to stage initial public offerings of state-owned companies in places like Shanghai.[97]
Sydney's northern CBD serves as the financial and banking hub of the city
  • Sydney. Australia's most populous city is a financial and business services hub not only for Australia but for the Asia-Pacific region. Sydney competes quite closely with other Asia Pacific hubs, however it concentrates a greater portion of Australian-based business in terms of clients and services. Sydney is home to two of Australia's four largest banks, the Commonwealth Bank of Australia and Westpac Banking Corporation, both headquartered in the Sydney CBD. Sydney is also home to 12 of the top 15 asset managers in Australia. Melbourne, on the other hand, tends to concentrate more of the Australian superannuation funds (pension funds). Sydney is using the large Barangaroo development project on its harbour to further position itself as an Asian Pacific hub.[98] Sydney is also home to the Australian Securities Exchange and an array of brokerage banks which are either headquartered or regionally based in Sydney, including Australia's largest investment bank Macquarie Group.[99][]
  • Toronto. The city is a leading market for Canada's largest financial institutions and large insurance companies. It has also become one of the fastest growing financial centres following the lates recession, helped by the stability of the Canadian banking system. Most of the financial industry is concentrated along Bay Street, where the Toronto Stock Exchange is also located.[]
  • Others. Mumbai is an emerging financial centre, which also provides international support services to London and other financial centres.[][][] Cities such as São Paulo, Mexico City and Johannesburg and other "would-be hubs" lack liquidity and the "skills base", according to one source.[26] Financial industries in countries and regions such as the Indian subcontinent and Malaysia require not only well-trained people but the "whole institutional infrastructure of laws, regulations, contracts, trust and disclosure" which takes time to happen.[26]

History[edit]

See also: History of banking

Pre 17th century[edit]

Primitive financial centres started in the 11th century in the Kingdom of England at the annual fair of St. Giles and in the Kingdom of Germany at the Frankfurt autumn fair, then developed in medieval France during the Champaign Fairs.[][82]

Italian city-states[edit]

See also: Economic history of Italy, Economic history of Venice, and History of Genoa

The first real international financial center was the City State of Venice which slowly emerged from the 9th century to its peak in the 14th century.[] Tradable bonds as a commonly used type of security, were invented by the Italian city-states (such as Venice and Genoa) of the late medieval and early Renaissance periods while Florence can be said to be the birthplace of double-entry bookkeeping from the publication and proliferation of the work of Luca Pacioli.[citation needed]

The Low Countries[edit]

See also: Economic history of Belgium, History of Bruges, and History of Antwerp

For the origin and history of the bourse in general (not to be confused with the concept of the stock exchange and stock market), see exchange (organized market)

In the sixteenth century, the overall economic supremacy of the Italian city-states gradually waned, and the centre of financial activities in Europe shifted to the Low Countries, first to Bruges, and later to Antwerp and Amsterdam which acted as Entrepôt cities. They also became important centres of financial innovation, capital accumulation and investment.[citation needed]

17th–18th centuries[edit]

Rise of Amsterdam[edit]

See also: Financial history of the Dutch Republic, Economic history of the Dutch Republic, Dutch Financial Revolution, and History of Amsterdam

In the 17th century, Amsterdam became the leading commercial and financial centre of the world. It held this position for more than a century,[][][] and was the first modern model of an international financial centre.[] As Richard Sylla () noted, "In modern history, several nations had what some of us call financial revolutions. These can be thought of as creating in a short period of time all the key components of a modern financial system. The first was the Dutch Republic four centuries ago."[][][] Amsterdam – unlike its predecessors such as Bruges, Antwerp, Genoa, and Venice – controlled crucial resources and markets directly, sending its fleets to all quarters of the world.[]

Historically, the Dutch were responsible for at least four major pioneering institutionalinnovations[e] (in economic, business and financial history of the world):

  • The foundation of the Dutch East India Company (VOC), the world's first publicly listed company[][] and the first historical model of the multinational corporation (or transnational corporation) in its modern sense,[f][][][][][][] in The birth of the VOC is often considered to be the official beginning of corporate-led globalization with the rise of modern corporations (multinational corporations in particular) as a highly significant socio-politico-economic force that affect human lives in every corner of the world today. As the first company to be listed on an official stock exchange, the VOC was the first company to issue stock and bonds to the general public. With its pioneering features, the VOC is generally considered a major institutional breakthrough and the model for modern corporations (large-scale business enterprises in particular). It is important to note that most of the largest and most influential companies of the modern-day world are publicly-traded multinational corporations, including Forbes Global companies. Like present-day publicly-listed multinational companies, in many ways, the post English/British East India Company's operational structure was a historical derivative of the earlier VOC model.[][]
  • The establishment of the Amsterdam Stock Exchange (or Beurs van Hendrick de Keyser in Dutch), the world's first official stock exchange,[g] in , along with the birth of the first fully functioning capital market in the early s.[] While the Italian city-states produced the first transferable government bonds, they didn't develop the other ingredient necessary to produce the fully fledged capital market in its modern sense: a formal stock market.[][][] The Dutch were the firsts to use a fully fledged capital market (including the bond market and stock market) to finance public companies (such as the VOC and WIC). This was a precedent for the global securities market in its modern form. In the early s the VOC established an exchange in Amsterdam where VOC stock and bonds could be traded in a secondary market. The establishment of the Amsterdam Stock Exchange (Beurs van Hendrick de Keyser) by the VOC, has long been recognized as the origin of modern-day stock exchanges[][] that specialize in creating and sustaining secondary markets in the securities issued by corporations. The process of buying and selling shares (of stock) in the VOC became the basis of the first formal stock market.[][] The Dutch pioneered stock futures, stock options, short selling, bear raids, debt-equity swaps, and other speculative instruments. Amsterdam businessman Joseph de la Vega's Confusion of Confusions () was the earliest book about stock trading.[]
  • The establishment of the Bank of Amsterdam (Amsterdamsche Wisselbank), often considered to be the first historical model of the central bank,[][][] in The birth of the Amsterdamsche Wisselbank led to the introduction of the concept of bank money. Along with a number of subsidiary local banks, it performed many functions of a central banking system.[][][][][] It occupied a central position in the financial world of its day, providing an effective, efficient and trusted system for national and international payments, and introduced the first ever international reserve currency, the bank guilder.[] Lucien Gillard calls it the European guilder (le florin européen),[] and Adam Smith devotes many pages to explaining how the bank guilder works (Smith –). The model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden () and the Bank of England ().
  • The formation of the first recorded professionally managed collective investment schemes (or investment funds), such as mutual funds,[][] in Amsterdam-based businessman Abraham van Ketwich (also known as Adriaan van Ketwich) is often credited as the originator of the world's first mutual fund. In response to the financial crisis of –, Van Ketwich formed a trust named "Eendragt Maakt Magt" ("Unity Creates Strength"). His aim was to provide small investors with an opportunity to diversify.[][] Today the global funds industry is a multi-trillion-dollar business.

