An option gives a person the right but not the obligation to buy or sell something. Thus, FIIs are able to take positions in all major indices while being in Singapore. Singapore Stock Exchange allows 24-hour trading so investors can hedge their investment any time via after market trades. Normally, the monthly contracts are available for the 2 consecutive months e.g. SGX stands for Singapore Stock Exchange. The value of the options contracts on individual securities may not be less than Rs. 5 lakhs at the time of introduction for the first time at any exchange. Chinas economic recovery gained momentum in July as business activities resumed despite pandemic-related disruptions. A new contract is introduced on the trading day following the expiry of the near month contract. The strike scheme for options contracts on all individual securities is based on the volatility of the underlying stock. (Selection criteria for securities). On the expiry of the near month contract, new contracts are introduced at new strike prices for both calls and put options, on the trading day following the expiry of the near month contract. ;and implants and disposablesUSFDAU.S.Food and Drug Administration;a federal agency within the US Department of Health and Human Services,which is the primary regulating body for food and drug substancesUpstream industriesIndustries related to raw material inputs/pre-manufacturing requirementsDownstream industriesIndustries related to post-manufacturing activities such as retail,wholesale and services;deals with distributing the product to the final customerSource:Food and Drug Administration;Organisation for Economic Co-operation and Development;various LS-related websites;CBRE Research,Q1 202330 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentANNEXURE IIIAbbreviationDefinitionsABBREVIATIONTERMFULL FORMDEFINITIONkVABESCOMDGTRKLDMBRNBCHVACMERVASHRAESTPOWCkNExpansionNew entrantsRelocation Consolidation&expansion Relocation&expansionKilovolt-ampereBangalore Electricity Supply Company LimitedDiesel GeneratorTon of refrigerationKilo litres per dayMembrane BioreactorNational Building CodeHeating,Ventilation,and Air ConditioningMinimum Efficiency Reporting ValueAmerican Society of Heating,Refrigerating and Air-conditioning EngineersSewerage Treatment PlantOrganic Waste ConverterKilonewtonAdditional space taken up within the same building or within the same citySpace taken up for the first time in a new cityMoving from one building to another within a micro-market or a cityExiting from multiple buildings and taking up one space&increasing spaceMoving to another building and increasing space take-up31 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentContactsResearchAbhinav JoshiHead of Research-India,Middle East&North Africaabhinav.joshicbre.co.inSachi GoelHead of South Operations,Indiasachi.goelcbre.co.inPradeep NairSenior General MKarthiga RavindranDeputy General MMadhura Taskar MApoorva PARam ChandnaniManaging Director,Advisory and Transaction Services,Indiaram.chandnanicbre.co.inRajesh PrasadSenior Executive Director-Advisory&Transaction-Office Servicesrajesh.prasadcbre.co.inBusiness LineFollow UsResearchCBRE Research Copyright 2023.All rights reserved.This report has been prepared in good faith,based on CBREs current anecdotal and evidence based views of the commercial real estate market.Although CBRE believes its views reflect market conditions on the date of this presentation,they are subject to significant uncertainties and contingencies,many of which are beyond CBREs control.In addition,many of CBREs views are opinion and/or projections based on CBREs subjective analyses of current market circumstances.Other firms may have different opinions,projections and analyses,and actual market conditions in the future may cause CBREs current views to later be incorrect.CBRE has no obligation to update its views herein if its opinions,projections,analyses or market circumstances later change.Nothing in this report should be construed as an indicator of the future performance of CBREs securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CBRE or any other companybased on the views herein.CBRE disclaims all liability for securities purchased or sold based on information herein,and by viewing this report,you waive all claims against CBRE as well as against CBREs affiliates,officers,directors,employees,agents,advisers and representatives arising out of the accuracy,completeness,adequacy or your use of the information herein.CIN-U74140DL1999PTC100244Business Line ContactsAdvisory&Transactions Ram Chandnani Managing Director,Advisory&Transaction Services,India ram.chandnanicbre.co.in Capital MarketsGaurav KumarManaging Director&Co-Head,Capital Markets,India gaurav.kumarcbre.co.inGlobal Workplace SolutionsRajesh PanditManaging Director,Global Workplace Solutions,India&Property Management,India,SE Asia,Middle East&North Africa rajesh.panditcbre.co.inOperationsRajat GuptaManaging Director,Operations,India Consulting&ValuationRami Kaushal Managing Director,Consulting&Valuations,India,Middle East&Africa rami.kaushalcbre.co.in Capital MarketsNikhil BhatiaManaging Director&Co-Head,Capital Markets,India nikhil.bhatiacbre.co.inProject ManagementGurjot BhatiaManaging Director,Project Management,India,SE Asia,Middle East&Africa gurjot.bhatiacbre.co.in. Important information, reference material and latest announcements for corporates, Status of compliance's under various Regulatory requirements. Similarly, Asian market affects the SGX Nifty in the early morning trades. r = rate of interest )We have identified eight emerging technologies(beyond solar and wind)that,with the help of marketshaping,can get us to net zero:electric vehicles,clean steel,green cement,sustainable aviation fuel,direct air capture,low-carbon hydrogen,long-duration energy storage,and advanced nuclear small-modular reactors. Futures on Index. (See Exhibit 2. X = Strike price of the option Issuer Offer documents/Issue Summary Document, Delivery and Settlement Procedure - Bullion, Underlying: Symbol of the underlying security. The quarterly contracts of SGX Nifty are March, June, September and December. The security descriptor for the futures contracts is: Futures contracts are available on 189 securities stipulated by the Securities & Exchange Board of India (SEBI). From that time, all SGX users must trade NIFTY on SGX_GIFT. WebFutures contracts expire on the last Thursday of the expiry month. NIFTY50 16,641 157 (+0.9%) SENSEX 55,268 547 (+0.9%) What's up STOCK TODAY'S CHANGE Sun Pharma 895 27 (+3.1%) SBI 528 14 (+2.7%) Divi's Lab 3,784 97 (+2.6%) What's down STOCK TODAY'S CHANGE Bharti Airtel 675 9.1 (-1.3%) Bajaj Auto 3,882 42 (-1.0%) HDFC Life 520 1.7 (-0.3%) Whats trending? Sign up and receive the latest tips via email. 5G auction kicks, 5G auction kicks off, Bajaj Auto rides on price hikes. in the month of November, trading can happen in November Contracts as well as December contracts. The value of the futures contracts on individual securities may not be less than Rs. Well, in an unlikely scenario, a man was seen playing basketball with a bull. Because of the long trading hours, the impact of global events is more advanced on it. Financial Centre Futures The Global Financial Centres Index 33 March 2023 In March 2007,Z/Yen and the City Of London released the first edition of the GFCI,which continues to provide evaluations of competitiveness and rankings for the major financial centres around the world.We are pleased to present the thirty-third edition of the Global Financial Centres Index(GFCI 33).In July 2016,Z/Yen and the China Development Institute(CDI)in Shenzhen established a strategic partnership for research into financial centres.We continue our collaboration in producing the GFCI.The GFCI is updated every March and September and receives considerable attention from the global financial community.The index serves as a valuable reference for policy and investment decisions.Z/Yen is the City of Londons leading commercial think-tank,founded in 1994 to promote societal advance through better finance and technology.Z/Yen has built its practice around a core of high-powered project managers,supported by experienced technical specialists so that clients get expertise they need,rather than just resources available.The CDI is a leading national think-tank that develops solutions to public policy challenges through broad-scope and in-depth research to help advance Chinas reform and opening-up to world markets.The CDI has been working on the promotion and development of Chinas financial system since its establishment in 1989.Based on rigorous research and objective analysis,CDI is committed to providing innovative and pragmatic reports for governments at different levels in China and corporations at home and abroad.The authors of this report,Mike Wardle and Professor Michael Mainelli,would like to thank Bikash Kharel,Carol Feng,Peng Yu,and the rest of the GFCI team for their contributions with research,modelling,and ideas.Z/Yen Group Limited 2023 With thanks to OpenAIs DALL-E for collaboration on the cover