Centro financiero

Locations which are centres of financial activity

Para obtener una lista, consulte Lista de distritos financieros .

Finanzas
Mercados Activos Vínculo Mercancía Derivados Divisas Dinero En el mostrador Capital privado Bienes raíces Lugar Existencias Participantes Inversor institucional Venta minorista Especulador Ubicaciones Centros financieros Centros financieros extraterritoriales OFC de conductos y fregaderos
Instrumentos Vínculo Dinero en efectivo Obligación de deuda garantizada Swap de incumplimiento crediticio Depósito a plazo ( certificado de depósito ) Línea de crédito Depositar Derivado Contratos futuros Indemnidad Seguro Carta de crédito Préstamo Hipoteca Opción  ( llamar exótico poner ) Fianzas de cumplimiento Acuerdo de recompra Existencias Seguridad Préstamo sindicado CDO sintético
Corporativo General Contabilidad Auditoría Presupuesto de capital Agencia de calificación crediticia Gestión de riesgos Estados financieros Actas Compra apalancada Fusiones y adquisiciones Estructura financiera Capital de riesgo Impuestos Erosión de la base y transferencia de beneficios (BEPS) Paraíso fiscal corporativo Inversión fiscal Paraíso fiscal Los precios de transferencia
Personal Crédito  / Deuda Contrato de empleo Planificacion Financiera Jubilación Préstamo estudiantil
Público Gastos gubernamentales Gasto de consumo final Operaciones Redistribución Transferencia de pago Ingresos del gobierno Impuestos Gasto deficitario Presupuesto  ( saldo ) Deuda Ingresos no tributarios Orden de pago
Bancario Banco Central Cuenta de depósito Reserva fraccionaria Reserva completa Préstamo Oferta monetaria Listas de bancos Regulación bancaria Licencia bancaria Acuerdos de Basilea Banco de acuerdos internacionales Junta de Estabilidad Financiera Seguro de depósito Separación de banca de inversión y banca minorista
Regulación  · Derecho financiero normas internacionales de INFORMACION FINANCIERA ISO 31000 Certificado Profesional Gobernanza del fondo
Historia economica Capital privado y capital riesgo Recesión Burbuja del mercado de valores Caída de la bolsa Escándalos contables
v t mi

Ciudad de Nueva York 's distrito financiero en el Bajo Manhattan , incluyendo Wall Street . Nueva York está clasificada como uno de los Centros Financieros Internacionales ("IFC") más grandes del mundo.

Un centro financiero , centro financiero o centro financiero es una ubicación con una concentración de participantes en banca , gestión de activos , seguros o mercados financieros con lugares y servicios de apoyo para que se lleven a cabo estas actividades. ^{[1] [2] Los} participantes pueden incluir intermediarios financieros (como bancos y corredores), inversores institucionales (como administradores de inversiones, fondos de pensiones, aseguradoras, fondos de cobertura) y emisores (como empresas y gobiernos). La actividad comercial puede tener lugar en lugares comointercambios e involucran cámaras de compensación , aunque muchas transacciones tienen lugar en el mostrador (OTC), es decir, directamente entre los participantes. Los centros financieros suelen albergar empresas que ofrecen una amplia gama de servicios financieros , por ejemplo relacionados con fusiones y adquisiciones , ofertas públicas o acciones corporativas ; o que participen en otras áreas de las finanzas , como capital riesgo y reaseguro . Los servicios financieros auxiliares incluyen agencias de calificación , así como la prestación de servicios profesionales relacionados , en particularservicios de asesoría legal y contable . ^[3]

Las clases del Fondo Monetario Internacional de los principales centros financieros son: Centros Financieros Internacionales (CFI), como la ciudad de Nueva York , ^[4] Londres y Tokio ; Centros financieros regionales (RFC), como Shanghai , Shenzhen , Frankfurt y Sydney ; y centros financieros extraterritoriales (OFC), como las Islas Caimán , Dublín , Hong Kong y Singapur . ^[a]

La City de Londres (la "Milla Cuadrada") es uno de los centros financieros más antiguos. Londres está clasificado como uno de los Centros Financieros Internacionales ("IFC") más grandes del mundo.

Los Centros Financieros Internacionales y muchos Centros Financieros Regionales son centros financieros de servicio completo con acceso directo a grandes grupos de capital de bancos, compañías de seguros, fondos de inversión y mercados de capital cotizados, y son las principales ciudades del mundo . Los centros financieros extraterritoriales, y también algunos centros financieros regionales, tienden a especializarse en servicios basados ​​en impuestos, como herramientas de planificación de impuestos corporativos , vehículos neutrales desde el punto de vista fiscal ^[b] y banca en la sombra / titulización , y pueden incluir ubicaciones más pequeñas (por ejemplo, Luxemburgo) o ciudades-estado (por ejemplo, Singapur). El FMI observa una superposición entre los centros financieros regionales y los centros financieros extraterritoriales (por ejemplo, Hong Kong y Singapur son ambos centros financieros extraterritoriales y centros financieros regionales). Desde 2010, los académicos consideran que los centros financieros extraterritoriales son sinónimo de paraísos fiscales . ^[C]

Definiciones

Enfoque FSF-FMI

En abril de 2000, el Foro de Estabilidad Financiera ("FSF"), ^[d] preocupado por los OFC sobre la estabilidad financiera mundial, produjo un informe en el que se enumeran 42 OFC. ^[7] En junio de 2000, el FMI publicó un documento de trabajo sobre los OFC, pero en el que también propuso una taxonomía para clasificar los distintos tipos de centros financieros mundiales, que enumeró a continuación (con la descripción y los ejemplos que señalaron como típicos de cada categoría , también anotado): ^[8]