In many respects, the 17th-century Dutch financial innovations helped shape the foundations of modern-day financial system of the world,[][][] and greatly influenced the financial history of many English-speaking countries (especially the United Kingdom and United States)[][] in subsequent centuries.

By the early s, London officially replaced Amsterdam as the world's leading financial centre. In his book Capitals of Capital (), Youssef Cassis argues that the decline and fall of Amsterdam, as the world's foremost financial capital, was one of the most dramatic events in history of global finance.[]

19th–21st centuries[edit]

See also: Global financial system §&#;History of international financial architecture

London and Paris were the world's only prominent financial centers throughout most of the 19th century.[12]:&#;1&#; After , Berlin and New York grew to become major financial centres mainly serving their national economies. An array of smaller international financial centers found market niches, such as Amsterdam, Brussels, Zurich, and Geneva. London was the leading international financial center in the four decades before World War I.[12]:&#;74–75&#;[17]:&#;12–15&#; Since then, New York and London have developed leading positions in different activities and some non-Western financial centres have grown in prominence, notably Tokyo, Hong Kong, Singapore and Shanghai.

Rise of London[edit]

See also: Economic history of the United Kingdom, City of London, History of London, and Economy of London

London has been a leading international financial centre since the 19th century, acting as a centre of lending and investment around the world.[12]:&#;74–75&#;[]:&#;&#;English contract law was adopted widely for international finance, with legal services provided in London.[] Financial institutions located there provided services internationally such as Lloyd's of London (founded ) for insurance and the Baltic Exchange (founded ) for shipping.[] During the 20th century London played an important role in the development of new financial products such as the Eurodollar and Eurobonds in the s, international asset management and international equities trading in the s, and derivatives in the s.[17]:&#;13&#;[3]:&#;6,&#;12–13,&#;88–9&#;[40]

London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around the world.[][][] However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and Shanghai. London is the largest centre for derivatives markets,[]foreign exchange markets,[]money markets,[] issuance of international debt securities,[] international insurance,[] trading in gold, silver and base metals through the London bullion market and London Metal Exchange,[] and international bank lending.[3]:&#;2&#;[40][] London has the second largest concentration of hedge funds ( according to mynewextsetup.us). London benefits from its position between the Asia and U.S. time zones,[] and benefited from its location within the European Union,[52]:&#;1&#; although this ended on 31 January when the United Kingdom left the European Union following the Brexit referendum of As well as the London Stock Exchange, the Bank of England, the second oldest central bank, is in London, although the European Banking Authority moved to Paris after Brexit.[][]

Rise of New York[edit]

See also: Economic history of the United States; Wall Street; Financial District, Manhattan; History of New York City; and Economy of New York City

Since the middle of the 20th century, New York City, represented by Wall Street in Manhattan's Financial District, has been described as a leading financial centre.[12]:&#;1&#;[23]:&#;25&#;[24]:&#;4–5&#; Over the past few decades, with the rise of a multipolar world with new regional powers and global capitalism, numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be the focus of new worldwide growth.[28]:&#;39–49&#;[] One source described New York as extending its lead as the world's centre of finance in September ; according to Reuters, the think-tankNew Financial concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre.[30]

New York City remains the largest centre for trading in public equity and debtcapital markets, driven in part by the size and financial development of the U.S. economy.[28]:&#;31–32&#;[] The NYSE and NASDAQ are the two largest stock exchanges in the world.[32] New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. Several investment banks and investment managers headquartered in New York City are important participants in other financial centres.[28]:&#;34–35&#; The New York Federal Reserve Bank, the largest within the Federal Reserve System, regulates financial institutions and implements U.S. monetary policy,[33][] which in turn influences the world's economy.[][] The three major globalcredit rating agencies – Standard and Poor's, Moody's Investor Service, and Fitch Ratings – are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London.

Rise of Asian centres[edit]

Источник: mynewextsetup.us

First Bank Financial Centre Review

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Founded in , First Bank Financial Centre has $1 billion in assets and $ million in deposits, ranking it as a medium-size bank. First Bank Financial Centre, whose headquarters are in Oconomowoc, Wisconsin, has above-average customer service access with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, First Bank Financial Centre is an acceptable bank choice, but may leave you wanting more, with a rating of out of 5 stars from our team. First Bank Financial Centre provides customers with the full selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. First Bank Financial Centre has a fair savings rate; other popular banks have higher rates. The bank's standard checking account maintains a monthly fee of $, which places it at the higher end of monthly fees. Finding an institution with free checking as well as a high interest rate savings account is the best bet for gaining the highest income on your deposits alongside convenient access to your funds.

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The Financial Health rating is based on the Texas Ratio, an indicator that warns of credit problems at particular banks: anything less than 5% is considered Excellent; less than 20% is Very Good; less than 50% is Good; less than 90% is Fair; and over 90% is Poor.

Rates

With a savings rate of %, First Bank Financial Centre ranks poorly compared to the average U.S. bank. Its CDs feature a rate of % and % for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of %. Given First Bank Financial Centre's poor savings rate, you should think about choosing another bank to earn more on your deposits.

How First Bank Financial Centre's Savings Rates Compare

First Bank Financial CentreSavingsNational AverageCompare Offers

Back to Overview

Fees

First Bank Financial Centre has typically high fees compared to other U.S. banks. First Bank Financial Centre's checking account has a monthly fee of $, ranking it fair for anyone looking for a simple account. First Bank Financial Centre doesn't refund out-of-network ATM charges, which means you'll have to search for a First Bank Financial Centre ATM or pay the cost of withdrawal.

Monthly Fee$National Average: $

Non-network ATM FeeN/ANational Average: $

Overdraft FeeN/ANational Average: $

Back to Overview

Service Quality

First Bank Financial Centre is a brick-and-mortar bank, with 17 total bank locations in Wisconsin. With mobile and web apps, First Bank Financial Centre makes mobile banking easy, even on the go. It does not have all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, a.m. to p.m. CT; Saturday, and a.m. to p.m. CT. First Bank Financial Centre also offers a live chat feature, which may provide helpful service without getting on the phone. First Bank Financial Centre's online and mobile banking platforms get moderately positive scores from users. The First Bank Financial Centre mobile app has an overall rating of out of 5 (out of 47 customer reviews on iOS and Android) compared to the national average of First Bank Financial Centre's mobile app lets you control your funds by checking monthly statements, sending and receiving funds as well as accessing customer service. First Bank Financial Centre gets a superb consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating/5

Consumer Satisfaction Rating/5

Online Banking PortalNo

Live ChatYes

Back to Overview

Financial Health

First Bank Financial Centre is a medium-size bank with assets totaling $1 billion and deposits totaling $ million. It has a strong Texas Ratio of %, denoting that the bank is in fine financial shape and improbable to fail. Additionally, First Bank Financial Centre is FDIC-insured, meaning that your money is insured up to $,, even in the event of bank failure.