image.Global Financial Centres Index 33 1 Foreword Congratulations on the release of the 33rd edition of the Global Financial Centre Index!This year marks the sixteenth anniversary of the index,and the FSC Mauritius is proud to contribute to its release,together with the Z/Yen Group.The Index remains a quintessential benchmark followed by and issued for investors and financial decision makers,and continues to provide evaluations of competitiveness and rankings for the major financial centres around the world.We note that in GFCI 33,New York is holding onto the top position in the index and has been in first place since the GFCI 24(September 2018).London,Singapore,and Hong Kong remain in second,third,and fourth position,with San Francisco close behind.While there is considerable variation across centres,the index suggests that confidence in financial centres and the world economy remains high,with a recognition that inflation levels are falling and economic growth generally secure,even with the instability caused by the continuing war in Ukraine.As Mauritius celebrates the 30 years of the Mauritius International Financial Centre,the FSC Mauritius has evolved into a mature,forward looking regulatory and supervisory authority,which regulates,monitors,and supervises the conduct of business activities in the non-bank financial services sector,namely the funds industry,the insurance&pension,capital market,fintech sectors and global business.Mauritius continues to exert further efforts to maximize its potential to become a financial center of substance.To this effect,in addition to its exiting suite of products,with the coming into operation of the Virtual Assets Initial Token Offering Services Act in 2022,Mauritius is positioning itself to become a jurisdiction of choice for investors to conduct business in virtual assets.Mauritius remains committed to meeting international norms and standards.With the re-rating upgrade of the FATF Recommendation 15,the compliance of Mauritius with the FATF Recommendations enhances the status of the jurisdiction as a transparent jurisdiction in the global financial services sector and reinforce its position as a prominent investment destination.The FSC will continue to protect the integrity of the virtual assets eco-system with a view to uphold the reputation of Mauritius as a robust and credible jurisdiction.Mr.Dhanesswurnath Thakoor Chief Executive,FSC Mauritius Global Financial Centres Index 33 2 GFCI 33 Summary&Headlines Overview We researched 130 financial centres for this edition of the Global Financial Centres Index(GFCI 33).The number of centres in the main index has increased to 120,with the inclusion of Minneapolis/St Paul.There are 10 associate centres awaiting potential inclusion in the main index.The average rating of centres in the index was close to the average in GFCI 32,just 0.06%lower.However,within this average,31 out of the top 40 centres in the index fell in the ratings,while half of the centres in the bottom half of the index improved their rating.While there is considerable variation across centres,this outcome suggests that confidence in financial centres and the world economy remains high,with a recognition that inflation levels are falling and economic growth generally secure,even with the instability caused by the continuing war in Ukraine.US centres performed well,with five US centres now in the top 10,reflecting the strength of the US economy.Leading Chinese centres fell back a little.London retains its position in second place in the index,despite some predictions of a downturn in Londons fortunes.This suggests that London retains its reputation in financial services and that the UKs financial services sector remains competitive.GFCI 33 Results Leading Centres New York leads the index,with London second,ahead of Singapore in third place,which has maintained its slight lead over Hong Kong in fourth position.Chicago,Boston,and Seoul entered the top 10,replacing Paris,Shenzhen,and Beijing.Western Europe London continues to lead in the region in second place globally,and was static in the ratings.Seven Western European centres feature in the top 20 in GFCI 33.There was a high degree of stability in the ratings for centres in the region,with the average rating just 0.18%lower than in GFCI 32.Only Guernsey and Reykjavik rose 10 or more places in the rankings.Asia/Pacific Performance in Asia/Pacific centres was again balanced as in GFCI 32,although the leading 16 centres in the region all fell in the ratings.Eleven of the remaining 14 centres in the region increased their rating.Overall,ratings for centres in Asia/Pacific rose slightly by 0.17%on average.Chengdu fell by 10 rank places.Singapore continues to lead the region,one rating point ahead of Hong Kong.Shanghai and Seoul also feature in the world top 10.Global Financial Centres Index 33 3 North America Chicago and Boston have joined New York,San Francisco,and Los Angeles in the world top 10 in this edition of the index.Canadian centres performed less well than US centres in this region,although Vancouver rose nine places.Atlanta and San Diego both rose more than 10 places in the rankings,as they did in GFCI 32.Minneapolis/St Paul features in the GFCI for the first time.Eastern Europe&Central Asia Astana takes the lead position in the region with Prague and Warsaw falling back.10 out of 16 centres in the region fell in the rankings in GFCI 33,continuing the trend from the last two editions of the index.Athens,Sofia,and Riga rose 10 or more positions in the index,while Moscow and Istanbul fell more than 10 rank places.Middle East&Africa Dubai and Abu Dhabi continue to take first and second places in the region,although both fell a little in the global ranking,as did a number of leading centres in the region.Casablanca continues to be the leading African centre,again falling a few places in the rankings.Mauritius and Riyadh gained 10 or more places in the rankings.Latin America&The Caribbean For the second edition of the GFCI in a row,the majority of centres in the region fell in both the rankings and ratings,with only Panama gaining ground in both.Cayman Islands,Santiago,and Bermuda continued to lead the region.Bermuda,Mexico City,Sao Paulo,Rio de Janeiro,British Virgin Islands,and Bogota fell 10 or more places in the rankings.FinTech We are able to assess 114 centres for their Fintech offering.New York retains its leading position in the Fintech ranking,followed by San Francisco.London moved up one place to third,and Shenzhen rose three places to take fourth position.Los Angeles,Boston,Chicago,and Shanghai continue to feature in the top 10,while Singapore and Washington enter the top 10 for FinTech,displacing Beijing and Hong Kong.Milan,Luxembourg,Wuhan,Xian,and GIFT City-Gujarat each rose 10 or more rank places for FinTech.GFCI 33 GFCI 33 was compiled using 153 instrumental factors.These quantitative measures are provided by third parties including the World Bank,The Economist Intelligence Unit,the OECD,and the UN.Details can be found in Appendix 4.The instrumental factors were combined with 61,449 assessments of financial centres provided by 10,252 respondents to the GFCI online questionnaire.A breakdown of the respondents is shown in Appendix 2.Further details of the methodology behind GFCI 33 are in Appendix 3.Global Financial Centres Index 33 4 Table 1|GFCI 33 Ranks And Ratings Centre GFCI 33 GFCI 32 Change In Change In Rank Rating Rank Rating Rank Rating New York 1 760 1 760 0 0 London 2 731 2 731 0 0 Singapore 3 723 3 726 0 3 Hong Kong 4 722 4 725 0 3 San Francisco 5 721 5 724 0 3 Los Angeles 6 719 7 722 1 3 Shanghai 7 717 6 723 1 6 Chicago 8 716 12 717 4 1 Boston 9 715 14 715 5 0 Seoul 10 714 11 718 1 4 Washington DC 11 713 15 714 4 1 Shenzhen 12 712 9 720 3 8 Beijing 13 711 8 721 5 10 Paris 14 710 10 719 4 9 Sydney 15 709 13 716 2 7 Amsterdam 16 708 19 710 3 2 Frankfurt 17 707 18 711 1 4 Munich 18 706 24 705 6 1 Luxembourg 19 705 21 708 2 3 Zurich 20 704 22 707 2 3 Tokyo 21 703 16 713 5 10 Dubai 22 702 17 712 5 10 Geneva 23 701 20 709 3 8 Copenhagen 24 700 30 699 6 1 Toronto 25 699 23 706 2 7 Berlin 26 698 26 703 0 5 Edinburgh 27 697 27 702 0 5 Melbourne 28 696 31 698 3 2 Minneapolis/St Paul 29 695 New New New New Atlanta 30 694 45 683 15 11 Stockholm 31 693 28 701 3 8 Vancouver 32 692 41 687 9 5 Oslo 33 691 35 694 2 3 Guangzhou 34 690 25 704 9 14 Abu Dhabi 35 689 32 697 3 8 Qingdao 36 688 36 693 0 5 Busan 37 687 29 700 8 13 Osaka 38 686 37 692 1 6 San Diego 39 685 59 628 20 57 Madrid 40 684 40 688 0 4 Helsinki 41 683 44 684 3 1 Montreal 42 682 33 696 9 14 Hamburg 43 681 38 691 5 10 Chengdu 44 680 34 695 10 15 Glasgow 45 679 43 685 2 6 Calgary 46 678 42 686 4 8 Stuttgart 47 677 39 690 8 13 Dublin 48 676 49 679 1 3 Brussels 49 675 47 681 2 6 Milan 50 674 48 680 2 6 Vienna 51 673 50 678 1 5 Wellington 52 672 46 682 6 10 Tel Aviv 53 671 53 675 0 4 Rome 54 670 51 677 3 7 Lisbon 55 669 52 676 3 7 Lugano 56 668 58 629 2 39 Casablanca 57 642 54 674 3 32 Kuala Lumpur 58 641 56 672 2 31 Guernsey 59 633 71 616 12 17 Jersey 60 632 60 627 0 5 Global Financial Centres Index 33 5 Centre