1. Centro Financiero Internacional ("IFC"). Descrito por el FMI como grandes centros internacionales de servicio completo con sistemas avanzados de liquidación y pagos, que respaldan las grandes economías nacionales, con mercados profundos y líquidos donde tanto las fuentes como los usos de los fondos son diversos, y donde los marcos legales y regulatorios son adecuados para salvaguardar la integridad de las relaciones principal-agente y las funciones de supervisión. Por lo general, las IFC obtienen préstamos a corto plazo de no residentes y otorgan préstamos a largo plazo a no residentes. En términos de activos, Londres es el centro de este tipo más grande y establecido, seguido de Nueva York, con la diferencia de que la proporción de negocios nacionales e internacionales es mucho mayor en el primero. Los ejemplos citados por el FMI fueron: Londres, Nueva York y Tokio;
2. Centro Financiero Regional ("RFC"). El FMI señaló que las RFC, como las IFC, han desarrollado mercados financieros e infraestructura y fondos intermedios dentro y fuera de su región, pero a diferencia de las IFC, tienen economías nacionales relativamente pequeñas. Los ejemplos citados por el FMI fueron: Hong Kong, Singapur y Luxemburgo;
3. Centro Financiero Offshore ("OFC"). El FMI señaló que los OFC son generalmente más pequeños y brindan servicios más especializados; sin embargo, los OFC aún variaban desde centros que brindan actividades especializadas y calificadas, atractivas para las principales instituciones financieras, y centros menos regulados que brindan servicios que están casi en su totalidad impulsados ​​por impuestos, y cuentan con recursos muy limitados para apoyar la intermediación financiera. El FMI enumeró 46 OFC en 2000, el mayor de los cuales fue Irlanda, el Caribe (incluidas las Islas Caimán y las Islas Vírgenes Británicas), Hong Kong, Singapur y Luxemburgo.

El FMI señaló que las tres categorías no eran mutuamente excluyentes y que varios lugares podrían caer bajo la definición de OFC y RFC, en particular (por ejemplo, se citaron Singapur y Hong Kong). ^[8]

Justificación de los OFC

Ver también: Centro financiero offshore

El FMI señaló que los OFC podrían establecerse con fines legítimos (enumerando varias razones), pero también para lo que el FMI denominó fines dudosos , citando la evasión fiscal y el lavado de dinero. En 2007, el FMI elaboró ​​la siguiente definición de OFC: un país o jurisdicción que brinda servicios financieros a no residentes en una escala que no guarda proporción con el tamaño y el financiamiento de su economía nacional . ^[9] Los informes anuales de la FSF sobre banca en la sombra global utilizan la definición del FMI para rastrear los OFC con los centros financieros más grandes en relación con sus economías nacionales. ^[10]

OFC de conductos y sumideros : mapeo de los vínculos entre los centros financieros

El progreso desde 2000 en adelante de las iniciativas del FMI , la OCDE y el GAFI sobre normas comunes, cumplimiento normativo y transparencia bancaria, ha reducido la atracción regulatoria de las OFC sobre las IFC y las RFC. Desde 2010, los académicos consideraron los servicios de los OFC como sinónimo de paraísos fiscales , y utilizan el término OFC y paraíso fiscal de manera intercambiable (por ejemplo, las listas académicas de paraísos fiscales incluyen todos los OFC FSF-FMI). ^{[5] [6]}

En julio de 2017, un estudio del grupo CORPNET de la Universidad de Ámsterdam dividió la definición de OFC en dos subgrupos, OFC de conductos y fregaderos : ^[11]

• 24 Sink OFCs: jurisdicciones en las que una cantidad desproporcionada de valor desaparece del sistema económico (por ejemplo, los paraísos fiscales tradicionales ).
• 5 OFC de conducto: jurisdicciones a través de las cuales se mueve una cantidad desproporcionada de valor hacia los OFC de sumidero (por ejemplo, los paraísos fiscales centrados en las empresas )
  (los conductos son: Países Bajos, Reino Unido, Suiza, Singapur e Irlanda)

Los OFC de sumidero dependen de los OFC de Conduit para redirigir fondos desde ubicaciones con altos impuestos utilizando herramientas de planificación fiscal de erosión de base y transferencia de ganancias ("BEPS"), que están codificadas y aceptadas en las extensas redes de tratados fiscales bilaterales globales de Conduit OFC . Debido a que los Sink OFC están más estrechamente asociados con los paraísos fiscales tradicionales, tienden a tener redes de tratados más limitadas y acceso a ubicaciones globales con impuestos más altos.

Clasificaciones

Antes de la década de 1960, hay pocos datos disponibles para clasificar los centros financieros. ^{[12] : 1} En los últimos años se han desarrollado y publicado muchas clasificaciones. Dos de los más relevantes son el Índice de Centros Financieros Globales y el Índice de Desarrollo de Centros Financieros Internacionales Xinhua-Dow Jones . ^[13]

Índice de centros financieros mundiales (2007-en curso)

Artículo principal: Índice de centros financieros globales

El distrito financiero de Lujiazui en Shanghai , que ha sido categorizado como un "líder global amplio y profundo" por el Índice de Centros Financieros Globales.

El Índice de Centros Financieros Globales ("GFCI") es compilado semestralmente por el think tank Z / Yen, con sede en Londres, junto con el Instituto de Desarrollo de China, con sede en Shenzhen . ^[14] Al 25 de septiembre de 2020, los diez principales centros financieros mundiales según el artículo del GFCI que contiene una lista clasificada de 111 centros financieros eran: ^[15]

Rango	Centrar	Clasificación
1	Nueva York	770
2	Londres	766
3	Llevar a la fuerza	748
4	Tokio	747
5	Hong Kong	743
6	Singapur	742
7	Beijing	741
8	San Francisco	738
9	Shenzhen	732
10	Zúrich	724

Índice Xinhua-Dow Jones (2010-2014)

El distrito bancario de Frankfurt , hogar de varias sedes bancarias globales y europeas. El distrito alberga la principal bolsa de valores alemana y muchos reguladores de la UE y Alemania.