Texas Ratio Analysis

%

High Risk75%50%20%10%Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Back to Overview

Compare First Bank Financial Centre to Other Competitive Offers

Products Offered

ProductCurrent Terms and RatesMinimum Balance for APY
Savings Account % APY $50
Checking Account % APY $
Certificates of Deposit
  • 12 Month: % APY
  • 24 Month: % APY
  • 36 Month: % APY
  • 48 Month: % APY
  • 60 Month: % APY
$ for all terms
Money Market Accounts % APY % APY $ $

First Bank Financial Centre has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Bank Financial Centre does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Bank Financial Centre's CD rates are fair as compared against the national average.

Back to Overview

Find a First Bank Financial Centre Near Me

First Bank Financial Centre has 17 locations across the U.S.

Back to Overview

Save more with these rates that beat the National Average

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Источник: mynewextsetup.us

FIRST BANK FINANCIAL CENTRE Revenue, Growth & Competitor Profile

Last updated:

Company Awards

Big Fish

Big Fish

Brain Power (IP)

Patent/Trademark IP
 

Company Profile & Annual Report for First Bank Financial Centre

Access the complete profile.

First Bank Financial Centre Fast Facts

Note: Revenues for privately held companies are statistical evaluations.


First Bank Financial Centre's annual revenues are $$ million (see exact revenue data) and has employees. It is classified as operating in the Commercial Banking industry.



First Bank Financial Centre's Annual Report & Profile shows critical firmographic facts:
  • What is the company's size? (Annual sales and employees)
  • What industry is the company in?

First Bank Financial Centre Annual Revenue and Growth Rate

First Bank Financial CentreRevenue Est.
($ Million)
Growth Rate (%)# Employees
Details in Premium Report


1-Year Growth Rate:
3-Year Growth Rate (CAGR):
Premium Report

Note: First Bank Financial Centre's revenues are gauged from an analysis of company filings.



First Bank Financial Centre's Income Statement (based on Industry Averages)

$ Millions
(Industry Average)
First Bank Financial Centre Revenue (Sales)First Bank Financial Centre Premium Report
Cost of Goods Sold
Gross Profit

Operating Expenses
Advertising
Salaries and wages
Other Operating Expenses
Total Operating Expenses
Operating Income
EBITDA
EBIT (Earnings Before Interest and Taxes)
Net Profit
 


Trademark Applications

Trademark applications show the products and services that First Bank Financial Centre is developing and marketing. First Bank Financial Centre doesn't have any recent trademark applications, indicating First Bank Financial Centre is focusing on its existing business rather than expanding into new products and markets. Trademarks may include brand names, product names, logos and slogans.

TrademarkDate
ARISE BANK
Banking services
06/27/
BANK FIVE NINE
Banking services
02/21/
FIVE NINE BANK
Banking services
02/21/

See all trademarks and details in the Full Report.


Recession Risk

Determine whether First Bank Financial Centre grew or shrank during the last recession. This is useful in estimating the financial strength and credit risk of the company. Compare how recession-proof First Bank Financial Centre is relative to the industry overall. While a new recession may strike a particular industry, measuring the industry and company's robustness during the last recession estimates its ability to weather future recessions.





Market Share of First Bank Financial Centre's Largest Competitors

A competitive analysis shows these companies are in the same general field as First Bank Financial Centre, even though they may not compete head-to-head. These are the largest companies by revenue. However, they may not have the largest market share in this industry if they have diversified into other business lines. The "Competition" section of a business plan or investment memorandum would start by analyzing the information about these companies. Competitive advantage comes from offering better pricing or superior products/service.

CompanyHeadquartersRevenue ($ MM)
JPMORGAN CHASE BANK NATIONAL ASSOCIATIONJersey City, NJ 
U.S. BANCORPRobbinsdale, MN27 
PNC FINANCIAL SERVICES GROUPPittsburgh, PA20 
TRUIST FINANCIALCharlotte, NC15 
FIFTH THIRD BANKCincinnati, OH11 
TD BANKFalmouth, ME10 
SUNTRUST BANKSAtlanta, GA
TD BANK N.A.Mount Laurel, NJ
REGIONS FINANCIALBirmingham, AL




Nearby Competitors

These companies are similar in business line and location to First Bank Financial Centre. While some companies compete with neighboring businesses for customers, other companies may compete to attract skilled employees.





Future Competition: First Bank Financial Centre's Fastest Growing Competitors

These companies are in the same general field as First Bank Financial Centre and are rapidly expanding. Companies may grow organically or through acquisition. In some cases apparently high growth rates may be caused by data that weren't available in previous years.

CompanyRevenue ($ MM)
First Bank Financial Centre Competitors


Источник: mynewextsetup.us

First Bank Financial Centre Announces Name Change, Will Become Bank Five Nine

First Bank Financial Centre Announces Name Change,
Will Become Bank Five Nine

Oconomowoc (January 20, ) – In , First Bank Financial Centre (FBFC) will be changing its name to Bank Five Nine. The Bank’s Board, executive team, employees, and locations are remaining in place. This evolution is not the result of a merger or acquisition, but rather is a strategic decision by the organization to raise its visibility in the marketplace.

“In an industry that is getting more competitive, the ability to differentiate ourselves is critical,” said FBFC President & CEO, Mark W. Mohr. “It is imperative that customers and prospects alike are able to correctly identify us and our mission as a local, community bank.”

In the state of Wisconsin alone there are 22 banks with the word “First” in their name. That’s 10 percent of all banks in the state. Further, the evolution of technology has enabled FBFC, and others, to attract customers nationally. As such, the Bank may now be mistaken for any other “First Bank” in the country.

FBFC Marketing Director Jeff McCarthy explained, “When looking for a new name, we wanted something that would be unique to us. As we explored different options, it was clear that we needed a name that would honor our past, while being contemporary and memorable at the same time. While it was not an easy task, we are excited that we’ve achieved our objective.”

Mohr added, “We’ve been a proud, independent community bank since Our new name, Bank Five Nine, pays tribute to our founders who believed that they could help build their community and support local families and businesses. We hold those values dear today as well, as we live our mission to Make Lives Better.”

The organization believes that the new name, logo and colors will allow them to stand apart in a crowded financial services field.

The Bank Five Nine brand will come to life online and in branches in the coming months. For more information about the new name, visit the Bank’s website at mynewextsetup.us

Источник: mynewextsetup.us

Is First Bank Financial Centre a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by First Bank Financial Centre to those of other lenders for a comparable set of borrowers. Here is our review of First Bank Financial Centre nationally:

Review ItemFirst Bank Financial Centre
Interest Ratesimilar to other lenders (%)
Loan Related Closing Costslower than other lenders (-$)
National Rate and Closing Cost Star Rating(4)

On average, First Bank Financial Centre’s interest rates were similar to those of other lenders (%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$ Overall, combining interest rates and closing costs we estimate that First Bank Financial Centre tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit First Bank Financial Centre, check out its website at: mynewextsetup.us

First Bank Financial Centre&#;s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track First Bank Financial Centre was most active in:

  1. Milwaukee, WI
  2. Chicago, IL
  3. Eau Claire, WI
  4. Madison, WI
  5. Minneapolis, MN

First Bank Financial Centre&#;s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, First Bank Financial Centre originated Conforming, FHA, Jumbo and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

Purchase/Refinance:

New Purchase MortgagesConformingFHAJumboVA
Interest Rate Difference%%+%%
Loan Related Closing Cost Difference-$-$99+$0+$63
Cost Adjusted Rate Difference%%+%%
National Star Rating(4)(4)()()
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference%+%+%+%
Loan Related Closing Cost Difference-$-$6-$36-$2
Cost Adjusted Rate Difference%+%+%+%
Average Star Rating()()()()

As a summary, First Bank Financial Centre is cheap for Conforming and FHA purchase mortgages. It is similar to other lenders for Jumbo and VA purchase mortgages. For refinancing, First Bank Financial Centre is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA, Jumbo and VA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about First Bank Financial Centre:

Registered name: First Bank Financial Centre
Registered city and state: Oconomowoc, WI,
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: OCONOMOWOC BANCSHARES, INC.

