On Asia: Developing a global financial centre in Asia
By Sunny Tucker
Friday Mar 16 2007 13:10
The index is produced by the Z/Yen research consultancy and was sponsored by the Corporation of London, which provides local government services for the City of London.
On a scale of one to 1,000, London pips New York by five points, with a top score of 765.
The UK capital leads the Big Apple in all five areas that underpin the rankings: people, business environment, market access, infrastructure, and general competitiveness.
The index brings together the results of online surveys with several hundred financial services executives and 47 separate indices of competitiveness.
It asserts that the two cities boast the only "global" financial centres, while Hong Kong
, which ranks third overall, is deemed the world's only "international" financial centre.
Asia does hold four of the top 10 positions, with Hong Kong ranked third with 684 points, followed by Singapore (fourth), Sydney (seventh) and Tokyo (ninth).
Hong Kong scores very highly on people factors, having developed strong expertise in professional services.
Many people may not be aware that Hong Kong boasts the fourth highest number of chartered financial analysts in the world behind the US, Canada and the UK.
Can any Asian financial centre rise to the very top?
The report notes the "considerable speculation as to whether Shanghai, Hong Kong or Singapore will emerge as a global centre
But the consensus at the moment is that no single Asian centre will emergeas a third global centre, and that the liquidity being generated by the region's economic boom is likely to be split between two or three centres, with Hong Kong the most likely to emerge as a rival to London and New York.