El Índice de Desarrollo de Centros Financieros Internacionales Xinhua-Dow Jones fue compilado anualmente por la Agencia de Noticias Xinhua de China con la Bolsa Mercantil de Chicago y Dow Jones & Company de los Estados Unidos de 2010 a 2014. Durante ese tiempo, Nueva York fue el centro mejor clasificado .

Según el Índice de Desarrollo de Centros Financieros Internacionales (FIDC) de Xinhua-Dow Jones de 2014, los diez principales centros financieros del mundo fueron: ^[16]

Rango	Cambio	Centrar	Clasificación
1		Nueva York	87,72
2		Londres Δ †	86,64
3	1	Tokio	84,57
4	1	Singapur Δ †	77.23
5	2	Hong Kong Δ ‡	77,10
5		Llevar a la fuerza	77,10
7		París	64,83
8		Frankfurt	60,27
9	2	Beijing	59,98
10	1	Chicago	58.22

(Δ) Aparece en las listas de centros financieros extraterritoriales (OFC) del FSF-FMI .
(†) También aparece como uno de los 5 principales Conduit OFC , en la investigación de CORPNET de 2017; o
(‡) También aparece como uno de los 5 principales fregaderos OFC , en la investigación de CORPNET de 2017.

Principales centros financieros en todos los continentes

Asia

Centro financiero internacional en Hong Kong

Rascacielos en Xinyi District, Taipei

Distrito financiero de Singapur

Rascacielos de Tokio en Shinjuku

Bolsa de Valores de Shanghai

•  China - Pekín
•  China - Guangzhou
•  China - Shanghái
•  China - Shenzhen
  •  Macao
•  Hong Kong
•  Japón - Área metropolitana de Tokio
•  Corea del Sur - Seúl
•  Singapur
•  Taiwán - Taipei
•  Emiratos Árabes Unidos - Dubai
•  Emiratos Árabes Unidos - Abu Dhabi

América del Norte

•  Estados Unidos Nueva York
•  Estados Unidos Chicago
•  Estados Unidos Boston
•  Estados Unidos Houston
•  Estados Unidos San Francisco
•  Estados Unidos Los Ángeles
•  Canadá Toronto
•  Canadá Montreal
•  Canadá Calgary
•  México Ciudad de México
•  México Monterrey

Europa

•  Reino Unido Londres
•  Francia Paris
•  Alemania Frankfurt
•  Holanda Amsterdam
•   Suiza Ginebra
•  Bélgica Bruselas
•  Italia Milán
•  Finlandia Helsinki
•  Rusia Moscú
•  Suecia Estocolmo

Oceanía

•  Australia Sydney
•  Australia Melbourne
•  Nueva Zelanda Auckland

África

•  Sudáfrica Johannesburgo
•  Sudáfrica Ciudad del Cabo
•  Sudáfrica Durban
•  Egipto El Cairo

Ejemplos

Los viejos centros financieros como Ámsterdam, Londres, París y Nueva York tienen una larga historia . ^{[17] [18]} Hoy en día existe una amplia gama de centros financieros en todo el mundo. ^[19] Si bien Nueva York y Londres a menudo se destacan como los principales centros financieros mundiales, ^{[20] [21]} otros centros financieros establecidos ofrecen una competencia significativa y se están desarrollando varios centros financieros más nuevos. ^[22] A pesar de esta proliferación de centros financieros, los académicos han discutido la evidencia que muestra una concentración creciente de la actividad financiera en los centros financieros nacionales e internacionales más grandes del siglo XXI. ^{[23] : 24–34}Otros han discutido el dominio actual de Nueva York y Londres, y el papel que jugaron los vínculos entre estos dos centros financieros en la crisis financiera de 2007-08 . ^[24]

Las comparaciones de los centros financieros se centran en su historia, función e importancia al servicio de la actividad financiera nacional, regional e internacional. La oferta de cada centro incluye diferentes entornos legales, fiscales y regulatorios. ^[25] Un periodista sugirió tres factores para el éxito como ciudad financiera: "una reserva de capital para prestar o invertir; un marco legal y fiscal decente; y recursos humanos de alta calidad". ^[26]

Principales IFC del FMI

Nueva York, Londres y Tokio están en todas las listas de las principales IFC. Algunas de las principales RFC (ver más abajo), como París, Frankfurt, Chicago y Shanghai, aparecen como IFC en algunas listas.

La Bolsa de Valores de Nueva York en Wall Street, la bolsa de valores más grande del mundo por capitalización cotizada. ^[27]

• Nueva York . Desde mediados del siglo XX, la ciudad de Nueva York, representada por Wall Street en el distrito financiero de Manhattan , ha sido descrita como un centro financiero líder. ^{[12] : 1 [23] : 25 [24] : 4-5} Durante las últimas décadas, con el surgimiento de un mundo multipolar con nuevos poderes regionales y capitalismo global , numerosos centros financieros han desafiado a Wall Street, particularmente Londres y varios en Asia, que algunos analistas creen que será el foco de un nuevo crecimiento mundial. ^{[28] : 39–49 [29]}Una fuente describió a Nueva York como ampliando su liderazgo como centro financiero mundial en septiembre de 2018; Según Reuters , el grupo de expertos New Financial concluyó que el valor "bruto" de la actividad financiera nacional e internacional, como la gestión de activos y la emisión de acciones, subrayó la posición de Nueva York como el principal centro financiero del mundo. ^[30]

La ciudad de Nueva York sigue siendo el centro más grande para el comercio de acciones públicas y mercados de capital de deuda , impulsado en parte por el tamaño y el desarrollo financiero de la economía estadounidense . ^{[28] : 31–32 [31]} La NYSE y NASDAQ son las dos bolsas de valores más grandes del mundo. ^[32] Nueva York también lidera la gestión de fondos de cobertura ; capital privado ; y el volumen monetario de fusiones y adquisiciones . Varios bancos de inversión y administradores de inversionescon sede en la ciudad de Nueva York son participantes importantes en otros centros financieros. ^{[28] : 34–35} El Banco de la Reserva Federal de Nueva York , el más grande dentro del Sistema de la Reserva Federal , regula las instituciones financieras e implementa la política monetaria estadounidense , ^{[33] [34]} que a su vez influye en la economía mundial. ^{[35] [36]} Las tres principales agencias de calificación crediticia mundiales : Standard and Poor's , Moody's Investor Service y Fitch Ratings - tienen su sede o sus oficinas centrales en la ciudad de Nueva York, y Fitch tiene su sede en Londres.