GFCI 33 GFCI 32 Change In Change In Rank Rating Rank Rating Rank Rating Mumbai 61 631 70 617 9 14 Malta 62 630 63 624 1 6 Taipei 63 629 55 673 8 44 Doha 64 628 57 671 7 43 New Delhi 65 627 68 619 3 8 Astana 66 626 66 621 0 5 GIFT City-Gujarat 67 625 75 612 8 13 Prague 68 624 61 626 7 2 Johannesburg 69 623 65 622 4 1 Warsaw 70 622 62 625 8 3 Bangkok 71 621 79 608 8 13 Dalian 72 620 80 607 8 13 Cape Town 73 619 64 623 9 4 Cayman Islands 74 618 67 620 7 2 Nanjing 75 617 83 604 8 13 Reykjavik 76 616 94 593 18 23 Santiago 77 615 69 618 8 3 Cyprus 78 614 76 611 2 3 Tianjin 79 612 87 600 8 12 Hangzhou 80 611 85 602 5 9 Mauritius 81 610 92 595 11 15 Bahrain 82 609 81 606 1 3 Jakarta 83 608 95 592 12 16 Athens 84 607 96 591 12 16 Isle of Man 85 606 78 609 7 3 Moscow 86 605 73 614 13 9 Bermuda 87 604 72 615 15 11 Riyadh 88 603 98 589 10 14 Liechtenstein 89 602 74 613 15 11 Istanbul 90 601 77 610 13 9 Sofia 91 600 102 585 11 15 Monaco 92 599 86 601 6 2 Bratislava 93 598 84 603 9 5 Tallinn 94 597 93 594 1 3 Riga 95 596 107 575 12 21 Almaty 96 595 89 598 7 3 Mexico City 97 594 82 605 15 11 Kigali 98 593 100 587 2 6 Sao Paulo 99 592 88 599 11 7 Rio de Janeiro 100 591 90 597 10 6 Budapest 101 590 97 590 4 0 Kuwait City 102 589 108 574 6 15 Nairobi 103 588 105 577 2 11 Gibraltar 104 587 101 586 3 1 Xian 105 586 118 531 13 55 Vilnius 106 585 106 576 0 9 British Virgin Islands 107 584 91 596 16 12 Manila 108 583 103 584 5 1 Lagos 109 577 109 571 0 6 Panama 110 572 111 569 1 3 Wuhan 111 571 119 501 8 70 Ho Chi Minh City 112 567 104 578 8 11 Bogota 113 566 99 588 14 22 Bahamas 114 564 110 570 4 6 St Petersburg 115 563 114 565 1 2 Baku 116 558 116 556 0 2 Buenos Aires 117 557 115 564 2 7 Tehran 118 549 112 568 6 19 Trinidad and Tobago 119 547 113 567 6 20 Barbados 120 541 117 550 3 9 Table 1(continued)|GFCI 33 Ranks And Ratings Global Financial Centres Index 33 6 Associate Centres We track centres that have yet to achieve the number of assessments required to be listed in the main GFCI index.10 centres fall into this associate centres category,with Miami and Karachi closest to receiving the 150 assessments required to be listed in the index.Table 2|GFCI 33 Associate Centres Centre Number Of Assessments In The Last 24 Months Mean Of Assessments Miami 110 688 Karachi 108 595 Turks and Caicos 106 537 Chisinau 82 545 Gothenburg 76 639 Andorra 71 530 Labuan 40 778 Kaunas 38 539 Tashkent 31 555 Philadelphia 15 700 Regional Performance The mean rating of the top five North American centres remains just ahead of the same measure for the leading Asia/Pacific centres in GFCI 33.Leading Western European centres follow close behind.The average ratings for the leading centres in all regions fell,except in Eastern Europe&Central Asia,which was level.Chart 1|Average Ratings Of The Top Five Centres In Each Region Global Financial Centres Index 33 7 The Top Five Centres New York continues to have a clear lead over second place London in the index.Singapore and Hong Kong rank third and fourth with only one point separating them.San Francisco held on to fifth place,just one point behind Singapore.Chart 2|The Top Five Centres-GFCI Ratings Over TimeCity brand is a valuable asset that improves the competitive advantage of the city in the era of globalisation.Relying on uniqueness and using various methods,cities endeavour to promote their reputation by attracting capital and human resources.In the intense competition between global cities,recognition of the factors that enhance a citys reputation will improve urban planning and the urban management framework.ASSISTANT MANAGER,TAX CONSULTANCY,MAURITIUS Global Financial Centres Index 33 8 Future Prospects The GFCI questionnaire asks respondents which centres they consider will become more significant over the next two to three years.Seven of the top 15 centres in this group are in the Asia/Pacific region.Table 3|The 15 Centres Likely To Become More Significant Centre Mentions in last 24 months Seoul 256 Singapore 111 Kigali 97 Hong Kong 92 London 67 Dubai 64 New York 56 Shanghai 53 Paris 43 Abu Dhabi 41 Busan 39 Frankfurt 37 Beijing 36 GIFT City-Gujarat 32 Amsterdam 30Access to customers and suppliers is an important factor in the growth of the FinTech market,and cities with sufficient customers and suppliers will grow rapidly.However,online accessibility has gradually become more important than physical accessibility.Therefore,cities with well-equipped online access infrastructure will quickly gain a dominant position in the fintech sector.RESEARCH PROFESSOR,UNIVERSITY,SEOUL Global Financial Centres Index 33 9 Areas Of Competitiveness The instrumental factors used in the GFCI model are grouped into five broad areas of competitiveness:Business Environment,Human Capital,Infrastructure,Financial Sector Development,and Reputation.These areas and the instrumental factor groups which comprise each area are shown in Chart 3.Chart 3|GFCI Areas Of CompetitivenessFor Luxembourg,regulation has been one of the pivotal advantages.While corruption,preferential treatment and fraud exist,the laws are generally enforced,are stable,and do not change on a whim.Most importantly,both political parties are oriented toward progress as a country,rather than an approach of changing everything.PROGRAMME DIRECTOR,BUSINESS SCHOOL,LUXEMBOURG Global Financial Centres Index 33 10 To assess how financial centres perform in each of these areas,the GFCI factor assessment model is run separately for each of the five areas of competitiveness.New York takes the lead position and London takes second place in all five areas.San Francisco,Singapore,Chicago,Luxembourg,Hong Kong,Los Angeles,Sydney,and Seoul all feature in the top five in one or more of the areas of competitiveness.Table 4|GFCI 33 Top 15 Centres By Area Of Competitiveness Rank Business Environment Human Capital Infrastructure Financial Sector Development Reputational&General 1 New York New York New York New York New York 2 London London London London London 3 San Francisco San Francisco Singapore San Francisco Singapore 4 Chicago Luxembourg Hong Kong Chicago San Francisco 5 Los Angeles Sydney Seoul Hong Kong Chicago 6 Hong Kong Boston Shenzhen Los Angeles Los Angeles 7 Singapore Singapore Amsterdam Singapore Hong Kong 8 Amsterdam Los Angeles Beijing Boston Boston 9 Boston Amsterdam Paris Paris Seoul 10 Seoul Zurich San Francisco Seoul Zurich 11 Shanghai Hong Kong Shanghai Washington DC Sydney 12 Washington DC Shanghai Frankfurt Shanghai Shanghai 13 Minneapolis/St Paul Munich Washington DC Shenzhen Paris 14 Tokyo Paris Vancouver Frankfurt Washington DC 15 Dubai Chicago Oslo Beijing FrankfurtInfrastructure is one of the critical factors as clients are attracted,to large extent,by financial centres with good infrastructure.Low tax and other advantages are useless in places with poor infrastructure.INTERNATIONAL TAX LAWYER,LEGAL SERVICES FIRM,DUBAI Global Financial Centres Index 33 11 Industry Sectors We investigate the differing assessments for relevant industry sectors by building the index separately using only the responses provided by people working in those industries.This creates separate sub-indices for Banking,Investment Management,Insurance,Professional Services,Government&Regulatory,Finance,FinTech,and Trading.New York has consolidated its leading position,ranking first in every category,with London second across the board.Leading centres perform well across a range of industry sectors,with Hong Kong,Shanghai,Singapore,Luxembourg,San Francisco,Shenzhen,Seoul,and Los Angeles all featuring in the top five in one or more of the sectors.Table 5|GFCI 33 Industry Sector Sub-Indices Top Fifteen Rank Banking Investment Management Insurance Professional Services Government&Regulatory Finance FinTech Trading 1 New York New York New York New York New York New York New York New York 2 London London London London London London London London 3 Hong Kong Shanghai Hong Kong Singapore Singapore San Francisco Singapore Shanghai 4 Singapore Singapore Singapore Hong Kong Hong Kong Singapore Hong Kong Singapore 5 Shanghai Luxembourg Shenzhen San Francisco Seoul Hong Kong San Francisco Los Angeles 6 Beijing Hong Kong Shanghai Los Angeles Shanghai Paris Seoul San Francisco 7 Chicago Shenzhen Los Angeles Seoul Frankfurt Chicago Amsterdam Seoul 8 Shenzhen San Francisco Sydney Frankfurt Geneva Los Angeles Chicago Hong Kong 9 Los Angeles Beijing Paris Shanghai Dubai Frankfurt Munich Shenzhen 10 Boston Los Angeles Seoul Washington DC San Francisco Shanghai Boston Washington DC 11 Luxembourg Chicago Luxembourg Chicago Paris Shenzhen Zurich Chicago 12 San Francisco Washington Frankfurt Luxembourg Luxembourg Beijing Los Angeles Boston 13 Geneva Zurich Beijing Boston Zurich Luxembourg Geneva Frankfurt 14 Washington Dubai San Francisco Zurich Tokyo Boston Frankfurt Paris 15 Sydney Boston Boston Dubai Los Angeles Washington Shanghai Zurich Global Financial Centres Index 33 12 Size Of Organisation We have analysed how the leading centres in the index are viewed by respondents working for organisations of different sizes.Among the top five centres,New York leads across respondents from