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Global Financial Centres Index
 
 
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The Global Financial Centres Index is a ranking
Ranking

A ranking is a relationship between a set of items such that, for any two items, the first is either "ranked higher than", "ranked lower than" or "ranked equal to" the second....
 of the competitiveness
Competitiveness

Competitiveness is a comparative concept of the ability and performance of a firm, sub-sector or country to sell and supply goods and/or services in a given market....
 of financial centres based on 11,685 financial centre assessments from an online questionnaire together with over 60 indices. It is published twice a year by the City of London Corporation.

The ranking is an aggregate of indices from five key areas: People
People

The English noun people has two distinct fields of application:* as a Count noun, a group of humans, either with unspecified traits, or specific characteristics ....
, business environment, market access
Market access

Market access for goods in the World Trade Organization means the conditions, tariff and non-tariff measures, agreed by members for the entry of specific goods into their markets....
, infrastructure
Infrastructure

Infrastructure can be defined as the basic physical and organizational structures needed for the operation of a society or enterprise , or the services and facilities necessary for an economy to function....
 and general competitiveness
Competitiveness

Competitiveness is a comparative concept of the ability and performance of a firm, sub-sector or country to sell and supply goods and/or services in a given market....
. The current top ten places are London
London

London is the capital of both England and the United Kingdom, and the most populous municipality in the European Union. An important settlement for two millennia, History of London goes back to its founding by the Roman Empire....
, New York
New York

The State of New York is a U.S. state in the Mid-Atlantic States and Northeastern United States regions of the United States and is the nation's List of U.S....
, Singapore
Singapore

Singapore , officially the Republic of Singapore, is an island country microstate located at the southern tip of the Malay Peninsula. It lies 137 kilometres north of the equator, south of the Malaysian state of Johor and north of Indonesia's Riau Islands....
, Hong Kong
Hong Kong

Hong Kong , officially the Hong Kong Special Administrative Region, is a territory located in Southern China in East Asia, bordering the province of Guangdong to the north and facing the South China Sea to the east, west and south....
, Zurich, Frankfurt
Frankfurt

is the largest city in the German States of Germany of Hesse and the List of cities in Germany with more than 100,000 inhabitants in Germany, with a 2008 population of 670,000....
, Geneva
Geneva

Geneva is the second-most-populous city in Switzerland and is the most populous city of Romandie . Situated where the Rh?ne River exits Lake Geneva , it is the capital of the Canton of Geneva....
, Chicago
Chicago

Chicago is the largest city in the U.S. state of Illinois and the Midwestern United States, as well as the List of United States cities by population city in the United States with more than 2.8 million residents....
, Sydney
Sydney

Sydney is the List of cities in Australia by population in Australia, with a metropolitan area population of approximately 4.34 million . It is the List of Australian capital cities of New South Wales, and was the site of the first British Empire colony in Australia....
 and last Tokyo
Tokyo

, officially , is one of the 47 prefectures of Japan of Japan and located on the eastern side of the main island Honshu. The twenty-three special wards of Tokyo, each governed as a city, cover the area that was once the Tokyo City in the eastern part of the prefecture, and total over 8 million people....
.

people index summarizes the availability of a skilled workforce
Workforce

The workforce is the labour pool in employment. It is generally used to describe those working for a single Types of companies or industry, but can also apply to a geographic region like a city, country, state, etc....
, the flexibility of the labour market, the quality of the business education
Business education

Business education is the enterprise of education directed at the study and research of the field of business. It includes secondary education and higher education or university education, with the greatest activity in the latter....
 and the skillset
Skillset

Skillset is the industry body which supports skills and training for people and businesses to ensure the UK creative media industries maintain their world class position....
 of the workforce.






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Encyclopedia


The Global Financial Centres Index is a ranking
Ranking

A ranking is a relationship between a set of items such that, for any two items, the first is either "ranked higher than", "ranked lower than" or "ranked equal to" the second....
 of the competitiveness
Competitiveness

Competitiveness is a comparative concept of the ability and performance of a firm, sub-sector or country to sell and supply goods and/or services in a given market....
 of financial centres based on 11,685 financial centre assessments from an online questionnaire together with over 60 indices. It is published twice a year by the City of London Corporation.

The ranking is an aggregate of indices from five key areas: People
People

The English noun people has two distinct fields of application:* as a Count noun, a group of humans, either with unspecified traits, or specific characteristics ....
, business environment, market access
Market access

Market access for goods in the World Trade Organization means the conditions, tariff and non-tariff measures, agreed by members for the entry of specific goods into their markets....
, infrastructure
Infrastructure

Infrastructure can be defined as the basic physical and organizational structures needed for the operation of a society or enterprise , or the services and facilities necessary for an economy to function....
 and general competitiveness
Competitiveness

Competitiveness is a comparative concept of the ability and performance of a firm, sub-sector or country to sell and supply goods and/or services in a given market....
. The current top ten places are London
London

London is the capital of both England and the United Kingdom, and the most populous municipality in the European Union. An important settlement for two millennia, History of London goes back to its founding by the Roman Empire....
, New York
New York