La Bolsa de Valores de Londres en la City de Londres, la bolsa más grande de Europa por capitalización. ^[32]

• Londres . Londres ha sido un centro financiero internacional líder desde el siglo XIX , actuando como un centro de préstamos e inversiones en todo el mundo. ^{[12] : 74–75 [37] : 149} El derecho contractual inglés se adoptó ampliamente para las finanzas internacionales , con servicios legales prestados en Londres. ^[38] Las instituciones financieras ubicadas allí proporcionaron servicios a nivel internacional, como Lloyd's of London (fundada en 1686) para seguros y Baltic Exchange (fundada en 1744) para envíos. ^[39]Durante el siglo XX, Londres jugó un papel importante en el desarrollo de nuevos productos financieros como el eurodólar y los eurobonos en la década de 1960, la gestión de activos internacionales y el comercio internacional de acciones en la década de 1980 y los derivados en la década de 1990. ^{[17] : 13 [3] : 6,12–13,88–9 [40]}

Londres sigue manteniendo una posición de liderazgo como centro financiero en el siglo XXI y mantiene el mayor superávit comercial de servicios financieros del mundo. ^{[41] [42] [43]} Sin embargo, al igual que Nueva York, se enfrenta a nuevos competidores, incluidos los centros financieros del este de rápido crecimiento, como Hong Kong y Shanghai. Londres es el mayor centro de mercados de derivados , ^[44] mercados de divisas , ^[45] mercados monetarios , ^[46] emisión de valores de deuda internacionales , ^[47] seguros internacionales , ^[48] comercio de oro, plata y metales básicos a través de laMercado de lingotes de Londres y Bolsa de Metales de Londres , ^[49] y préstamos bancarios internacionales . ^{[3] : 2 [40] [50]} Londres tiene la segunda mayor concentración de fondos de cobertura (847 según HedgeLists.com). Londres se beneficia de su posición entre las zonas horarias de Asia y Estados Unidos, ^[51] y se benefició de su ubicación dentro de la Unión Europea , ^{[52] : 1} aunque terminó el 31 de enero de 2020 cuando el Reino Unido abandonó la Unión Europea tras el referéndum del Brexit. de 2016. Así como la Bolsa de Valores de Londres, el Banco de Inglaterra , el segundo banco central más antiguo, está en Londres, aunque la Autoridad Bancaria Europea se mudó a París después del Brexit. ^{[53] [54]}

La Bolsa de Valores de Tokio , ubicada en Nihonbashi - Kabutocho , Tokio , Japón , es la bolsa de valores más grande de Asia. ^[32]

• Tokio . Un informe sugiere que las autoridades japonesas están trabajando en planes para transformar Tokio, pero han tenido un éxito desigual, señalando que "los borradores iniciales sugieren que los especialistas económicos de Japón están teniendo problemas para descubrir el secreto del éxito de los centros financieros occidentales". ^[55] Los esfuerzos incluyen más restaurantes y servicios de habla inglesa y la construcción de muchos nuevos edificios de oficinas en Tokio, pero se han descuidado estímulos más poderosos como impuestos más bajos y una relativa aversión a las finanzas sigue prevaleciendo en Japón. ^[55] Tokio surgió como un importante centro financiero en la década de 1980 cuando la economía japonesa se convirtió en una de las más grandes del mundo. ^{[12] : 1}Como centro financiero, Tokio tiene buenas conexiones con la ciudad de Nueva York y Londres. ^{[56] [57]}

Principales OFC del FMI

Ver también: OFC de conductos y fregaderos

Estos centros aparecen en todas las listas de OFC del FSF-FMI y, salvo los OFC del Caribe de las Islas Caimán, las Islas Vírgenes Británicas y las Bermudas, representan a todos los OFC principales. Algunos también aparecen como RFC en varias listas, en particular Hong Kong y Singapur. También aparecen en la mayoría de las listas de los principales paraísos fiscales y en las listas de los OFC de conductos y sumideros más grandes del mundo.

• Amsterdam . Amsterdam es bien conocida por el tamaño de su mercado de fondos de pensiones. También es un centro de actividades bancarias y comerciales. ^[58] Amsterdam fue un importante centro financiero en Europa en los siglos XVII y XVIII y varias de las innovaciones desarrolladas allí fueron transportadas a Londres. ^{[3] : 24} En junio de 2017, un estudio publicado en Nature clasificó a los Países Bajos como el conducto OFC más grande del mundo , un término que se utiliza para describir el redireccionamiento de los flujos de fondos a los paraísos fiscales. ^{[11] [59] [60]} Además, después de la salida del Reino Unido de la Unión Europea, Amsterdam se convirtió en el centro de comercio de acciones más grande de Europa. ^[61]
• Dublín . Dublín (a través de su Centro de Servicios Financieros Internacionales , "IFSC"), es un centro de servicios financieros especializado con un enfoque en la administración y domiciliación de fondos, gestión de fondos, actividades de custodia y arrendamiento de aeronaves. ^[62] Es el lugar de titulización más grande de la UE-27, ^{[63] [64] [65]} y el segundo domicilio más grande de fondos de inversión, en particular fondos de inversión alternativos, después de Luxemburgo. Muchos de los fondos domiciliados y administrados en Dublín están bajo las instrucciones de los administradores de inversiones en jurisdicciones de administración de activos más grandes, como Londres, Frankfurt, Nueva York y Luxemburgo. ^{[52] : 5–6} las herramientas tributarias BEPS avanzadas de Dublín, por ejemplo,Double Irish , el single malt y las herramientas de desgravaciones de capital para activos intangibles ("CAIA") , han llevado al economista Gabriel Zucman a juzgar a Irlanda como el mayor paraíso fiscal corporativo en virtud de su uso como conducto OFC. ^{[66] [67] [68]}

El Centro Financiero Internacional de Hong Kong se inauguró en 2003.