all sizes of organisation.Singapore takes second place in four of the groups,while London is in second place in the other three groups,including in the groups for the largest firms.Chart 4|GFCI 33 Average Assessments By Respondents Organisation Size(Number Of Employees)In Dublin the leading financial institutions are located beside the leading technology companies,which allows for great collaboration and greater understanding of the challenges faced by both industries in digitising the financial services experience for clients and customers alike.Having excellent broadband that is widely available ensures that all customers can access services and take advantage of all features.Having third-level institutions that offer qualifications at all levels for new hires and those looking to upskill is a critical factor in the supportive infrastructure of a financial centre.HEAD OF INVESTOR CONTACT CENTRE,INVESTMENT FIRM,DUBLIN Global Financial Centres Index 33 13 Factors Affecting Competitiveness The GFCI questionnaire asks respondents to indicate which factors of competitiveness they consider the most important at this time.The number of times that each area was mentioned and the key issues raised by respondents are shown in Table 6.Table 6|GFCI 33 Main Areas Of Competitiveness Area Of Competitiveness Number Of Mentions Main Issues Business Environment 237 Regulators are key to creating an atmosphere where finance can flourish.Ideally,the regulator should have a reasonable and open attitude towards fair and transparent financial business.Robust,resilient,and stable regulatory frameworks make a centre more attractive.It is important to know the current position and direction of travel taken by the regulator so communicating these positions is vital.Human Capital 219 Financial centres need people with digital and technology skills if they are to be successful.Skilled people in the workforce help drive innovation.Language skills are as important as business skills.Infrastructure 205 There is a need for evolving and flexible infrastructure with a strong focus on business needs,including the built environment,transport,and digital connectivity.Many businesses now rely on real time data,which needs resilient and high-speed digital connections.As the world has opened up,air links are once again becoming important.Taxation 224 Tax is not a major driver for large businesses,but may be important to start-ups in deciding where to locate.Predictability and transparency in tax systems are important to building an attractive business environment.Reputation 195 A business-friendly reputation in a jurisdiction where it is easy to do business is a key advantage.A centres branding is only as good as the latest scandal to emerge from the financial centre.The response from the local regulator is extremely important in maintaining reputation when problems occur.Financial Sector Development 197 Access to clients is crucial.The Covid-19 pandemic may be seen as an example where we saw disruption of access in China and in other parts of the world.Online connection is increasingly the norm,and the user interface becomes of greater importance in gaining access to suppliers and customers.Global Financial Centres Index 33 14 Corruption Perception Index And Effectiveness Of Regulatory Enforcement Reputational and Business Environment measures have a significant correlation with financial centre competitiveness.Chart 5 plots GFCI ratings against the Corruption Perception Index and Chart 6 plots GFCI ratings against the World Justice Projects measure of Regulatory Enforcement.These charts demonstrate the correlation of these factors with the GFCI 33 ratings(the size of the bubble indicates the relative GDP of each centre).Chart 5|GFCI 33 Rating Against The Corruption Perception Index(Supplied by Transparency International)Chart 6|GFCI 33 Rating Against Regulatory Enforcement(Supplied By The World Justice Project)Global Financial Centres Index 33 15 Connectivity Financial centres thrive when they develop deep connections with other centres.The GFCI allows us to measure connectivity by investigating the number of assessments given to and received from other financial centres.Charts 7 and 8 show the different levels of connectivity enjoyed by Paris and Luxembourg to illustrate the contrast,with Paris having strong connections with leading global centres,and wide connections with other centres across the world.Luxembourg is well connected with the leading global centres,and is well connected in Western Europe but less so in other regions.Chart 7|GFCI 33 Connectivity-Paris Chart 8|GFCI 33 Connectivity-Luxembourg Global Financial Centres Index 33 16 Financial Centre Profiles Using clustering and correlation analysis we have identified three measures(axes)that determine a financial centres profile along different dimensions of competitiveness.Connectivity the extent to which a centre is well connected around the world,based on the number of assessments given by and received by that centre from professionals based in other centres.A centres connectivity is assessed using a combination of inbound assessment locations(the number of locations from which a particular centre receives assessments)and outbound assessment locations(the number of other centres assessed by respondents from a particular centre).If the weighted assessments for a centre are provided by 57%or more respondents from other centres,this centre is deemed to be Global.If the ratings are provided by over 36%of other centres,this centre is deemed to be International.Diversity the instrumental factors used in the GFCI model give an indication of a range of factors that influence the richness and evenness of areas of competitiveness that characterise any particular financial centre.We consider this span of factors to be measurable in a similar way to that of the natural environment.We therefore use a combination of biodiversity indices(calculated on the instrumental factors)to assess a centres diversity taking account of the range of factors against which the centre has been assessed the richness of the centres business environment;and the evenness of the distribution of that centres scores.A high score means that a centre is well diversified;a low diversity score reflects a less rich business environment.Speciality the depth within a financial centre of the following industry sectors:investment management,banking,insurance,professional services,and the government and regulatory sector.A centres speciality performance is calculated from the difference between the GFCI rating and the industry sector ratings.In Table 7,Diversity(Breadth)and Speciality(Depth)are combined on one axis to create a two dimensional table of financial centre profiles.The 120 centres in GFCI 33 are assigned a profile on the basis of a set of rules for the three measures:how well connected a centre is,how broad its services are,and how specialised it is.The 10 Global Leaders(in the top left of the table)have both broad and deep financial services activities and are connected with many other financial centres.This list includes four of the top 10 global financial centres in GFCI 33.Chart 9|GFCI 33 Profile Elements Global Financial Centres Index 33 17 Table 7|GFCI 33 Financial Centre Profiles Broad&Deep Relatively Broad Relatively Deep Emerging Global Leaders Global Diversified Global Specialists Global Contenders Global New York Paris*Hong Kong*Moscow London Seoul Beijing Frankfurt*Chicago Shenzhen Singapore Washington DC Luxembourg Shanghai Los Angeles*Abu Dhabi Dubai*San Francisco*Tokyo Amsterdam Toronto Zurich International Established International International Diversified International Specialists International Contenders Madrid Kuala Lumpur*Casablanca Mumbai*Busan Mexico City GIFT City-Gujarat*Johannesburg*Berlin*Boston Hangzhou Doha*Edinburgh Bangkok Guangzhou Bahrain Athens Taipei Riyadh*Budapest Kigali New Delhi*Dublin Chengdu Istanbul Brussels*Qingdao Cape Town Melbourne Bermuda*Nairobi Sydney Lagos Mauritius Milan Sao Paulo Geneva Dalian*Stockholm Astana Vancouver Almaty Atlanta Jersey*Montreal*Cayman Islands Rome Panama Stuttgart British Virgin Islands Tel Aviv*Guernsey*Local Established Players Local Diversified Local Specialists Evolving Centres Oslo Santiago*Xian*Jakarta*Warsaw*Malta*Tianjin Vienna Manila*Buenos Aires Glasgow*Cyprus Isle of Man*Lisbon Vilnius Barbados Hamburg*Sofia Wuhan*Osaka Tehran Baku*Munich*Tallinn Ho Chi Minh City*Prague Bratislava St Petersburg San Diego*Liechtenstein*Nanjing*Minneapolis/St Paul(New)Monaco Riga*Copenhagen Gibraltar Rio de Janeiro Helsinki Reykjavik Bogota Wellington Lugano Trinidad and Tobago Calgary Bahamas Kuwait City An asterisk denotes cities that have moved between categories between GFCI 32 and GFCI 33 Global Financial Centres Index 33 18 The GFCI 33 World See Detailed Map Below The numbers on the map indicate the GFCI 33 rankings.Broad and Deep Relatively Broad Relatively Deep Emerging Global Leaders Global Diversified Global Specialists Global Contenders Established International International Diversified International Specialists