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for First Bank Financial Centre&#;s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth + of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.

Источник: mynewextsetup.us

Average Salary for First Bank Financial Centre Employees

Benefits

First Bank Financial Centre provides some pension and welfare benefits. Countless companies in the United States, like First Bank Financial Centre, sponsor group health insurance, through which employers typically pay a …Read more

Retirement & Financial Benefits

Profit Sharing

(k) Plan

Health & Insurance Benefits

Health Insurance

Life Insurance

View more benefits

About First Bank Financial Centre (FBFC)

Website: mynewextsetup.us

Industries: Banking, Financial Services

Number of Employees:

"About This Company" data & logos provided by

Years of Experience

This data is based on 4 survey responses.

Gender Breakdown

Male

%

Avg. Salary: $0 - $0

This data is based on 4 survey responses. Learn more about the gender pay gap.

Popular Degrees

Pay ranges for employees at First Bank Financial Centre by degree.

Popular Locations for First Bank Financial Centre

First Bank Financial Centre Job Listings

Related Companies

Companies in the same industry as First Bank Financial Centre, ranked by salary.

Источник: mynewextsetup.us=First_Bank_Financial_Centre/Salary

Average Salary for First Bank Financial Centre Employees

Benefits

First Bank Financial Centre provides some pension and welfare benefits. Countless companies in the United States, like First Bank Financial Centre, sponsor group health insurance, through which employers typically pay a …Read more

Retirement & Financial Benefits

Profit Sharing

(k) Plan

Health & Insurance Benefits

Health Insurance

Life Insurance

View more benefits

About First Bank Financial Centre (FBFC)

Website: mynewextsetup.us

Industries: Banking, Financial Services

Number of Employees:

"About This Company" data & logos provided by

Years of Experience

This data is based on 4 survey responses.

Gender Breakdown

Male

%

Avg. Salary: $0 - $0

This data is based on 4 survey responses. Learn more about the gender pay gap.

Popular Degrees

Pay ranges for employees at First Bank Financial Centre by degree.

Popular Locations for First Bank Financial Centre

First Bank Financial Centre Job Listings

Related Companies

Companies in the same industry as First Bank Financial Centre, ranked by salary.

Источник: mynewextsetup.us=First_Bank_Financial_Centre/Salary

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Searching for First Bank Financial Centre Headquarters info? You have come to exactly the right place. We collected all data about First Bank Financial Centre Headquarters.


First Bank Financial Centre Corporate Headquarters, Hours

    mynewextsetup.us
    Jun 18,  &#; First Bank Financial Centre has 19 banking locations. Their corporate headquarters is listed as: West Wisconsin Avenue in Oconomowoc Wisconsin. Below you will find ratings, reviews, corporate information, directions, office hours, their phone number, online …Location: West Wisconsin Avenue, Oconomowoc,

First Bank Financial Centre Headquarters Oliver Construction

    mynewextsetup.us
    First Bank Financial Centre Headquarters Oliver Construction Co. was selected as the bank’s design-builder of choice for the remodel of this three-story main branch. Work involved the complete demolition and remodel of the first and second floor, correcting numerous code infractions, and new thermal insulation, mechanical, and electrical systems.

First Bank Financial Centre expands headquarters, adds

    mynewextsetup.us
    Aug 06,  &#; Aug 6, am First Bank Financial Centre has expanded its Oconomowoc headquarters and opened a second branch in Brookfield to keep up with loan growth. Over the past three years, First Bank

First Financial Bank Corporate Headquarters, Hours, and

    mynewextsetup.us
    Apr 01,  &#; First Financial Bank has banking locations. Their corporate headquarters is listed as: East Fifth Street in Cincinnati Ohio. Below you will find ratings, reviews, corporate information, directions, office hours, their phone number, online banking website, and branch mynewextsetup.uson: East Fifth Street, Cincinnati,Ohio

Bank Five Nine Local Community Banks Serving

    mynewextsetup.us
    Serving Southeast Wisconsin sincewe intend to remain a proud, independent, community bank offering all the great products and services you’re accustomed to, like personal checking and savings accounts, all with the low fees and convenient locations you need. Plus we make it a priority to first bank financial centre back to the customers and communities we

Contact Us - Email Us - Locate Us - FirstBank

    mynewextsetup.us
    Customer Contact Center. Call 7 am to 6 pm CST Monday through Friday 7 am to 4 pm CST Saturday. Account Information 24/7. Call Dial1st ()

Have you found First Bank Financial Centre Headquarters information?

The links above have surely given you a comprehensive answer to all questions about First Bank Financial Centre Headquarters.

If you are interested in any other information about corporate offices, headquarters, choose the appropriate page.

Источник: mynewextsetup.us

Making Lives Better

Our new name, Bank Five Nine, pays tribute to our founders who believed that they could help build their community and support local families and businesses. We hold those values dear today as well, as we live our mission to Make Lives Better.

Serving Southeast Wisconsin sincewe intend to remain a proud, independent, community bank offering all the great products and services you’re accustomed to, like personal checking and savings accounts, all farmers grain of central illinois the low fees and convenient locations you need. Plus we make it a priority to give back to the customers and communities we serve through charitable giving and volunteer opportunities. As one of the top SBA lenders in Wisconsin, we also help local small businesses get the financial assistance they need to thrive and grow.

And if you’re looking for a strong, stable, first bank financial centre bank with the experience and knowledge to help you with your finances, we think we’d be a great first bank financial centre Please explore our site to learn a little bit more about who we are.

This short video will give you a glimpse into Bank Five Nine and how we strive to make lives better. We hope you like what you see!

Learn More About Bank Five Nine
Источник: mynewextsetup.us

First Bank Financial Centre Announces Name Change, Will Become Bank Five Nine

First Bank Financial Centre Announces Name Change,
Will Become Bank Five Nine

Oconomowoc (January 20, ) – InFirst Bank Financial Centre (FBFC) will be changing its name to Bank Five Nine. The Bank’s Board, executive team, employees, and locations first bank financial centre remaining in place. This evolution is not the result of a merger or acquisition, but rather is a strategic decision by the organization to raise its visibility in the marketplace.

“In an industry that is getting more competitive, the ability to differentiate ourselves is critical,” said FBFC President & CEO, Mark W. Mohr. “It is imperative that customers and prospects alike are able to correctly identify us and our mission as a local, community bank.”

