Financial crisis a call to action

(CNS): World markets are in turmoil and many are seizing the opportunity to blame offshore markets. How should Cayman respond to this threat? How is Cayman really perceived in the global marketplace? What are the key factors used to rank financial centres? These are just some of the questions that the Cayman Islands Financial Services Association (CIFSA) is attempting to address at its luncheon event on Monday, 20 October, at the Ritz Carlton.

The guest speaker at the luncheon, Mark Yeandle, is the person behind the Global Financial Centres Index (GFCI), which is an important ranking mechanism that examines the strengths and weaknesses of financial centres around the globe based on 57 instrumental factors. Yeandle describes the presentation as “something which might spark discussions with government and private sector, as we look at which factors are most highly correlated in determining a financial centre’s competitiveness and how the Cayman Islands ranks in these critical areas.”

CIFSA Director Andrew Johnson emphasized, “In order to protect our place in the world economy it is important that we take the time to understand where Cayman is gaining and losing ground as a financial centre and the steps we can take to respond and improve ourcurrent standing.”

In what many are calling the greatest financial crisis since the Great Depression, and with US Presidential elections coinciding with this crisis, there are many individuals seeking to capitalize on these events and generate public support for anti-business and anti-competitive policies by blaming offshore centres for all of the current problems battering the economy and stock markets.

“CIFSA sees this as a critical time for the financial industry in Cayman and hopes that every business operating here will unite in an effort to protect and even enhance our industry’s reputation at this crucial juncture”, explained Johnson. “This needs to be a continuous effort and this luncheon is an excellent place to start. We hope that individuals within the industry, and those that service it, will attend to share their comments and suggestions.”

To register contact Michelle at Tower Marketing: michelle@tower.com.ky or 623.6712.

Illustrating the importance for such a discussion, the PR Unit of the Portfolio of Finance is a major sponsor of the luncheon. Other sponsors include; dms Management and Cayman Free Press.