Global Financial Strategy

Search the site   >>Advanced search
First for financial regulatory news and views
HOME   |   REGISTER   |   SUBSCRIBE   |   NEWS   |   ANALYSIS   |   INTERVIEWS & FEATURES   |   EVENTS   |   MUTTERS   |   JOBS   |   MY ACCOUNT
EUROPE   |    US & CANADA   |    ASIA PACIFIC   |    MIDDLE EAST & AFRICA   |    LATIN AMERICA & CARIBBEAN   |    OFFSHORE   |    SINGAPORE   |    HONG KONG
TRADING   |    CASINO MARKET   |    BANKING   |    INSURANCE   |    FINANCIAL REPORTING   |    TAXATION   |    MACROECONOMIC   |    PROFILES   |   CONTACT   |   
  • MF Global spoke of 'strong' finances
  • EC: No corp gov powers for ESAs
  • FSA appoints senior investment bank adviser
  • GFS has now closed
  • Czechs join UK on fiscal compact sidelines
  • Davos stalemate on EU's IMF funds
  • Tucker: Resolution regime 'top priority'
  • Saudi Arabia increases central bank role
  • FSB urges Canada for one securities regulator
  • CFTC set for committee to scrutinise HFT
  • Fitch downgrades Belgian banks
  • What corruption really costs
  • UK FSA pushes for Mifid II rethink on OTCs
  • Shanghai boosts global financial status
  • Canada aligns credit rating rules with EU
  • Bowles blasts lack of women at ECB
  • Sarkozy to introduce French FTT in August
  • Barnier warns on further bonus reforms
GFS LinkedIn
GFS Facebook
GFS Twitter
GFS RSS feed
You must be logged in to use this function.


Hong Kong ‘world’s top financial centre’

Wednesday 14 December 2011 – by [email protected]


Hong Kong has usurped New York and London as the world’s most developed financial centre, according to a report by the World Economic Forum.

The US dropped down to second place in this year’s rankings owing to a surge in the performance of the Asian jurisdiction’s banking and insurance sectors and an increase in its initial public offerings.

The rise of Hong Kong from fourth in last year’s ‘Financial Development Report’ comes as the authors highlighted concerns about the US and UK being “plagued” by unstable banking systems.

“Hong Kong’s ascent to the top of our index marks a major milestone, the first time in the report’s history that the United Kingdom or the US didn’t come out on top,” said Kevin Steinberg, chief operating officer of World Economic Forum USA.

Fierce rival Singapore this year however dropped down to fourth as a result of a “weakening banking system” and a drying up of securitisation markets. Fifth, sixth and seventh spots were retained by Australia, Canada and the Netherlands.

The review of 60 financial systems and capital markets reports that a worrying 90 per cent of countries have yet to return to the level of capital access they experienced before the 2008 financial crisis.

Related articles:
Hong Kong as China’s global financial centre
ICFR: Asia must not ignore EU crisis
EU financial centres plunge in rankings
Building Singapore as a financial services hub

Steinberg added: “While Western financial centres are understandably focused on short-term challenges, this report should serve as a wake-up call that their long-term leadership may be in jeopardy.”

The report claims that the UK could improve its score by reducing government regulation, improving commercial access to capital, centralising its economic policymaking and improving trust in political leaders.

US authorities are meanwhile advised to examine a lack of efficiency in banking services by addressing high bank overhead costs and low profitability.



WHAT DO YOU THINK?
 
Name:
   
Email:
   
Comment:
   
Post as Anonymous
  Display name
   
Please, enter security code
   
 

No comments yet.
Login Register Most read Most commented
Username

Password

>> Forgotten your password?
>> Sign Up  

GFS is pleased to offer you a two-week free trial. You will receive a daily email bulletin of the latest regulatory news and analysis and a weekly email round-up. Please complete the free trial form. You will also receive full access to our online site.

EDITOR’S CHOICE

  • Diamond warns against ‘Balkanisation’
  • ABI: UK insurers must keep EU links
  • EU Parliament site hit by hacktivists
  • George Soros: New year, same crisis
  • FSB: Swiss regulator needs more teeth
  • OCC: Deriv fears are an overreaction
  • ‘Major wave’ of Solvency II drafts in May
  • IMF paper urges Aus bank capital boost
  • BoE: Limit bonuses to boost bank capital
  • 2012 vision: Increased regulatory exposure looms
  • Barnier offers hope to NYSE/Boerse
  • Esma rushes short selling consultation
  • Bowles re-elected as Econ chair
  • Hoogervorst hints at accounting slowdown
  • Asia in the year of the dragon
  • Barnier: FTT will not be forced on UK
INTERVIEWS & FEATURES

STRAW POLL

Will markets in 2012 have a tougher time than 2011?

Yes

No

Don’t know

View results

FIND A REGION world regions
 
Global Financial Strategy - [email protected] | Home | Legal | Contact design by SDV