In the state of Wisconsin alone there are 22 banks with the word “First” in their name. That’s 10 percent of all banks in the state. Further, the evolution of technology has enabled FBFC, and others, to attract customers nationally. As such, the Bank may now be mistaken for any other “First Bank” in the country.

FBFC Marketing Director Jeff McCarthy explained, “When looking for a new name, we wanted something that would be unique to us. As we explored different options, it was clear that we needed a name that would honor our past, while being contemporary and memorable at the same time. While it was not an easy task, we are excited that we’ve achieved our objective.”

Mohr added, “We’ve been a proud, independent community bank since Our new name, Bank Five Nine, pays tribute to our founders who believed that they could help build their community and support local families and businesses. We hold those values dear today as well, as we live our mission to Make Lives Better.”

The organization believes that the new name, logo and colors will allow them to stand apart in a crowded financial services field.

The Bank Five Nine brand will come to life online and in branches in the coming months. For more information about the new name, visit the Bank’s website at mynewextsetup.us

Источник: mynewextsetup.us

Financial centre

Locations which are centres of financial activity

For a list, see List of financial districts.

A financial centre, financial center, or financial hub is a location with a concentration of participants in banking, asset management, insurance or financial markets with venues and supporting services for these activities to take place.[1][2] Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds, insurers, hedge funds), and issuers (such as companies and governments). Trading activity can take place on venues such as exchanges and involve clearing houses, although many transactions take place over-the-counter (OTC), that is directly between participants. Financial centres usually host companies that offer a wide range of financial services, for example relating to mergers and acquisitions, public offerings, or corporate actions; or which participate in other areas of finance, such as private equity and reinsurance. Ancillary financial services include rating agencies, as well as provision of related professional services, particularly legal advice and accounting services.[3]

The International Monetary Fund's classes of major financial centers are: International Financial Centres (IFCs), such as New York City,[4]London, Singapore, and Tokyo; Regional Financial Centres (RFCs), such as Shanghai, Shenzhen, Frankfurt, and Sydney; and Offshore Financial Centres (OFCs), such as Cayman Islands, Dublin, Luxembourg City, and Hong Kong.[a]

The City of London(the "Square First bank financial centre is one of the oldest financial centres. First bank financial centre is ranked as one of the largest International Financial Centres ("IFC") in the world.

International Financial Centres, and many Regional Financial Centres, are full–service financial centres with direct access to large capital pools from banks, insurance companies, investment funds, and listed capital markets, and are major global cities. Offshore Financial Centres, and also some Regional Financial Centres, tend to specialise in tax-driven services, such as corporate tax planning tools, tax–neutral vehicles,[b] and shadow banking/securitization, and can include smaller locations (e.g. Luxembourg), or city-states (e.g. Singapore). The IMF notes an overlap between Regional Financial Centres and Offshore Financial Centres (e.g. Hong Kong and Singapore are both Offshore Financial Centres and Regional Financial Centres). Sinceacademics consider Offshore Financial Centres synonymous with tax havens.[c]

Definitions[edit]

FSF–IMF approach[edit]

In Aprilthe Financial Stability Forum ("FSF"),[d] concerned about OFCs on global financial stability produced a report listing 42 OFCs.[7] In Junethe IMF published a working paper on OFCs, but which also proposed a taxonomy on classifying the various types of global financial centres, which they listed as follows (with the description and examples they noted as typical of each category, also noted):[8]

  1. International Financial Centre ("IFC"). Described by the IMF as being large international full–service centres with advanced settlement and payments systems, supporting large domestic economies, with deep and liquid markets where both the sources and uses of funds are diverse, and where legal and regulatory frameworks are adequate to safeguard the integrity of principal–agent relationships and supervisory functions. IFCs generally borrow short–term from non–residents and lend long–term to non–residents. In terms of assets, London is the largest and most established such centre, followed by New York, the difference being that the proportion of international to domestic business is much greater in the former. Examples cited by the IMF were: London, New York and Tokyo;
  2. Regional Financial Center ("RFC"). The IMF noted that RFCs, like IFCs, have developed financial markets and infrastructure and intermediate funds in and out of their region, but in contrast to IFCs, have relatively small domestic economies. Examples cited by the IMF were: Hong Kong, Singapore, and Luxembourg;
  3. Offshore Financial Centre ("OFC"). The IMF noted that OFCs are usually smaller, and provide more specialist services, however, OFCs still ranged from centres that provide specialist and skilled activities, attractive to major financial institutions, and more lightly regulated centres that provide services that are almost entirely tax driven, and have very limited resources to support financial intermediation. The IMF listed 46 OFCs inthe largest of which was Ireland, the Caribbean (includes the Cayman Islands, and the British Virgin Islands), Hong Kong, Singapore and Luxembourg.

The IMF noted that the three categories were not mutually exclusive and that various locations could fall under the definition of an OFC and an RFC, in particular (e.g. Singapore and Hong Kong were cited).[8]

Rationale for OFCs[edit]

See also: Offshore financial centre

The IMF noted that OFCs could be set up for legitimate purposes (listing various reasons), but also for what the IMF called dubious purposes, citing tax evasion and money–laundering. Inthe IMF produced the following definition of an OFC: a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy.[9] The FSF annual reports on global shadow banking use the IMF definition to track the OFCs with the largest financial centres relative to their domestic economies.[10]

Progress from onwards from IMF–OECD–FATF initiatives on common standards, regulatory compliance, and banking transparency, has reduced the regulatory attraction of OFCs over IFCs and RFCs. Sinceacademics considered the services of OFCs to be synonymous with tax havens, and use the term OFC and tax haven interchangeably (e.g. the academic lists of tax havens include all the FSF–IMF OFCs).[5][6]

In Julyfirst bank financial centre study by the University of Amsterdam's CORPNET group, broke down the definition of an OFC into two subgroups, Conduit and Sink OFCs:[11]

  • 24 Sink OFCs: jurisdictions in which a disproportionate amount of value disappears from the economic system (e.g. the traditional tax havens).
  • 5 Conduit OFCs: jurisdictions through which a disproportionate amount of value moves toward Sink OFCs (e.g. the corporate–focused tax havens)
    (Conduits are: Netherlands, United Kingdom, Switzerland, Singapore and First bank financial centre OFCs rely on Conduit OFCs to re–route funds from high–tax locations using base erosion and profit shifting ("BEPS") tax planning tools, which are encoded, and accepted, in the Conduit OFC's extensive networks of global bilateral tax treaties. Because Sink OFCs are more closely associated with traditional tax havens, they tend to have more limited treaty networks and access to global higher–tax locations.

    Rankings[edit]

    Prior to the s, there is little data available to rank financial centres.[12]:&#;1&#; In recent years many rankings have been developed and published. Two of the most relevant are the Global Financial Centres Index and the Xinhua–Dow Jones International Financial Centres Development Index.[13]

    Global Financial Centres Index (–ongoing)[edit]

    Main article: Global Financial Centres Index

    The Lujiazui financial district in Shanghai, which has been categorised as a "broad and deep global leader" by the Global Financial Centres Index.