International Contenders Established Players Local Diversified Local Specialists Evolving Centres Associate Centre 1 46 32 107 57 74 87 114 97 73 110 76 5 11 100 99 117 9 42 77 109 8 6 25 39 113 120 119 30 29 Global Financial Centres Index 33 19 See Detailed Map Below 62 12 78 90 23 89 2 4 3 21 22 79 18 15 48 16 58 20 82 64 27 31 69 24 96 101 68 38 55 41 33 85 92 91 83 103 115 59 60 52 17 43 47 10 13 84 71 54 51 45 70 37 80 67 81 102 104 44 88 35 94 95 61 65 72 63 108 7 75 36 19 66 86 28 53 49 40 50 14 106 118 116 93 105 111 34 26 98 112 56 Global Financial Centres Index 33 20 Regional Analysis In our analysis of the GFCI data,we look at six regions of the world to explore the competitiveness of their financial centres.Alongside the ranks and ratings of centres,we look at trends in the leading centres in each region and investigate the average assessments received by regions and centres in more detail.We display this analysis in charts which show:the mean assessment provided to that region or centre;the difference in the mean assessment when home region assessments are removed from the analysis;the difference between the mean and the assessments provided by other regions;the proportion of assessments provided by each region.Charts 10 and 11 show examples of these analyses.Coloured bars to the left of the vertical axis indicate that respondents from that region gave lower than the average assessments.Bars to the right indicate respondents from that region gave higher than average assessments.It is important to recognise that assessments given to a centre by people based in that centre are excluded to remove home bias.The additional vertical axis(in red)shows the mean of assessments when assessments from the home region are removed.The percentage figure noted by each region indicates the percentage of the total number of assessments that are from that region.The availability of skilled people if the right conditions are created(sufficient roles requiring high-skilled labour and paid well)can create a boost for the economy.Indias economy is a good example.The only big problem is skilled work force migration to more developed countries.So good working conditions are needed in the home market.SENIOR ANALYST,CONSULTANCY FIRM,NEW DELHI Global Financial Centres Index 33 21 Chart 10|Example 1:Assessments Compared With The Mean For Region 6 Chart 11|Example 2:Assessments Compared With The Mean For An Individual Centre Region 1(32%)Region 2(24%)Region 3(7%)Region 4(5%)Region 5(9%)Region 6(15%)Multi-Regional(8%)623-125-75-252575125This figure is the mean of all assessments in the GFCI for region 6.This bar shows that assessments from centres in this region averaged 72 points above the mean for region 6.This bar shows that assessments from centres in this region averaged 41 points below the mean for region 6.This percentage shows that 32 per cent of assessments for region 6 came from centres in region 1.This line shows that the assessments given by other regions and excluding those from region 6 had an average 10 points lower than the overall mean.Respondents from region 6 rated their home centres higher than respondents from other regions.Global Financial Centres Index 33 22 Western Europe London held onto second place in GFCI 33,with no change in its rating.Paris retains second place in the region,with Amsterdam in third position.Assessments provided by people in other regions were lowest from those in Latin America&The Caribbean.Only those from Western Europe and the Middle East&Africa scored Western European centres above average.Table 8|Western European Top 15 Centres In GFCI 33 Centre GFCI 33 GFCI 32 Change In Change In Rank Rating Rank Rating Rank Rating London 2 731 2 731 0 0 Paris 14 710 10 719 4 9 Amsterdam 16 708 19 710 3 2 Frankfurt 17 707 18 711 1 4 Munich 18 706 24 705 6 1 Luxembourg 19 705 21 708 2 3 Zurich 20 704 22 707 2 3 Geneva 23 701 20 709 3 8 Copenhagen 24 700 30 699 6 1 Berlin 26 698 26 703 0 5 Edinburgh 27 697 27 702 0 5 Stockholm 31 693 28 701 3 8 Oslo 33 691 35 694 2 3 Madrid 40 684 40 688 0 4 Helsinki 41 683 44 684 3 1 Chart 12|Top Five Western European Centres Over Time Global Financial Centres Index 33 23 Chart 14|Assessments By Region For London-Difference From The Overall Mean Chart 15|Assessments By Region For Paris-Difference From The Overall Mean Chart 13|Assessments By Region For Western Europe Difference From The Overall Mean Chart 16|Assessments By Region For Amsterdam-Difference From The Overall Mean Global Financial Centres Index 33 24 Asia/Pacific Leading Asia/Pacific centres fell back in the ratings with the top 15 centres in the region all losing in the ratings,and the majority falling in the world rankings.Singapore,Hong Kong,and Shanghai take the leading places in the region,with Seoul taking over from Shenzhen in fourth place.People in Western Europe and North America,rated Asia/Pacific centres above the world average.Table 9|Asia/Pacific Top 15 Centres In GFCI 33 Centre GFCI 33 GFCI 32 Change In Change In Rank Rating Rank Rating Rank Rating Singapore 3 723 3 726 0 3 Hong Kong 4 722 4 725 0 3 Shanghai 7 717 6 723 1 6 Seoul 10 714 11 718 1 4 Shenzhen 12 712 9 720 3 8 Beijing 13 711 8 721 5 10 Sydney 15 709 13 716 2 7 Tokyo 21 703 16 713 5 10 Melbourne 28 696 31 698 3 2 Guangzhou 34 690 25 704 9 14 Qingdao 36 688 36 693 0 5 Busan 37 687 29 700 8 13 Osaka 38 686 37 692 1 6 Chengdu 44 680 34 695 10 15 Wellington 52 672 46 682 6 10 Chart 17|Top Five Asia/Pacific Centres Over Time Global Financial Centres Index 33 25 Chart 19|Assessments By Region For Singapore-Difference From The Overall Mean Chart 21|Assessments By Region For Shanghai-Difference From The Overall Mean Chart 18|Assessments By Region For Asia/Pacific Difference From The Overall Mean Chart 20|Assessments By Region For Hong Kong-Difference From The Overall Mean Global Financial Centres Index 33 26 North America North American centres performed strongly in GFCI 33.New York continues to lead the index,and San Francisco and Los Angeles are joined in the top 10 by Chicago and Boston.Atlanta and San Diego again rose significantly in the rankings.While Minneapolis/St Paul entered the index for the first time in 29th position.Assessments of North American centres from people in the Asia/Pacific and the North American regions were above the global average,while assessments from other regions were lower.Table 10|North American Centres In GFCI 33 Centre GFCI 33 GFCI 32 Change In Change In Rank Rating Rank Rating Rank Rating New York 1 760 1 760 0 0 San Francisco 5 721 5 724 0 3 Los Angeles 6 719 7 722 1 3 Chicago 8 716 12 717 4 1 Boston 9 715 14 715 5 0 Washington DC 11 713 15 714 4 1 Toronto 25 699 23 706 2 7 Minneapolis/St Paul 29 695 New New New New Atlanta 30 694 45 683 15 11 Vancouver 32 692 41 687 9 5 San Diego 39 685 59 628 20 57 Montreal 42 682 33 696 9 14 Calgary 46 678 42 686 4 8 Chart 22|Top Five North American Centres Over Time Global Financial Centres Index 33 27 Chart 25|Assessments By Region for San Francisco-Difference From The Overall Mean Chart 26|Assessments By Region For Los Angeles-Difference From The Overall Mean Chart 23|Assessments By Region For North America Difference From The Overall Mean Chart 24|Assessments By Region For New York-Difference From The Overall Mean Global Financial Centres Index 33 28 Centre GFCI 33 GFCI 32 Change In Change In Rank Rating Rank Rating Rank Rating Astana 66 626 66 621 0 5 Prague 68 624 61 626 7 2 Warsaw 70 622 62 625 8 3 Cyprus 78 614 76 611 2 3 Athens 84 607 96 591 12 16 Moscow 86 605 73 614 13 9 Istanbul 90 601 77 610 13 9 Sofia 91 600 102 585 11 15 Bratislava 93 598 84 603 9 5 Tallinn 94 597 93 594 1 3 Riga 95 596 107 575 12 21 Almaty 96 595 89 598 7 3 Budapest 101 590 97 590 4 0 Vilnius 106 585 106 576 0 9 St Petersburg 115 563 114 565 1 2 Baku 116 558 116 556 0 2 Eastern Europe&Central Asia Most centres in this region fell in the rankings in GFCI 33 as other centres improved their performance.Astana continues to lead the region,and Moscow and St Petersburg have fallen further behind.Athens,Sofia,and Riga performed well,each rising over 10 rank places.Other than the local region,only survey respondents from the Middle East&Africa and North America rated centres in this region higher than the global average.Table 11|Eastern European&Central Asian Centres In GFCI 33 Chart 27|Top Five Eastern European&Central Asian Centres Over Time Global Financial Centres Index 33 29 Chart 29|Assessments By Region For Astana-Difference From The Overall Mean Chart 30|Assessments By Region For Prague-Difference From The Overall Mean Chart 31|Assessments By Region For Warsaw-Difference From The Overall Mean Chart 28|Assessments By Region For Eastern Europe&Central Asia-Difference From The Overall Mean Global Financial Centres Index 33 30 Chart 32|Top Five Middle East&African Centres Over Time The Middle East&Africa There was a balance of results in this region,with leading centres generally falling back in the index,and lower-ranked centres seeing an improvement.Dubai and Abu Dhabi continue to lead the table in the region and Casablanca continues to take first place