• Hong Kong . Como centro financiero, Hong Kong tiene fuertes vínculos con Londres y la ciudad de Nueva York. ^{[24] : 10–11} Desarrolló su industria de servicios financieros mientras que un territorio británico y su sistema legal actual, definido en la Ley Básica de Hong Kong , se basa en la ley inglesa . En 1997, Hong Kong se convirtió en una Región Administrativa Especial de la República Popular China , conservando sus leyes y un alto grado de autonomía durante al menos 50 años después de la transferencia. Recientemente dura esta fórmula se ha visto amenazada por la interferencia del gobierno central de China (véase también Hong Kong Ley de Seguridad Nacional y el 2019 proyecto de ley de extradición de Hong Kong). La mayoría de los 100 bancos más grandes del mundo tienen presencia en la ciudad. ^[69] Hong Kong es un lugar destacado para las ofertas públicas iniciales , que compite con la ciudad de Nueva York, ^[70] y también para la actividad de fusiones y adquisiciones. ^[71]

• Luxemburgo . Luxemburgo es un centro de servicios financieros especializado que es el lugar más grande para la domiciliación de fondos de inversión en Europa y el segundo en el mundo después de Estados Unidos. Muchos de los fondos domiciliados en Luxemburgo se gestionan en Londres. ^{[52] : 5–6} Luxemburgo es el principal centro bancario privado de la zona euro y el mayor centro de reaseguro cautivo de Europa. 143 bancos de 28 países diferentes están establecidos en Luxemburgo. ^[72] El país es también el tercer centro de renminbi más grande del mundo por números, en ciertas actividades como depósitos, préstamos, cotización de bonos y fondos de inversión. ^[73] Three of the largest Chinese banks have their European hub in Luxembourg (ICBC, Bank of China, China Construction Bank).
• Singapore. With its strong links with London,^[74] Singapore has developed into the Asia region's largest centre for foreign exchange and commodity trading, as well as a growing wealth management hub.^[75] Other than Tokyo, it is one of the main centres for fixed income trading in Asia. However, the market capitalisation of its stock exchange has been falling since 2014 and several major companies plan to delist.^[76]
• Zurich. Zurich is a significant centre for banking, asset management including provision of alternative investment products, and insurance.^[77][78][79] Since Switzerland is not a member of the European Union, Zurich is not directly subject to EU regulation.

Major IMF RFCs

In some lists, RFCs such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs, however, they do not appear in all lists. They are certainly major RFCs.

• Chicago. The Illinois city has the "world’s largest [exchange-traded] derivatives market" since the Chicago Mercantile Exchange and the Chicago Board of Trade merged in 2007, under the CME Group.^[80]

• Dubai. The second largest emirate in the United Arab Emirates is a growing centre for finance in the Middle East, including for Islamic finance. Its emergence as a financial centre is relatively recent, although commercial banking activity in the UAE became established in the second half of the 20th century (the first commercial bank in Dubai was British Bank of the Middle East in 1946, and the first domestic commercial bank was the National Bank of Dubai established in 1963).^[81]

The Frankfurt Stock Exchange building, which dates back to 1879.^[82]

• Frankfurt. Frankfurt attracts many foreign banks which maintain offices in the city. It is the seat of Deutsche Börse, one of the leading stock exchanges and derivatives markets operators, and the European Central Bank, which sets the monetary policy for the single European currency, the euro; in addition, in 2014 the European Central Bank took over responsibility for banking supervision for the 18 countries which form the Eurozone. It is also the seat of Deutsche Bundesbank, the German central bank,^[83] as well as of EIOPA, the EU's supervisory authority for insurances and occupational pension systems.^[84]

Frankfurt has been the financial centre of Germany since the second half of the 20th century as it was before the mid-19th century. Berlin held the position during the intervening period, focusing on lending to European countries while London focused on lending to the Americas and Asia.^[85][86]

Bolsa de Madrid. Madrid's stock exchange is the world's second-largest in number of listed companies.^[87]

• Madrid. Madrid is the headquarters to the Spanish company Bolsas y Mercados Españoles, which owns the four stock exchanges in Spain, the largest being the Bolsa de Madrid. Trading of equities, derivatives and fixed income securities are linked through the Madrid-based electronic Spanish Stock Market Interconnection System (SIBE), handling more than 90% of all financial transactions. Madrid ranks fourth in European equities market capitalisation, and Madrid's stock exchange is second in terms of number of listed companies, just behind New York Stock Exchange (NYSE plus NASDAQ).^[88] As a financial centre, Madrid has extensive links with Latin America and acts as a gateway for many Latin American financial firms to access the EU banking and financial markets.^[89]:6–7
• Milan. Italy's main centre of banking and finance. It hosts the Borsa Italiana stock exchange, one of the larger stock exchanges in Europe, which is now part of the London Stock Exchange Group.^[90]:245
• Paris. Alongside equity trading on the Paris Stock Exchange, there is futures and options trading, insurance, corporate banking and asset management taking place in Paris.^[91] The city is home to the Banque de France and the European Securities and Markets Authority. Paris has been a major financial centre since the 19th century.^[12]:1 The European Banking Authority is also moving to Paris in March 2019 following Brexit.^[92]
• Seoul. South Korea's capital has developed significantly as a financial centre since the late-2000s recession. In 2009, Seoul ranked 53rd among global financial centres; by 2012, Seoul had risen to number 9.^[93] Seoul has continued to build office space with the completion of the International Financial Center Seoul in 2013. It ranked 7th in the 2015 Global Financial Centres Index, recording the highest growth in rating among the top ten cities.
• Shanghai. Official efforts have been directed to making Pudong a financial leader by 2010.^[94] Efforts during the 1990s were mixed, but in the early 21st century, Shanghai gained ground. Factors such as a "protective banking sector" and a "highly restricted capital market" have held the city back, according to one analysis in 2009 in China Daily.^[95] Shanghai has done well in terms of market capitalisation but it needs to "attract an army of money managers, lawyers, accountants, actuaries, brokers and other professionals, Chinese and foreign" to enable it to compete with New York and London.^[96] China is generating tremendous new capital, which makes it easier to stage initial public offerings of state-owned companies in places like Shanghai.^[97]