    The Global Financial Centres Index ("GFCI") is compiled semi-annually by the London-based think tank Z/Yen in conjunction with the Shenzhen-based think tank China Development Institute.[14] As of 25 Septemberthe top ten global financial centres per the GFCI article containing a ranked list of financial centres were:[15]

    Xinhua–Dow Jones Index (–)[edit]

    The Xinhua–Dow Jones International Financial Centers Development Index was compiled annually by the Xinhua News Agency of China with the Chicago Mercantile Exchange and Dow Jones & Company of the United States from to During that time New York was the top-ranked centre.

    According to the Xinhua–Dow Jones International Financial Centres Development Index (IFCD), the top ten financial centres in the world were:[16]

    (Δ) Appears on the FSF–IMF Offshore Financial Centre (OFC) Lists.
    (†) Also appears as one of the top 5 Conduit OFC, in CORPNET's research; or
    (‡) Also appears as one of the top 5 Sink OFC, in CORPNET's research.

    Major financial centers on all continents[edit]

    Asia[edit]

    North America[edit]

    Europe[edit]

    AZCAand CTBAbusiness districts in Madrid

    South America[edit]

    Oceania[edit]

    Africa[edit]

    Examples[edit]

    Old finance centers such as Amsterdam, London, Paris, and New York have long histories.[17][18] Today there is a diverse range of financial centres worldwide.[19] While New York and London often stand out as the leading global financial centres,[20][21] other established financial centres provide significant competition and several newer financial centres are developing.[22] Despite this proliferation of financial centres, academics have discussed evidence showing increasing concentration of financial activity in the largest national and international financial centres in the 21st century.[23]:&#;24–34&#; Others have discussed the ongoing dominance of New York and London, and the role linkages between these two financial centres played in the financial crisis of –[24]

    Comparisons of financial centres focus on their history, role and significance in serving national, regional and international financial activity. Each centre's offering includes differing legal, tax and regulatory environments.[25] One journalist suggested three factors for success as a financial city: "a pool of capital to lend or invest; a decent legal and taxation framework; and high-quality human resources".[26]

    Major IMF IFCs[edit]

    New York, London, and Tokyo are in every list of major IFCs. Some of the major RFCs (see below), such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs in some lists.

    • New York City. Since the middle of the 20th century, New York City, represented by Wall Street in Manhattan's Financial District, has been described as a leading financial centre.[12]:&#;1&#;[23]:&#;25&#;[24]:&#;4–5&#; Over the past few decades, with the rise of a multipolar world with new regional powers and global capitalism, numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be the focus of new worldwide growth.[28]:&#;39–49&#;[29] One source described New York as extending its lead as the world's centre of finance in September ; according to Reuters, the think-tankNew Financial concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre.[30]
    New York City remains the largest centre for trading in public equity and debtcapital markets, driven in part by the size and financial development of the U.S. economy.[28]:&#;31–32&#;[31] The NYSE and NASDAQ are the two largest stock exchanges in the world.[32] New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. Several investment banks and investment managers headquartered in New York City are important participants in other financial centres.[28]:&#;34–35&#; The New York Federal Reserve Bank, the largest within the Federal Reserve System, regulates financial institutions and implements U.S. monetary policy,[33][34] which in turn influences the world's economy.[35][36] The three major globalcredit rating agencies – Standard and Poor's, Moody's Investor Service, and Fitch Ratings – are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London.
    London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around the world.[41][42][43] However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and Shanghai. London is the largest centre for derivatives markets,[44]foreign exchange markets,[45]money markets,[46] issuance of international debt securities,[47] international insurance,[48] trading in gold, silver and base metals through the London bullion market and London Metal Exchange,[49] and international bank lending.[3]:&#;2&#;[40][50] London has the second largest concentration of hedge funds ( according to mynewextsetup.us). London benefits from its position between the Asia and U.S. time zones,[51] and benefited from its location within the European Union,[52]:&#;1&#; although this ended on 31 January when the United Kingdom left the European Union following the Brexit referendum of As well as the London Stock Exchange, the Bank of England, the second oldest central bank, is in London, although the European Banking Authority moved to Paris after Brexit.[53][54]
    • Tokyo. One report suggests that Japanese authorities are working on plans to transform Tokyo but have met with mixed success, noting that "initial drafts suggest that Japan's economic specialists are having trouble figuring out the secret of the Western financial centres' success."[55] Efforts include more English-speaking restaurants and services and the building of many new office buildings in Tokyo, but more powerful stimuli such as lower taxes have been neglected and a relative aversion to finance remains prevalent in Japan.[55] Tokyo emerged as a major financial centre in the s as the Japanese economy became one of the largest in the world.[12]:&#;1&#; As a financial centre, Tokyo has good links with New York City and London.[56][57]

    Major IMF OFCs[edit]

    See also: Conduit and Sink OFCs

    These centres appear in all FSF–IMF lists of OFCs and, bar the Caribbean OFCs of the Cayman Islands, the British Virgin Islands, and Bermuda, represent all the major OFCs. Some also appear as RFCs in various lists, particularly Hong Kong, and Singapore. They also appear on most lists of major tax havens, and on lists of the largest Conduit and Sink OFCs in the world.

    • Amsterdam. Amsterdam is well known for the size of its pension fund market. It is also a centre for banking and trading activities.[58] Amsterdam was a prominent financial centre in Europe in the 17th and 18th centuries and several of the innovations developed there were transported to London.[3]:&#;24&#; In Junea study published in Nature ranked the Netherlands as the world's largest Conduit OFC, a term use to describe the re-routing of fund flows to tax havens.[11][59][60] Additionally, after the UK's departure from the European Union, Amsterdam became Europe’s largest share trading centre.[61]
    • Dublin. Dublin (via its International Financial Services Centre, "IFSC"), is a specialised financial services centre with a focus on fund administration and domiciling, fund management, custodial activities and aircraft leasing.[62] It is the largest securitisation location in the EU,[63][64][65] and the second largest domicile for investment funds, particularly alternative investment funds, after Luxembourg. Many of the funds domiciled and managed in Dublin are at the instruction of investment managers in larger Asset Management jurisdictions such as London, Frankfurt, New York and Luxembourg.[52]:&#;5–6&#; Dublin's advanced BEPS tax tools, for example the double Irish, the single malt, and the capital allowances for intangible assets ("CAIA") tools, have led the economist Gabriel Zucman to judge Ireland to be the largest corporate tax haven by virtue of its use as a conduit OFC.[66][67][68]
    • Luxembourg. Luxembourg is a specialised financial services centre that is the largest location for investment fund domiciliation in Europe, and second in the world after the United States. Many of the funds domiciled in Luxembourg are managed in London.[52]:&#;5–6&#; Luxembourg is the leading private banking centre in the Eurozone and the largest captive reinsurance centre in Europe. banks from 28 different countries are established in Luxembourg.[72] The country is also the third largest renminbi centre in the world by numbers, in certain activities such as deposits, loans, bond listing and investment funds.[73] Three of the largest Chinese banks have their European hub in Luxembourg (ICBC, Bank of China, China Construction Bank).
    • Singapore. With its strong links with London,[74] Singapore has developed into the Asia region's largest centre for foreign exchange and commodity trading, as well as a growing wealth management hub.[75] Other than Tokyo, it is one of the main centres for fixed income trading in Asia. However, the market capitalisation of its stock exchange has been falling since and several major companies plan to delist.[76]
    • Zurich. Zurich is a significant centre for banking, asset management including provision of alternative investment products, and insurance.[77][78][79] Since Switzerland is not a member of the European Union, Zurich is not directly subject to EU regulation.