in Africa.Mauritius and Riyadh rose 10 or more places in the ranking.Assessments from the local region,from North America,and from Eastern Europe&Central Asia,were above the global average.Table 12|Middle Eastern&African Centres In GFCI 33 Centre GFCI 33 GFCI 32 Change In Change In Rank Rating Rank Rating Rank Rating Dubai 22 702 17 712 5 10 Abu Dhabi 35 689 32 697 3 8 Tel Aviv 53 671 53 675 0 4 Casablanca 57 642 54 674 3 32 Doha 64 628 57 671 7 43 Johannesburg 69 623 65 622 4 1 Cape Town 73 619 64 623 9 4 Mauritius 81 610 92 595 11 15 Bahrain 82 609 81 606 1 3 Riyadh 88 603 98 589 10 14 Kigali 98 593 100 587 2 6 Kuwait City 102 589 108 574 6 15 Nairobi 103 588 105 577 2 11 Lagos 109 577 109 571 0 6 Tehran 118 549 112 568 6 19 Global Financial Centres Index 33 31 Chart 35|Assessments By Region For Abu Dhabi-Difference From The Overall Mean Chart 36|Assessments By Region For Tel Aviv-Difference From The Overall Mean Chart 33|Assessments By Region For The Middle East&Africa Difference From The Overall Mean Chart 34|Assessments By Region For Dubai-Difference From The Overall Mean Global Financial Centres Index 33 32 Latin America&The Caribbean Centres in Latin America&The Caribbean performed less well in GFCI 33.Only Panama rose in the ranking and ratings,while a number of centres fell sharply.Cayman Islands,Santiago,and Bermuda lead in the region.Assessments of centres in the region from Asia/Pacific respondents were below the average.Table 13|Latin American&Caribbean Centres In GFCI 33 Centre GFCI 33 GFCI 32 Change In Change In Rank Rating Rank Rating Rank Rating Cayman Islands 74 618 67 620 7 2 Santiago 77 615 69 618 8 3 Bermuda 87 604 72 615 15 11 Mexico City 97 594 82 605 15 11 Sao Paulo 99 592 88 599 11 7 Rio de Janeiro 100 591 90 597 10 6 British Virgin Islands 107 584 91 596 16 12 Panama 110 572 111 569 1 3 Bogota 113 566 99 588 14 22 Bahamas 114 564 110 570 4 6 Buenos Aires 117 557 115 564 2 7 Trinidad and Tobago 119 547 113 567 6 20 Barbados 120 541 117 550 3 9 Chart 37|Top Five Latin American&Caribbean Centres Over Time Global Financial Centres Index 33 33 Chart 39|Assessments By Region For Cayman Islands-Difference From The Overall Mean Chart 40|Assessments By Region For Santiago-Difference From The Overall Mean Chart 41|Assessments By Region For Bermuda-Difference From The Overall Mean Chart 38|Assessments By Region For Latin America&The Caribbean Difference From The Overall Mean Global Financial Centres Index 33 34 Home Centre Prospects While the GFCI is calculated using only assessments from people based in other centres,we ask survey respondents about the prospects of the centre in which they are based;and specifically whether their home centre will become more or less competitive.In general,people are more optimistic about the future of their own centre than people outside that centre.In London,compared with other leading centres,there is both a high proportion of people who consider that the centre will become much more competitive,and the highest proportion in these four centres who feel that London will become less competitive.Those in Hong Kong are most confident about the future competitiveness of their centre.Chart 42|Home Centre Prospects-New York Chart 43|Home Centre Prospects-London Chart 44|Home Centre Prospects-Singapore Chart 45|Home Centre Prospects-Hong Kong Global Financial Centres Index 33 35 Stability Chart 46 contrasts the spread or variance of the individual assessments given to each of the top 40 centres with the sensitivity to changes in the instrumental factors.The chart shows three bands of financial centres.If a centre fell in the top right of the chart,it would have a higher sensitivity to changes in the instrumental factors and a higher variance of assessments.These centres have the highest potential for future movement in the index.None of the top 40 centres fall in this area.The stable centres in the bottom left have a lower sensitivity to changes in the instrumental factors and a lower variance of assessments.We have only plotted the top 40 centres(for clarity)but it is worth noting that most of the centres lower in the index would be in the dynamic and unpredictable areas of the chart if plotted.Chart 46|Stability Of The Top 40 Centres In GFCI 33 Global Financial Centres Index 33 36 In addition,we look at the stability of rankings in the index over time.Chart 47 shows the standard deviation of index rankings against the variance in assessments over the last 24 months.Some of the centres in the stable area in the most recent analysis in Chart 46 move into the dynamic or unpredictable area when their rankings and assessments are considered over time.Chart 47|Standard Deviation In Index Rankings And Assessments Over TimeTaxation must be fair and commensurate with the level of risk and investment being made in a country.Taxes that are too high will discourage innovation and investment,especially in the early years of a start-up.CEO,BUSINESS FINANCE FIRM,KIGALI Global Financial Centres Index 33 37 Reputation We look at reputation in the GFCI model by examining the difference between the weighted average assessment given to a financial centre and the overall rating in the index.The first measure reflects the average score a centre receives from financial professionals across the world,adjusted for time,with more recent assessments given more weight(see Appendix 3 for details).The second measure is the GFCI rating itself,which represents the assessments adjusted to take account of the instrumental factors.If a centre has a higher average assessment than its GFCI rating,this indicates that respondents perceptions of a centre are more favourable than the quantitative measures alone suggest.Table 14 shows the top 15 centres with the greatest positive difference between the average assessment and the GFCI rating.Seven of the top 15 centres in terms of reputational advantage are in the Asia/Pacific region(eight in GFCI 32).Leading centres Singapore and New York also feature in the list.A high reputational advantage may be due to strong marketing,or awareness of a centres existing or emerging strengths.Reputational advantage can become a weakness.Centres with a high reputational advantage need to support their successful marketing with genuine improvements in their underlying competitiveness.Table 14|GFCI 33 Top 15 Centres Assessments And Ratings Reputational Advantage Centre Weighted Average Assessment GFCI 33 Rating GFCI 33 Reputational Advantage Chengdu 816 680 136 Shenzhen 825 712 113 Qingdao 797 688 109 Reykjavik 721 616 105 Liechtenstein 704 602 102 Guangzhou 787 690 97 Nanjing 714 617 97 Dalian 711 620 91 Astana 711 626 85 Singapore 796 723 73 Mauritius 679 610 69 Kigali 660 593 67 London 797 731 66 Casablanca 707 642 65 New York 819 760 59 Global Financial Centres Index 33 38 Table 15 shows the 15 centres with the greatest reputational disadvantage.This indicates that respondents perceptions of a centre are less favourable than the quantitative measures alone would suggest.The centres featured might benefit from a stronger marketing effort as well as tackling some core issues relating to the centre.Table 15|GFCI 33 Bottom 15 Centres Assessments And Ratings Reputational Disadvantage Centre Weighted Average Assessment GFCI 33 Rating GFCI 33 Reputational Advantage Glasgow 618 679-61 Bratislava 537 598-61 Bogota 503 566-63 Beijing 638 706-68 Tianjin 544 612-68 Warsaw 551 622-71 Almaty 524 595-71 Copenhagen 625 700-75 Athens 531 607-76 Cyprus 536 614-78 Atlanta 613 694-81 Calgary 594 678-84 Hangzhou 510 611-101 Wuhan 470 571-101 Xian 482 586-104Regulation has become more relevant in recent years,given the rise of crypto/web3.Theres currently a lack of clear regulations around digital assets/crypto,and the industry really needs this to properly take off.Where certain jurisdictions can offer more clarity,I think they would have an advantage in attracting innovative firms/start-ups in this area.Moreover,given the inherent global orientation of these companies,transactions,and services,a cooperative approach is needed across borders.DIRECTOR,PRODUCT MANAGEMENT,PAYMENT PROVIDER,NEW YORK Global Financial Centres Index 33 39 Factors Affecting Business Location We have researched recently the factors that people in finance consider are the most important in deciding where to start up a new financial business?The results are shown in chart 48.The three leading factors on this measure are first,Access To Customers,second,a Trusted Legal And Arbitration System,and third,the Openness Of The Economy,followed by the Quality Of The Regulatory Systems.Financial centres that wish to continue to grow through attracting new businesses will wish to consider these factors in developing their business environment and value proposition.Chart 48|Most Important Factors In Deciding Where To Set Up A New Financial BusinessCommon law creates advantages for western clients looking for foreign jurisdictions.Along with Singapore,DIFC and QFC and AIFC create a system attractive for western clients which can increase the flow of money in these regions.QUANTITATIVE ANALYST,BANK,PARIS