Sydney's northern CBD serves as the financial and banking hub of the city

• Sydney. Australia's most populous city is a financial and business services hub not only for Australia but for the Asia-Pacific region. Sydney competes quite closely with other Asia Pacific hubs, however it concentrates a greater portion of Australian-based business in terms of clients and services. Sydney is home to two of Australia's four largest banks, the Commonwealth Bank of Australia and Westpac Banking Corporation, both headquartered in the Sydney CBD. Sydney is also home to 12 of the top 15 asset managers in Australia. Melbourne, on the other hand, tends to concentrate more of the Australian superannuation funds (pension funds). Sydney is using the large Barangaroo development project on its harbour to further position itself as an Asian Pacific hub.^[98] Sydney is also home to the Australian Securities Exchange and an array of brokerage banks which are either headquartered or regionally based in Sydney, including Australia's largest investment bank Macquarie Group.^[99][100]
• Toronto. The city is a leading market for Canada's largest financial institutions and large insurance companies. It has also become one of the fastest growing financial centres following the late-2000s recession, helped by the stability of the Canadian banking system. Most of the financial industry is concentrated along Bay Street, where the Toronto Stock Exchange is also located.^[101]
• Others. Mumbai is an emerging financial centre, which also provides international support services to London and other financial centres.^{[102][103][104]} Cities such as São Paulo, Mexico City and Johannesburg and other "would-be hubs" lack liquidity and the "skills base", according to one source.^[26] Financial industries in countries and regions such as the Indian subcontinent and Malaysia require not only well-trained people but the "whole institutional infrastructure of laws, regulations, contracts, trust and disclosure" which takes time to happen.^[26]

History

See also: History of banking

Pre 17th century

Primitive financial centres started in the 11th century in the Kingdom of England at the annual fair of St. Giles and in the Kingdom of Germany at the Frankfurt autumn fair, then developed in medieval France during the Champaign Fairs.^[105][82]

Italian city-states

See also: Economic history of Italy, Economic history of Venice, and History of Genoa

The first real international financial center was the City State of Venice which slowly emerged from the 9th century to its peak in the 14th century.^[105] Tradable bonds as a commonly used type of security, were invented by the Italian city-states (such as Venice and Genoa) of the late medieval and early Renaissance periods while Florence can be said to be the birthplace of double-entry bookkeeping from the publication and proliferation of the work of Luca Pacioli.

The Low Countries

See also: Economic history of Belgium, History of Bruges, and History of Antwerp

For the origin and history of the bourse in general (not to be confused with the concept of the stock exchange and stock market), see exchange (organized market)

In the sixteenth century, the overall economic supremacy of the Italian city-states gradually waned, and the centre of financial activities in Europe shifted to the Low Countries, first to Bruges, and later to Antwerp and Amsterdam which acted as Entrepôt cities. They also became important centres of financial innovation, capital accumulation and investment.^{[citation needed]}

17th–18th centuries

Rise of Amsterdam

See also: Financial history of the Dutch Republic, Economic history of the Dutch Republic, Dutch Financial Revolution, and History of Amsterdam

17th-century etching of the Oost-Indisch Huis (Dutch for "East India House"), the headquarters of the United East India Company (VOC) in Amsterdam. Considered by many to be the first historical model of the multinational corporation in its modern sense, the VOC was also the first company to be listed on a formal stock exchange. In other words, the VOC was the world's first publicly listed company (or publicly traded company).

Courtyard of the Amsterdam Stock Exchange (Beurs van Hendrick de Keyser in Dutch), the world's first formal stock exchange. The Amsterdam Stock Exchange was the leading centre of global securities markets in the 17th century.

The Dam Square in Amsterdam, by Gerrit Adriaensz Berckheyde, c. 1660. In the picture of the centre of highly cosmopolitan and tolerant Amsterdam, Muslim/Oriental figures (possibly Ottoman or Moroccan merchants) are shown negotiating. The 17th-century Dutch institutional innovations helped lay the foundations for modern-day international financial centres that now dominate the global financial system.^[106][107]

In the 17th century, Amsterdam became the leading commercial and financial centre of the world. It held this position for more than a century,^{[108][109][110]} and was the first modern model of an international financial centre.^[111] As Richard Sylla (2015) noted, "In modern history, several nations had what some of us call financial revolutions. These can be thought of as creating in a short period of time all the key components of a modern financial system. The first was the Dutch Republic four centuries ago."^{[112][113][114]} Amsterdam – unlike its predecessors such as Bruges, Antwerp, Genoa, and Venice – controlled crucial resources and markets directly, sending its fleets to all quarters of the world.^[115]

Historically, the Dutch were responsible for at least four major pioneering institutional innovations^[e] (in economic, business and financial history of the world):