    Major IMF RFCs[edit]

    In some lists, RFCs first bank financial centre as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs, however, they do not appear in all lists. They are certainly major RFCs.

    Frankfurt has been the financial centre of Germany since the second half of the 20th century as it was before the midth century. Berlin held the position during the intervening period, focusing on lending to European countries while London focused on lending to the Americas and Asia.[85][86]
    • Madrid. Madrid is the headquarters to the Spanish company Bolsas y Mercados Españoles, which owns the four stock exchanges in Spain, the largest being the Bolsa de Madrid. Trading of equities, derivatives and fixed income securities are linked through the Madrid-based electronic Spanish Stock Market Interconnection System (SIBE), handling more than 90% of all financial transactions. Madrid ranks fourth in European equities market capitalisation, and Madrid's stock exchange is second in terms of number of listed companies, just behind New York Stock Exchange (NYSE plus NASDAQ).[88] As a financial centre, Madrid has extensive links with Latin America and acts as a gateway for many Latin American financial firms to access the EU banking and financial markets.[89]:&#;6–7&#;
    • Milan. Italy's main centre of banking and finance. It hosts the Borsa Italiana stock exchange, one of the larger stock exchanges in Europe, which is now part of the London Stock Exchange Group.[90]:&#;&#;
    • Paris. Alongside equity trading on the Paris Stock Exchange, there is futures and options trading, insurance, corporate banking and asset management taking place in Paris.[91] The city is home to the Banque de France and the European Securities and Markets Authority. Paris has been a major financial centre since the 19th century.[12]:&#;1&#; The European Banking Authority is also moving to Paris in March following Brexit.[92]
    • Seoul. South Korea's capital has developed significantly as a financial centre since the lates recession. InSeoul ranked 53rd among global financial centres; bySeoul had risen to number 9.[93] Seoul has continued to build office space with the completion of the International Financial Center Seoul in It ranked 7th in the Global Financial Centres Index, recording the highest growth in rating among the top ten cities.
    • Shanghai. Official efforts have been directed to making Pudong a financial leader by [94] Efforts during the s were mixed, but in the early 21st century, Shanghai gained ground. Factors such as a "protective banking sector" and a "highly restricted capital market" have held the city back, according to one analysis in in China Daily.[95] Shanghai has done well in terms of market capitalisation but it needs to "attract an army of money managers, lawyers, accountants, actuaries, brokers and other professionals, Chinese and foreign" to enable it to compete with New York and London.[96] China is generating tremendous new capital, which makes it easier to stage initial public offerings of state-owned companies in places like Shanghai.[97]
    Sydney's northern CBD serves as the financial and banking hub of the city
    • Sydney. Australia's most populous city is a financial and business services hub not only for Australia but for the Asia-Pacific region. Sydney competes quite closely with other Asia Pacific hubs, however it concentrates a greater portion of Australian-based business in terms of clients and services. Sydney is home to two of Australia's four largest banks, the Commonwealth Bank of Australia and Westpac Banking Corporation, both headquartered in the Sydney CBD. Sydney is also home to 12 of the top 15 asset managers in Australia. Melbourne, on the other hand, tends to concentrate more of the Australian superannuation funds (pension funds). Sydney is using the large Barangaroo development project on its harbour to further position itself as an Asian Pacific hub.[98] Sydney is also home to the Australian Securities Exchange and an array of brokerage banks which are either headquartered or regionally based in Sydney, including Australia's largest investment bank Macquarie Group.[99][]
    • Toronto. The city is a leading market for Canada's largest financial institutions and large insurance companies. First bank financial centre has also become one of the fastest growing financial centres following the lates recession, helped by the stability of the Canadian banking system. Most of the financial industry is concentrated along Bay Street, where the Toronto Stock Exchange is also located.[]
    • Others. Mumbai is an emerging financial centre, which also first bank financial centre international support services to London and other financial centres.[][][] Cities such as São Paulo, Mexico City and Johannesburg and other "would-be hubs" lack liquidity and the "skills base", according to one source.[26] Financial industries in countries and regions such as the Indian subcontinent and Malaysia require not only well-trained people but the "whole institutional infrastructure of laws, regulations, contracts, trust and disclosure" which takes time to happen.[26]

    History[edit]

    See also: History of banking

    Pre 17th century[edit]

    Primitive financial centres started in the 11th century in the Kingdom of England at the annual fair of St. Giles and in the Kingdom of Germany at the Frankfurt autumn fair, then developed in medieval France during the Champaign Fairs.[][82]

    Italian city-states[edit]

    See also: Economic history of Italy, Economic history of Venice, and History of Genoa

    The first real international financial center was the City State of Venice which slowly emerged from the 9th century to its peak in the 14th century.[] Tradable bonds as a commonly used type of security, were invented by the Italian city-states (such as Venice and Genoa) of the late medieval and early Renaissance periods while Florence can be said to be the birthplace of double-entry bookkeeping from the publication and proliferation of the work of Luca Pacioli.[citation needed]

    The Low Countries[edit]

    See also: Economic history of Belgium, History of Bruges, and History of Antwerp

    For the origin and history of the bourse in general (not to be confused with the concept of the stock exchange and stock market), see exchange (organized market)

    In the sixteenth century, the overall economic supremacy of the Italian city-states gradually waned, and the centre of financial activities in Europe shifted to the Low Countries, first to Bruges, and later to Antwerp and Amsterdam which acted as Entrepôt cities. They also became important centres of financial innovation, capital accumulation and investment.[citation needed]

    17th–18th centuries[edit]

    Rise of Amsterdam[edit]

    See also: Financial history of the Dutch Republic, Economic history of the Dutch Republic, Dutch Financial Revolution, and History of Amsterdam

    In the 17th century, Amsterdam became the leading commercial and financial centre of the world. It held this position for more than a century,[][][] and was the first modern model of an international financial centre.[] As Richard Sylla () noted, "In modern history, several nations had what some of us call financial revolutions. These can be thought of as creating in a short period of time all the key components of a modern financial system. The first was the Dutch Republic four centuries ago."[][][] Amsterdam – unlike its predecessors such as Bruges, Antwerp, Genoa, and Venice – controlled crucial resources and markets directly, sending its fleets to all quarters of the world.[]

    Historically, the Dutch were responsible for at least four major pioneering institutionalinnovations[e] (in economic, business and financial history of the world):