Global Financial Centres Index 33 40 FinTech Alongside the main GFCI index,we analyse financial centres in terms of their FinTech offering.Table 16 shows the centres that received sufficient assessments to feature in the Fintech index,together with the change in their Fintech rank and ratings since GFCI 32.Chinese and US centres continue to feature strongly,with seven US centres and seven Chinese centres in the top 20.This reflects their continuing focus on the development of technology applications.New York and San Francisco continue to lead the FinTech rankings,with London and Shenzhen overtaking Los Angeles to take third and fourth place respectively.Alongside the ratings,we asked survey respondents to identify the four most important elements in generating a competitive environment for FinTech providers.Chart 49 shows the results,with Access To Finance and ICT Infrastructure seen as the leading elements.Chart 49|Most Important Elements In Generating A Competitive Environment For FinTech Providers Global Financial Centres Index 33 41 Table 16|GFCI 33 FinTech Ranks And Ratings Centre GFCI 33 GFCI 32 FinTech Rank FinTech Rating FinTech Rank FinTech Rating Change In Rank Change In Rating New York 1 728 1 727 0 1 San Francisco 2 701 2 704 0 3 London 3 696 4 696 1 0 Shenzhen 4 695 7 693 3 2 Los Angeles 5 694 3 698 2 4 Boston 6 693 8 692 2 1 Chicago 7 692 9 691 2 1 Shanghai 8 691 5 695 3 4 Singapore 9 690 13 683 4 7 Washington DC 10 687 12 688 2 1 Beijing 11 686 6 694 5 8 Seoul 12 685 14 682 2 3 Atlanta 13 684 17 679 4 5 Hong Kong 14 683 10 690 4 7 Sydney 15 682 15 681 0 1 Guangzhou 16 681 11 689 5 8 Chengdu 17 680 22 672 5 8 Qingdao 18 679 20 676 2 3 Paris 19 677 16 680 3 3 Busan 20 676 19 677 1 1 Munich 21 675 24 670 3 5 Amsterdam 22 673 21 675 1 2 Frankfurt 23 672 23 671 0 1 Melbourne 24 670 27 667 3 3 Minneapolis/St Paul 25 669 New New New New Berlin 26 668 28 666 2 2 Toronto 27 667 18 678 9 11 Copenhagen 28 665 36 658 8 7 Tokyo 29 663 25 669 4 6 Dubai 30 662 29 665 1 3 Hamburg 31 661 32 662 1 1 Milan 32 660 42 652 10 8 San Diego 33 659 37 657 4 2 Vancouver 34 658 26 668 8 10 Stockholm 35 657 30 664 5 7 Edinburgh 36 656 31 663 5 7 Stuttgart 37 655 34 660 3 5 Madrid 38 654 38 656 0 2 Oslo 39 653 33 661 6 8 Dalian 40 652 44 649 4 3 Montreal 41 651 39 655 2 4 Osaka 42 650 35 659 7 9 Zurich 43 649 40 654 3 5 Tianjin 44 648 43 651 1 3 Rome 45 647 48 645 3 2 Calgary 46 646 41 653 5 7 Geneva 47 645 45 648 2 3 Abu Dhabi 48 644 46 647 2 3 Luxembourg 49 643 59 629 10 14 Brussels 50 642 47 646 3 4 Helsinki 51 641 51 639 0 2 Tel Aviv 52 640 54 634 2 6 Kuala Lumpur 53 639 50 640 3 1 Vienna 54 638 55 633 1 5 Hangzhou 55 635 52 636 3 1 New Delhi 55 635 58 630 3 5 Dublin 57 634 53 635 4 1 Global Financial Centres Index 33 42 Table 16(Continued)|GFCI 33 FinTech Ranks And Ratings Centre GFCI 33 GFCI 32 Change In Rank Change In Rating Rank Rating Rank Rating Wuhan 58 632 73 614 15 18 Xian 59 631 69 619 10 12 Lisbon 60 630 56 632 4 2 Mumbai 61 629 49 641 12 12 Nanjing 62 628 67 621 5 7 Johannesburg 63 627 60 628 3 1 Istanbul 64 626 68 620 4 6 GIFT City-Gujarat 65 625 76 610 11 15 Cape Town 66 624 57 631 9 7 Bangkok 67 623 65 623 2 0 Warsaw 68 622 62 626 6 4 Santiago 69 621 61 627 8 6 Lugano 70 620 63 625 7 5 Mexico City 71 619 66 622 5 3 Riyadh 72 618 75 612 3 6 Moscow 73 617 64 624 9 7 Jakarta 74 616 70 618 4 2 Prague 75 615 72 616 3 1 Athens 76 614 79 606 3 8 Manila 77 613 77 609 0 4 Doha 78 612 80 605 2 7 Rio de Janeiro 79 611 71 617 8 6 Budapest 80 610 81 604 1 6 Sao Paulo 81 609 74 613 7 4 Astana 82 608 83 600 1 8 Buenos Aires 83 606 82 603 1 3 Sofia 84 605 84 599 0 6 St Petersburg 85 604 85 598 0 6 Bogota 86 603 90 593 4 10 Casablanca 87 602 91 592 4 10 Almaty 88 600 87 596 1 4 Lagos 89 599 86 597 3 2 Taipei 90 598 78 607 12 9 Tallinn 91 597 88 595 3 2 Nairobi 92 596 89 594 3 2 Kuwait City 93 595 95 581 2 14 Vilnius 94 594 93 585 1 9 Bahrain 95 593 94 582 1 11 Cyprus 96 592 96 580 0 12 Riga 97 591 98 578 1 13 Malta 98 586 97 579 1 7 Panama 99 584 101 572 2 12 Ho Chi Minh City 100 582 92 588 8 6 Mauritius 101 581 100 573 1 8 Tehran 102 578 99 574 3 4 Kigali 103 576 102 566 1 10 Baku 104 572 106 557 2 15 Liechtenstein 105 565 103 563 2 2 Guernsey 106 561 105 558 1 3 Jersey 107 560 107 555 0 5 Monaco 108 554 104 561 4 7 Isle of Man 109 552 108 549 1 3 Gibraltar 110 547 110 542 0 5 Cayman Islands 111 544 111 539 0 5 Bermuda 112 543 109 543 3 0 British Virgin Islands 113 539 112 528 1 11 Bahamas 114 517 113 511 1 6 Global Financial Centres Index 33 43 As well as asking survey respondents about the most important elements in generating a competitive environment for FinTech providers,we also ask them about the most important areas of current FinTech activity.Chart 50 shows the response.Payment Transaction Systems,Cyber Security,and Big Data Analytics were identified as the most important areas of Fintech activity.Chart 50|Most Important Areas Of FinTech ActivityThe exercise of regulation and the rule of law is only as strong as a citys reputation in both international and local eyes.Reputation is a driver for placement of business and is of importance to the underlying stakeholders in the firm.CHIEF EXECUTIVE OFFICER,INSURANCE FIRM,DUBLIN Global Financial Centres Index 33 44 Appendix 1:Assessment Details Table 17|GFCI 33 Details Of Assessments By Centre Centre GFCI 33 Assessments Rank Rating Number Average St.Dev New York 1 760 3,577 816 194 London 2 731 2,268 798 181 Singapore 3 723 1,503 798 168 Hong Kong 4 722 2,061 732 212 San Francisco 5 721 647 757 189 Los Angeles 6 719 1,054 727 199 Shanghai 7 717 1,133 717 194 Chicago 8 716 748 722 187 Boston 9 715 606 696 204 Seoul 10 714 569 751 186 Washington DC 11 713 890 747 198 Shenzhen 12 712 1,474 816 150 Beijing 13 711 999 640 214 Paris 14 710 1,165 706 198 Sydney 15 709 610 713 180 Amsterdam 16 708 562 704 186 Frankfurt 17 707 737 711 214 Munich 18 706 270 668 186 Luxembourg 19 705 609 763 158 Zurich 20 704 666 760 174 Tokyo 21 703 1,904 684 215 Dubai 22 702 1,693 707 202 Geneva 23 701 474 738 181 Copenhagen 24 700 182 618 200 Toronto 25 699 512 710 197 Berlin 26 698 692 675 204 Edinburgh 27 697 161 655 177 Melbourne 28 696 292 693 205 Minneapolis/St Paul 29 695 151 619 217 Atlanta 30 694 209 611 217 Stockholm 31 693 460 677 131 Vancouver 32 692 312 687 188 Oslo 33 691 194 684 166 Guangzhou 34 690 1,487 779 148 Abu Dhabi 35 689 824 670 212 Qingdao 36 688 1,113 800 139 Busan 37 687 2,154 701 206 Osaka 38 686 442 633 208 San Diego 39 685 180 663 207 Madrid 40 684 382 669 180 Helsinki 41 683 168 635 175 Montreal 42 682 250 672 212 Hamburg 43 681 257 615 207 Chengdu 44 680 1,362 807 165 Glasgow 45 679 112 620 194 Calgary 46 678 168 590 209 Stuttgart 47 677 449 705 146 Dublin 48 676 381 679 223 Brussels 49 675 328 638 209 Milan 50 674 567 723 167 Vienna 51 673 466 663 146 Wellington 52 672 140 662 192 Tel Aviv 53 671 273 630 221 Rome 54 670 684 694 154 Lisbon 55 669 295 672 163 Lugano 56 668 87 675 197 Casablanca 57 642 315 704 214 Kuala Lumpur 58 641 336 615 164 Guernsey 59 633 201 659 185 Jersey 60 632 278 685 183 Centre GFCI 33 Assessments Rank Rating Number Average St.Dev Mumbai 61 631 330 618 198 Malta 62 630 205 642 173 Taipei 63 629 464 640 152 Doha 64 628 517 615 200 New Delhi 65 627 261 590 219 Astana 66 626 439 708 166 GIFT City-Gujarat 67 625 233 666 189 Prague 68 624 249 593 178 Johannesburg 69 623 318 611 204 Warsaw 70 622 162 549 175 Bangkok 71 621 392 572 207 Dalian 72 620 1,248 694 198 Cape Town 73 619 322 581 186 Cayman Islands 74 618 388 641 216 Nanjing 75 617 1,141 697 194 Reykjavik 76 616 74 708 169 Santiago 77 615 290 573 193 Cyprus 78 614 199 534 199 Tianjin 79 612 414 516 184 Hangzhou 80 611 323 496 198 Mauritius 81 610 290 672 191 Bahrain 82 609 262 581 220 Jakarta 83 608 218 575 174 Athens 84 607 205 527 201 Isle of Man 85 606 189 659 202 Moscow 86 605 605 557 214 Bermuda 87 604 249 569 216 Riyadh 88 603 243 586 212 Liechtenstein 89 602 262 696 174 Istanbul 90 601 501 567 187 Sofia 91 600 187 563 200 Monaco 92 599 222 628 192 Bratislava 93 598 85 531 181 Tallinn 94 597 106 591 178 Riga 95 596 153 578 193 Almaty 96 595 129 514 188 Mexico City 97 594 535 541 199 Kigali 98 593 298 667 213 Sao Paulo 99 592 397 559 196 Rio de Janeiro 100 591 237 540 191 Budapest 101 590 330 553 191 Kuwait City 102 589 125 571 212 Nairobi 103 588 275 584 173 Gibraltar 104 587 93 608 192 Xian 105 586 289 460 191 Vilnius 106 585 99 561 214 British Virgin Islands 107 584 377 585 198 Manila 108 583 250 584 197 Lagos 109 577 211 526 194 Panama 110 572 291 556 213 Wuhan 111 571 307 448 187 Ho Chi Minh City 112 567 185 532 183 Bogota 113 566 226 509 208 Bahamas 114 564 249 536 217 St Petersburg 115 563 230 594 189 Baku 116 558 172 530 173 Buenos Aires 117 557 264 497 194 Tehran 118 549 224 547 213 Trinidad and Tobago 119 547 50 524 208 Barbados 120 541 100 530 212 Global Financial Centres Index 33 45 Appendix 2:Respondents Details Table 18|GFCI 33 Respondents By Industry Sector Table 19|GFCI 33 Respondents By Region Table 20|GFCI 33 Respondents By Size Of Organisation Industry Sector Number Of Respondents%Of Respondents Banking 1,305 13%Finance 566 6%FinTech 428 