The State of New York is a U.S. state in the Mid-Atlantic States and Northeastern United States regions of the United States and is the nation's List of U.S....
, Singapore
Singapore

Singapore , officially the Republic of Singapore, is an island country microstate located at the southern tip of the Malay Peninsula. It lies 137 kilometres north of the equator, south of the Malaysian state of Johor and north of Indonesia's Riau Islands....
, Hong Kong
Hong Kong

Hong Kong , officially the Hong Kong Special Administrative Region, is a territory located in Southern China in East Asia, bordering the province of Guangdong to the north and facing the South China Sea to the east, west and south....
, Zurich, Frankfurt
Frankfurt

is the largest city in the German States of Germany of Hesse and the List of cities in Germany with more than 100,000 inhabitants in Germany, with a 2008 population of 670,000....
, Geneva
Geneva

Geneva is the second-most-populous city in Switzerland and is the most populous city of Romandie . Situated where the Rh?ne River exits Lake Geneva , it is the capital of the Canton of Geneva....
, Chicago
Chicago

Chicago is the largest city in the U.S. state of Illinois and the Midwestern United States, as well as the List of United States cities by population city in the United States with more than 2.8 million residents....
, Sydney
Sydney

Sydney is the List of cities in Australia by population in Australia, with a metropolitan area population of approximately 4.34 million . It is the List of Australian capital cities of New South Wales, and was the site of the first British Empire colony in Australia....
 and last Tokyo
Tokyo

, officially , is one of the 47 prefectures of Japan of Japan and located on the eastern side of the main island Honshu. The twenty-three special wards of Tokyo, each governed as a city, cover the area that was once the Tokyo City in the eastern part of the prefecture, and total over 8 million people....
.

Key Areas

The people index summarizes the availability of a skilled workforce
Workforce

The workforce is the labour pool in employment. It is generally used to describe those working for a single Types of companies or industry, but can also apply to a geographic region like a city, country, state, etc....
, the flexibility of the labour market, the quality of the business education
Business education

Business education is the enterprise of education directed at the study and research of the field of business. It includes secondary education and higher education or university education, with the greatest activity in the latter....
 and the skillset
Skillset

Skillset is the industry body which supports skills and training for people and businesses to ensure the UK creative media industries maintain their world class position....
 of the workforce. The business environment aggregates and values the regulation
Regulation

Regulation refers to "controlling human or societal behaviour by rules or restrictions." Regulation can take many forms: law restrictions promulgated by a government authority, self-regulation, social regulation , co-regulation and market regulation....
, tax rates, levels of corruption
Political corruption

Political corruption is the use of governmental powers by government officials for illegitimate private gain. Misuse of government power for other purposes, such as repression of political opponents and general police brutality, is not considered political corruption....
, economic freedom
Economic freedom

Economic freedom is a controversy term used in economic research and policy debates. As with Freedom generally, there are various definitions, but no universally accepted concept of economic freedom....
 and how difficult in general it is to do business. To measure regulation an online questionnaire has been used. The market access index looks at the various equities and bonds
Bonds

Bonds can refer to any of several things:*Companies :**Bonds an Australian clothing company**A department store in Norwich, England, formerly called Bonds: see John Lewis Norwich John Lewis Partnership...
 available. The volume and value of trading
Trade

Tradeis the willing exchange of goods, Service , or both. Trade is also called commerce. A mechanism that allows trade is called a market. The original form of trade was barter , the direct exchange of goods and services....
 but also the cluster effect
Cluster effect

The cluster effect is the effect of buyers and sellers of a particular good or service congregating in a certain place and hence inducing other buyers and sellers to relocate there as well....
 of the number of different financial service companies at the location influence the index. The infrastructure index furthermost accounts to the price of real estate
Real estate

Real estate is a law term that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is fixed in location. at the location. Other factors as public transport
Public transport

Public transport comprises passenger transportation services which are available for use by the general public, as opposed to modes for private use such as automobiles or vehicles for hire....
 have a minor impact. General competitiveness relies on more traditional economic factors as price level
Price level

A price level is a hypothetical measure of overall prices for some set of Good s and Service s, in a given region during a given interval, normalized relative to some base set....
, quality of life
Quality of life

Quality of life is the degree of well-being felt by an individual or group of people.Quality of life cannot be measured directly, however the perception of QOL is made up of of two components: the physical and the psychological....
 and economic sentiment.

Industry Sectors

The ranking does sub rankings in the main area of financial services as banking, asset management, insurance
Insurance

Insurance, in law and economics, is a form of risk management primarily used to Hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating los...
, professional service, government
Government

Government is the body within any organization that has the authority to make and the power to enforce laws, regulations, or rules. Typically, the government refers to a civil government -- local, provincial, or national -- but commercial, academic, religious, or other formal organizations are also administered by governing bodies....
 and regulation
Regulation

Regulation refers to "controlling human or societal behaviour by rules or restrictions." Regulation can take many forms: law restrictions promulgated by a government authority, self-regulation, social regulation , co-regulation and market regulation....
.