    • The foundation of the Dutch East India Company (VOC), the world's first publicly listed company[][] and the first historical model of the multinational corporation (or transnational corporation) in its modern sense,[f][][][][][][] in The birth of the VOC is often considered to be the official beginning of corporate-led globalization with the rise of modern corporations (multinational corporations in particular) as a highly significant socio-politico-economic force that affect human lives in every corner of the world today. As the first company to be listed on an official stock exchange, the VOC was the first company to issue stock and bonds to the general public. With its pioneering features, the VOC is generally considered a major institutional breakthrough and the model for modern corporations (large-scale business enterprises in particular). It is important to note that most of the largest and most influential companies of the modern-day world are publicly-traded multinational corporations, including Forbes Global companies. Like present-day publicly-listed multinational companies, in many ways, the post English/British East India Company's operational structure was a historical derivative of the earlier VOC model.[][]
    • The establishment of the Amsterdam Stock Exchange (or Beurs van Hendrick de Keyser in Dutch), the world's first official stock exchange,[g] inalong with the birth of the first fully functioning capital market in the early s.[] While the Italian city-states produced the first transferable government bonds, they didn't develop the other ingredient necessary to produce the fully fledged capital market in its modern sense: a formal stock market.[][][] The Dutch were the firsts to use a fully fledged capital market (including the bond market and stock market) to finance public companies (such as the VOC and WIC). This was a precedent for the global securities market in its modern form. In the early s the VOC established an exchange in Amsterdam where VOC stock and bonds could be traded in a secondary market. The establishment of the Amsterdam Stock Exchange (Beurs van Hendrick de Keyser) by the VOC, has long been recognized as the origin of modern-day stock exchanges[][] that specialize in creating and sustaining secondary markets in the securities issued by corporations. The process of buying and selling shares (of stock) in the VOC became the basis of the first formal stock market.[][] The Dutch pioneered stock futures, stock options, short selling, bear raids, debt-equity swaps, and other speculative instruments. Amsterdam businessman Joseph de la Vega's Confusion of Confusions () was the earliest book about stock trading.[]
    • The establishment of the Bank of Amsterdam (Amsterdamsche Wisselbank), often considered to be the first historical model of the central bank,[][][] in The birth of the Amsterdamsche Wisselbank led to the introduction of the concept of bank money. Along with a number of subsidiary local banks, it performed many functions of a central banking system.[][][][][] It occupied a central position in the financial world of its day, providing an effective, efficient and trusted system for national and international payments, and introduced the first ever international reserve currency, the bank guilder.[] Lucien Gillard calls it the European guilder (le florin européen),[] and Adam Smith devotes many pages to explaining how the bank guilder works (Smith –). The model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden () and the Bank stubhub canada contact number England ().
    • The formation of the first recorded professionally managed collective investment schemes (or investment funds), such as mutual funds,[][] in Amsterdam-based businessman Abraham van Ketwich (also known as Adriaan van Ketwich) is often credited as the originator of the world's first mutual fund. In response to the financial crisis of –, Van Ketwich formed a trust named "Eendragt Maakt Magt" ("Unity Creates Strength"). His aim was to provide small investors with an opportunity to diversify.[][] Today the global funds industry is a multi-trillion-dollar business.

    In many respects, the 17th-century Dutch financial innovations helped shape the foundations of modern-day financial system of the world,[][][] and greatly influenced the financial history of many English-speaking countries (especially the United Kingdom and United States)[][] in subsequent centuries.

    By the early s, London officially replaced Amsterdam as the world's leading financial centre. In his book Capitals of Capital (), Youssef Cassis argues that the decline and fall of Amsterdam, as the world's foremost financial capital, was one of the most dramatic events in history of global finance.[]

    19th–21st centuries[edit]

    See also: Global financial system §&#;History of international financial architecture

    London and Paris were the world's only prominent financial centers throughout most of the 19th century.[12]:&#;1&#; AfterBerlin and New York grew to become major financial centres mainly serving their national economies. An array of smaller international financial centers found market niches, such as Amsterdam, Brussels, Zurich, and Geneva. London was the leading international financial center in the four decades before World War I.[12]:&#;74–75&#;[17]:&#;12–15&#; Since then, New York and London have developed leading positions in different activities and some non-Western financial centres have grown in prominence, notably Tokyo, Hong Kong, Singapore and Shanghai.

    Rise of London[edit]

    See also: Economic history of the United Kingdom, City of London, History of London, and Economy of London

    London has been a leading international financial centre since the 19th century, acting as a centre of lending and investment around the world.[12]:&#;74–75&#;[]:&#;&#;English contract law was adopted widely for international finance, with legal services provided in London.[] Financial institutions located there provided services internationally such as Lloyd's of London (founded ) for insurance and the Baltic Exchange (founded ) for shipping.[] During the 20th century London played an important role in the development of new financial products such as the Eurodollar and Eurobonds in the s, international asset management and international equities trading in the s, and derivatives in the s.[17]:&#;13&#;[3]:&#;6,&#;12–13,&#;88–9&#;[40]

    London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around the world.[][][] However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and Shanghai. London is the largest centre for derivatives markets,[]foreign exchange markets,[]money markets,[] issuance of international debt securities,[] international insurance,[] trading in gold, silver and base metals through the London bullion market and London Metal Exchange,[] and international bank lending.[3]:&#;2&#;[40][] London has the second largest concentration of hedge funds ( according to mynewextsetup.us). London benefits from its position between the Asia and U.S. time zones,[] and benefited from its location within the European Union,[52]:&#;1&#; although this ended on 31 January when the United Kingdom left the European Union following the Brexit referendum of As well as the London Stock Exchange, the Bank of England, the second oldest central bank, is in London, although the European Banking Authority moved to Paris after Brexit.[][]

    Rise of New York[edit]

    See also: Economic history of the United States; Wall Street; Financial District, Manhattan; History of New York City; and Economy of New York City

    Since the middle of the 20th century, New York City, represented by Wall Street in Manhattan's Financial District, has been described as a leading financial centre.[12]:&#;1&#;[23]:&#;25&#;[24]:&#;4–5&#; Over the past first bank financial centre decades, with the rise of a multipolar world with new regional powers and global capitalism, numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be the focus of new worldwide growth.[28]:&#;39–49&#;[] One source described New York as extending its lead as the world's centre of finance in September ; according to Reuters, the think-tankNew Financial concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre.[30]

    New York City remains the largest centre for trading in public equity and debtcapital markets, driven in part by the size and financial development of the U.S. economy.[28]:&#;31–32&#;[] The NYSE and NASDAQ are the two largest stock exchanges in the world.[32] New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. Several investment banks and investment managers headquartered in New York City are important participants in other financial centres.[28]:&#;34–35&#; The New York Federal Reserve Bank, the largest within the Federal Reserve System, regulates financial institutions and implements U.S. monetary policy,[33][] which in turn influences the world's economy.[][] The three major globalcredit rating agencies – Standard and Poor's, Moody's Investor Service, and Fitch Ratings – are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London.

    Rise of Asian centres[edit]

Источник: mynewextsetup.us

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Источник: mynewextsetup.us
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