London stays top as Cayman falls in GFC Index

| 22/03/2011

(CNS): London has topped the list of financial centres, again, in the Global Financial Centres Index, a ranking of the top 75 cities in which to do business. The ninth edition of the twice-yearly Index, published by think tank, Z/Yen placed London ahead of New York, and Hong Kong which came in second and third in all of the five key areas which include people, business, environment, market access, infrastructureand general competitiveness. The Cayman Islands continued its decline in the index having started in the first edition ranked 22nd the jurisdiction fell a further four places from the eighth edition to number 38 in the latest rankings

However, all offshore centres with the exception of the British Virgin Islands fell further than the
average, continuing a trend since the financial crises began. Jersey and Guernsey remain the leading offshore centres. “The offshore centres continue to come under scrutiny during the financial crisis,” the report states. “Many offshore centres are still regarded as ‘tax havens’ and there has been significant pressure applied to these centres by many national regulators as well as international bodies such as the OECD.”

The report said that confidence amongst financial services professionals has fallen since GFCI 8, as
shown by lower overall ratings – 47 centres have lower ratings in GFCI 9 with only 25 centres rated higher. Asia continues to exhibit enhanced competitiveness with eight centres in the top twenty against six North American centres and five European ones. In GFCI 1 there were just three Asian centres in
the top twenty.

Seoul was the largest riser moving into 16th place, up 25 points in the ratings and when questioned about which financial centres are likely to become more significant in the next few years, the top five centres mentioned are allAsian – Shanghai, Singapore, Seoul, Hong Kong and Beijing. Asian cities also fill the top six places when respondents indicate where their organisations are most likely to open new offices.

GFCI uses responses to an ongoing online questionnaire completed by international financial services
professionals. Respondents are asked to rate those centres with which they are familiar and to answer a number of questions relating to their perceptions of competitiveness. Overall, 33,751 financial centre assessments from1,970 financial services professionals were used to compute GFCI 9,with older assessments discounted according to age, the report reveals.

See report here
 

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Comments (12)

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  1. I see you says:

    London now #1 and Cayman down form 5th a few years ago to # 38 now…………. Mission accomplished.

    I am curious to know how many countries around the world London or Great Britain have signed agreements of financial transperency with.

    NONE you say ……… Oh my God, we have been tricked

  2. Anonymous says:

    Not so bad. There are 200+ jurisdictions in the world. No one should expect Cayman to beat out places where the business of finance is actualy conducted. Where the players are located is still more important than thecorporate domicile.

  3. Anonymous says:

    What’s especially not good is that the Offshore Centres section of the report (pages 22-23) has one large text summary quote at the end  that simply says:

    "I left the Caymans recently – business was going through the floor –
    and I’m happy to be working back on the mainland.”
    – Trust Fund Manager based in New York

    Some one needs to be out their countering this with success stories about Cayman, else reports like this are going to continue to set a negative tone for us.

  4. Michel Lemay says:

    This is what they wanted all along. We were a threat to them and remember the politicians there have to look good too in their own Country.Take over  T &  C, they play the masters game with us and they know that our Government is weak and they control our ability of borrowing. One minute our Country is broke the next our Premier is breaking all travel records in History. They must think let’s give them (CAYMAN ISLANDS GOVERNMENT) more rope and will take them over as well if we have to. Why decolonize when we can take over? The people (us) are already dissatisfied of how things are going and they( us) might even be glad when we (uk) take them ( us ) over also. Two birds (control) one stone. And the deaffening silence of the elected members that rule is continuying. I wonder how some can sleep at night. If a simple person like myself can see where we are heading, something ‘s not right. I forgot they will have one thing that the majority of us don’t have; the capability to survive $$$$$. Ah! but" Someone" is watching and I am certain" He" is taking notes and I would rather have "Him" on my side because you all will have to answer for your actions one day. Not a happy voter at this time ! What"s next ?  No disrespect to anyone but  I believe that I am not far from the truth.

  5. Dennie Warren Jr. says:

    I’m shocked that London is on Top (:-|), especially since the UK is responsible for administering the Cayman Islands.

    • O'Really says:

      Because of course with Cayman’s previous best ranking at 22nd, we were so close to that number one spot! If only we were independent.

      • Anonymous says:

        The rankings are meaningless. This is obviously all contrived and based on a political agenda. No doubt by next year we will be at #50.

  6. PB says:

    No surprise there – by eliminating the secrecy provisions the Caymans offer nothing to foreign investors. It is irrelevant as a banking location now.

    And a great shame to the politicians who chose to open the banking records to prying eyes. It was a tragic decision from which the Caymans will never economically recover.

    • Kurgan says:

      And well thought out comment from someone who obviously does not have a clue.

  7. Anonymous says:

    Poor old Cayman they just dont get it!

  8. Loyality says:

    Please read very carefully Cayman you might learn a thing or 2 nothing happening here is by chance (including crime) all has been carefully orchestrated and engineered.It’s all about the Money $$$$$$$$ and who controls it.