• The foundation of the Dutch East India Company (VOC), the world's first publicly listed company^[116][117] and the first historical model of the multinational corporation (or transnational corporation) in its modern sense,^{[f][118][119][120][121][122][123]} in 1602. The birth of the VOC is often considered to be the official beginning of corporate-led globalization with the rise of modern corporations (multinational corporations in particular) as a highly significant socio-politico-economic force that affect human lives in every corner of the world today. As the first company to be listed on an official stock exchange, the VOC was the first company to issue stock and bonds to the general public. With its pioneering features, the VOC is generally considered a major institutional breakthrough and the model for modern corporations (large-scale business enterprises in particular). It is important to note that most of the largest and most influential companies of the modern-day world are publicly-traded multinational corporations, including Forbes Global 2000 companies. Like present-day publicly-listed multinational companies, in many ways, the post-1657 English/British East India Company's operational structure was a historical derivative of the earlier VOC model.^[118][124]
• The establishment of the Amsterdam Stock Exchange (or Beurs van Hendrick de Keyser in Dutch), the world's first official stock exchange,^[g] in 1611, along with the birth of the first fully functioning capital market in the early 1600s.^[126] While the Italian city-states produced the first transferable government bonds, they didn't develop the other ingredient necessary to produce the fully fledged capital market in its modern sense: a formal stock market.^{[127][128][129]} The Dutch were the firsts to use a fully fledged capital market (including the bond market and stock market) to finance public companies (such as the VOC and WIC). This was a precedent for the global securities market in its modern form. In the early 1600s the VOC established an exchange in Amsterdam where VOC stock and bonds could be traded in a secondary market. The establishment of the Amsterdam Stock Exchange (Beurs van Hendrick de Keyser) by the VOC, has long been recognized as the origin of modern-day stock exchanges^[130][131] that specialize in creating and sustaining secondary markets in the securities issued by corporations. The process of buying and selling shares (of stock) in the VOC became the basis of the first formal stock market.^[132][133] The Dutch pioneered stock futures, stock options, short selling, bear raids, debt-equity swaps, and other speculative instruments. Amsterdam businessman Joseph de la Vega's Confusion of Confusions (1688) was the earliest book about stock trading.^[134]
• The establishment of the Bank of Amsterdam (Amsterdamsche Wisselbank), often considered to be the first historical model of the central bank,^{[135][136][137]} in 1609. The birth of the Amsterdamsche Wisselbank led to the introduction of the concept of bank money. Along with a number of subsidiary local banks, it performed many functions of a central banking system.^{[138][139][140][141][142]} It occupied a central position in the financial world of its day, providing an effective, efficient and trusted system for national and international payments, and introduced the first ever international reserve currency, the bank guilder.^[143] Lucien Gillard calls it the European guilder (le florin européen),^[144] and Adam Smith devotes many pages to explaining how the bank guilder works (Smith 1776: 446–455). The model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden (1668) and the Bank of England (1694).
• The formation of the first recorded professionally managed collective investment schemes (or investment funds), such as mutual funds,^[145][146] in 1774. Amsterdam-based businessman Abraham van Ketwich (also known as Adriaan van Ketwich) is often credited as the originator of the world's first mutual fund. In response to the financial crisis of 1772–1773, Van Ketwich formed a trust named "Eendragt Maakt Magt" ("Unity Creates Strength"). His aim was to provide small investors with an opportunity to diversify.^[145][147] Today the global funds industry is a multi-trillion-dollar business.

In many respects, the 17th-century Dutch financial innovations helped shape the foundations of modern-day financial system of the world,^{[148][149][150]} and greatly influenced the financial history of many English-speaking countries (especially the United Kingdom and United States)^[151][152] in subsequent centuries.

By the early 1800s, London officially replaced Amsterdam as the world's leading financial centre. In his book Capitals of Capital (2010), Youssef Cassis argues that the decline and fall of Amsterdam, as the world's foremost financial capital, was one of the most dramatic events in history of global finance.^[153]

19th–21st centuries

See also: Global financial system § History of international financial architecture

London and Paris were the world's only prominent financial centers throughout most of the 19th century.^[12]:1 After 1870, Berlin and New York grew to become major financial centres mainly serving their national economies. An array of smaller international financial centers found market niches, such as Amsterdam, Brussels, Zurich, and Geneva. London remained the leading international financial center in the four decades leading up to World War I.^{[12]:74–75[17]:12–15} Since then, New York and London have developed leading positions in different activities and some non-Western financial centres have grown in prominence, notably Tokyo, Hong Kong, Singapore and Shanghai.

Rise of London

See also: Economic history of the United Kingdom, City of London, History of London, and Economy of London

London has been a leading international financial centre since the 19th century, acting as a centre of lending and investment around the world.^{[12]:74–75[154]:149} English contract law was adopted widely for international finance, with legal services provided in London.^[155] Financial institutions located there provided services internationally such as Lloyd's of London (founded 1686) for insurance and the Baltic Exchange (founded 1744) for shipping.^[156] During the 20th century London played an important role in the development of new financial products such as the Eurodollar and Eurobonds in the 1960s, international asset management and international equities trading in the 1980s, and derivatives in the 1990s.^{[17]:13[3]:6,12–13,88–9[40]}

London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around the world.^{[157][158][159]} However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and Shanghai. London is the largest centre for derivatives markets,^[160] foreign exchange markets,^[161] money markets,^[162] issuance of international debt securities,^[163] international insurance,^[164] trading in gold, silver and base metals through the London bullion market and London Metal Exchange,^[165] and international bank lending.^{[3]:2[40][166]} London has the second largest concentration of hedge funds (847 according to HedgeLists.com). London benefits from its position between the Asia and U.S. time zones,^[167] and benefited from its location within the European Union,^[52]:1 although this ended on 31 January 2020 when the United Kingdom left the European Union following the Brexit referendum of 2016. As well as the London Stock Exchange, the Bank of England, the second oldest central bank, is in London, although the European Banking Authority moved to Paris after Brexit.^[168][169]

Rise of New York

See also: Economic history of the United States; Wall Street; Financial District, Manhattan; History of New York City; and Economy of New York City

Since the middle of the 20th century, New York City, represented by Wall Street in Manhattan's Financial District, has been described as a leading financial centre.^{[12]:1[23]:25[24]:4–5} Over the past few decades, with the rise of a multipolar world with new regional powers and global capitalism, numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be the focus of new worldwide growth.^{[28]:39–49[170]} One source described New York as extending its lead as the world's centre of finance in September 2018; according to Reuters, the think-tank New Financial concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre.^[30]

New York City remains the largest centre for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. economy.^{[28]:31–32[171]} The NYSE and NASDAQ are the two largest stock exchanges in the world.^[32] New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. Several investment banks and investment managers headquartered in New York City are important participants in other financial centres.^[28]:34–35 The New York Federal Reserve Bank, the largest within the Federal Reserve System, regulates financial institutions and implements U.S. monetary policy,^[33][172] which in turn influences the world's economy.^[173][174] The three major global credit rating agencies – Standard and Poor's, Moody's Investor Service, and Fitch Ratings – are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London.

Rise of Asian centres

See also: Japanese economic miracle, Four Asian Tigers, Chinese economic reform, and Conduit and Sink OFCs

In Asia, Tokyo emerged as a major financial centre in the 1980s as the Japanese economy became one of the largest in the world.^[12]:1 Hong Kong and Singapore developed soon after leveraging their links with London and Britain.^{[24]:10–11[74]} In the 21st century, other centres have grown including Toronto, Sydney, Seoul and Shanghai. Dubai has become a centre for finance in the Middle East, including for Islamic finance. The rapid rise of India has enabled Mumbai to become an emerging financial centre. India is also making an International Financial Center GIFT City from scratch. GIFT city is now functional and has already won the crown of fastest emerging International Finance Center of South Asia. Linked to the rise of these new IFCs, has seen the rise of "partner OFCs" (offshore tax-havens to which funds are routed), such as Taiwan (a major Sink OFC for Asia, and 7th largest global Sink OFC), Mauritius (a major Sink OFC for South Asia, especially India, and Africa, and the 9th largest global Sink OFC).

The private nationwide financial system in China was first developed by the Shanxi merchants, with the creation of so-called "draft banks". The first draft bank Rishengchang was created in 1823 in Pingyao. Some large draft banks had branches in Russia, Mongolia and Japan to facilitate the international trade. Throughout the nineteenth century, the central Shanxi region became the de facto financial centres of Qing China. With the fall of Qing Dynasty, the financial centers gradually shifted to Shanghai, mainly due to its geographical location at the estuary of the Yangtze River and to the control of customs in China. After the establishment of People's Republic of China, the financial centres in China today are Beijing, Shanghai, and Shenzhen.

See also

• Global city
• Corporate tax haven
• Financial capital
• Financial Development Index
• Geography of finance
• Global financial system
• Nylonkong
• Conduit and Sink OFCs
• Financial district

Notes

1. "Offshore" does not refer to the location of the OFC (i.e. many FSF–IMF OFCs, such as Luxembourg and Hong Kong, are located "onshore"), but to the fact that the largest users of the OFC are nonresident (i.e. the users are non-domestic).
2. Tax–neutral is a term that OFCs use to describe legal structures where the OFC does not levy any taxes, duties or VAT on fund flows into, during, or exiting (e.g. no withholding taxes) the vehicle. Major examples being the Irish Qualifying investor alternative investment fund (QIAIF), and the Cayman Islands SPC.
3. This is since circa 2010, after the post 2000 IMF–OECD–FATF initiatives on common standards, regulatory compliance, and banking transparency, which had significantly weakened the regulatory attraction of OFCs over IFCs and RFCs.^[5][6]
4. The FSF is a group consisting of major national financial authorities such as finance ministries, central bankers, and international financial bodies
5. Inventions and innovations whose earliest known fully functioning historical models were first effectively institutionalized and operated by the peoples of the Netherlands.
6. It is important to note the difference between a "corporation" and a "company" in general, hence the difference between a "multinational corporation" and a "multinational company" in its modern sense.
7. The concept of the bourse (or the exchange) was 'invented' in the medieval Low Countries, most notably in predominantly Dutch-speaking cities like Bruges and Antwerp, before the birth of formal stock exchanges in the 17th century. From Flemish cities the term 'beurs' spread to other European states where it was corrupted into 'bourse', 'borsa', 'bolsa', 'börse', etc. In Britain, too, the term 'bourse' was used between 1550 and 1775, eventually giving way to the term 'royal exchange'. Until the early 1600s, a bourse was not exactly a stock exchange in its modern sense. With the founding of the Dutch East India Company (VOC) in 1602 and the rise of Dutch capital markets in the early 17th century, the 'old' bourse (a place to trade commodities, government and municipal bonds) found a new purpose – a formal exchange that specialize in creating and sustaining secondary markets in the securities (such as bonds and shares of stock) issued by corporations – or a stock exchange as we know it today.^[125]

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148. Gordon, John Steele: The Great Game: The Emergence of Wall Street as a World Power, 1653–2000. (Scribner Book Company, 1999, ISBN 978-0684832876). As John Steele Gordon (1999) noted, "Although many of the basic concepts had first appeared in Italy during the Renaissance, the Dutch, especially the citizens of the city of Amsterdam, were the real innovators. They transformed banking, stock exchanges, credit, insurance, and limited-liability corporations into a coherent financial and commercial system."
149. Goetzmann, William N.; Rouwenhorst, K. Geert (2008). The History of Financial Innovation, in Carbon Finance, Environmental Market Solutions to Climate Change. (Yale School of Forestry and Environmental Studies, chapter 1, pp. 18–43). As Goetzmann & Rouwenhorst (2008) noted, "The 17th and 18th centuries in the Netherlands were a remarkable time for finance. Many of the financial products or instruments that we see today emerged during a relatively short period. In particular, merchants and bankers developed what we would today call securitization. Mutual funds and various other forms of structured finance that still exist today emerged in the 17th and 18th centuries in Holland."
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External links

• International Financial Centres – news articles from The Banker magazine.
• Financial Centres International – a forum on developments in international financial services centres.
• Financial Centre Futures – research on global financial centres from the Z/Yen Group.