4%Government&Regulatory 693 7%Insurance 395 4%Investment Management 979 10%Knowledge 354 3%Professional Services 1,654 16%Trade Association 292 3%Trading 592 6%Not Specified 2,994 29%Total 10,252 100%Region Number Of Respondents%Of Respondents Western Europe 1,684 16%China 762 7%Asia/Pacific 5,915 58%North America 616 6%Middle East&Africa 793 8stern Europe&Central Asia 231 2%Latin America&The Caribbean 100 1%Multi-Regional 151 1%Total 10,252 100%Size Of Organisation Number Of Respondents%Of Respondents Fewer than 50 3,006 29P to 100 1,195 120 to 500 1,570 15P0 to 1,000 716 7%1,000 to 2,000 735 7%2,000 to 5,000 783 8%More than 5,000 2,247 22%Total 10,252 100%Note:Percentages may not add to 100%due to rounding.Global Financial Centres Index 33 46 Appendix 3:Methodology The GFCI provides ratings for financial centres using a factor assessment model.The process involves taking two sets of ratings one from survey respondents and one generated by a statistical model and combining them into a single ranking.For the first set of ratings,the financial centre assessments,respondents use an online questionnaire to rate each financial centre as a place to do business,using a 10 point scale ranging from very poor to excellent.Responses are sought from a range of individuals drawn from the financial services sector.For the second set of ratings,we use a database of indicators,or Instrumental Factors,that contains quantitative data about each financial centre.We use a machine learning algorithm to investigate the correlation between the financial centre assessments and these Instrumental Factors to predict how each respondent would have rated the financial centres they do not know.These instrumental factors draw on data from 88 different sources and cover business environment,human capital,infrastructure,financial sector development,and reputational&general measures.A full list of the instrumental factors used in the model is in Appendix 4.Respondents actual ratings as well as their predicted ratings for the centres they did not rate,are then combined into a single table to produce the ranking.Factors Affecting The Inclusion Of Centres In The GFCI The GFCI questionnaire lists a total of 130 financial centres which can be rated by respondents.Financial centres are added to the GFCI questionnaire when they receive five or more mentions in the online questionnaire in response to the question:Are there any financial centres that might become significantly more important over the next two to three years?A centre is given a GFCI rating and ranking if it receives more than 150 assessments from people based in other centres in the online survey.Centres in the GFCI that do not receive 50 assessments in a 24 month period are removed and added to the associate list until the number of assessments increases.Global Financial Centres Index 33 47 Financial Centre Assessments The GFCI questionnaire has been running continuously since 2007.A link to the questionnaire is emailed to a target list of respondents at regular intervals.Other interested parties can complete the questionnaire by following the link given in GFCI publications.In calculating the GFCI:the score given by a respondent to their home centre,and scores from respondents who do not specify a home centre,are excluded from the model this is designed to prevent home bias;financial centre assessments are included in the GFCI model for 24 months after they have been received we consider that this is a period during which assessments maintain their validity;respondents rating fewer than three or more than half of the centres are excluded from the model;and financial centre assessments from the month when the GFCI is created will be given full weighting with earlier responses given a reduced weighting on a logarithmic scale as shown in Chart 51-this recognises that older ratings,while still valid,are less likely to be up-to-date.Chart 51|Reduction In Weighting As Assessments Get Older 0 0Pp0345678910 11 12 13 14 15 16 17 18 19 20 21 22 23 24Percentage Weighting of AssessmentAge of Assessment(Months)Global Financial Centres Index 33 48 Instrumental Factor Data For the instrumental factors,we have the following data requirements:indices should come from a reputable body and be derived by a sound methodology;and indices should be readily available(ideally in the public domain)and be regularly updated.The rules for the use of instrumental factor data in the GFCI model are as follows:updates to the indices are collected and collated every six months;no weightings are applied to indices;Indices are entered into the GFCI model as directly as possible,whether this is a rank,a derived score,a value,a distribution around a mean,or a distribution around a benchmark;if a factor is at a national level,the score will be used for all centres in that country;nation-based factors will be avoided if financial centre(city)-based factors are available;if an index has multiple values for a city or nation,the most relevant value is used(and the method for judging relevance is noted);if an index is at a regional level,the most relevant allocation of scores to each centre is made(and the method for judging relevance is noted);if an index does not contain a value for a particular city,a blank is entered against that centre(no average or mean is used).Details of the methodology can be accessed at https:/ process of creating the GFCI is outlined in Chart 52.Chart 52|The GFCI Process Global Financial Centres Index 33 49 Appendix 4:Instrumental Factors Table 21|Top 30 Instrumental Factors By Correlation With GFCI 33 Instrumental Factor R-squared The Global Green Finance Index 0.774 Urban Mobility Readiness Index 0.773 Logistics Performance Index 0.664 Safe Cities 0.647 Best Countries For Business 0.625 Global Innovation Index 0.616 IESE Cities In Motion Index 0.612 JLL Real Estate Transparency Index 0.597 Cost Of Living City Rankings 0.579 International IP Index 0.576 Business Environment Rankings 0.553 Innovation Cities Global Index 0.553 Quality Of Roads 0.537 Sustainable Cities Index 0.536 Smart City Index 0.524 Government Effectiveness 0.518 Adjusted Net National Income Per Capita 0.516 Global Power City Index 0.510 Legatum Prosperity Index 0.510 Quality Of Living City Rankings 0.510 Rule Of Law 0.490 Quality of Domestic Transport Network 0.477 Best Countries 0.474 Average Wages 0.459 Purchasing Power Index 0.459 Control Of Corruption 0.458 Fintech Activity Index 0.455 Regulatory Enforcement 0.449 World Talent Rankings 0.443 Global Health Security Index 0.439 Global Financial Centres Index 33 50 Table 22|Top 30 Instrumental Factors By Correlation With FinTech Rankings In GFCI 33 Instrumental Factor R-squared Urban Mobility Readiness Index 0.699 Agility Emerging Markets Logistics Index 0.655 JLL Real Estate Transparency Index 0.648 The Global Green Finance Index 0.629 Global Innovation Index 0.627 Logistics Performance Index 0.607 Innovation Cities Global Index 0.601 Safe Cities 0.597 Cost Of Living City Rankings 0.560 Fintech Activity Index 0.559 IESE Cities In Motion Index 0.549 Number Of International Association Meetings 0.544 Domestic Credit To Private Sector(%Of GDP)0.498 Global Power City Index 0.476 Global Health Security Index 0.463 International IP Index 0.450 Buildings Energy Efficiency Policies Database(Y/N)0.425 Best Countries For Business 0.414 Liner Shipping Connectivity Index 0.411 Average Wages 0.408 Household Net Financial Wealth 0.404 Global Cybersecurity Index 0.372 Quality Of Domestic Transport Network 0.371 Quality Of Roads 0.370 Global Cities Index 0.365 Country Brand Ranking 0.355 Smart City Index 0.355 Value of Share Trading 0.353 Business Environment Rankings 0.348 Sustainable Cities Index 0.344 Global Financial Centres Index 33 51 Table 23|GFCI 33 Business Environment Factors Instrumental Factor Source Website Change Since GFCI 32 Business Environment Rankings EIU http:/ Y Ease of Doing Business Index The World Bank https:/www.doingbusiness.org/en/reports/global-reports/doing-business-2020 N Operational Risk Rating EIU http:/ Y Real Interest Rate The World Bank https:/databank.worldbank.org/reports.aspx?source=world-development-indicators&series=FR.INR.RINR Y Global Services Location AT Kearney https:/ N Corruption Perception Index Transparency International https:/www.transparency.org/en/cpi/2021/N Average Wages OECD https:/data.oecd.org/earnwage/average-wages.htm Y Corporate Tax Rates KPMG https:/home.kpmg/xx/en/home/services/tax/tax-tools-and-resources/tax-rates-online/corporate-tax-rates-table.html N Individual Income Tax Rates KPMG https:/ N Personal Tax Rates OECD https:/stats.oecd.org/index.aspx?DataSetCode=TABLE_I6 N Tax Revenue As Percentage Of GDP The World Bank https:/databank.worldbank.org/reports.aspx?source=2&series=GC.TAX.TOTL.GD.ZS&country=#N Bilateral Tax Information Exchange Agreements OECD http:/www.oecd.org/ctp/exchange-of-tax-information/taxinformationexchangeagreementstieas.htm N Economic Freedom Of The World Fraser Institute https:/www.fraserinstitute.org/economic-freedom/map?geozone=world&page=map&year=2019 Y Government Debt As%Of GDP IMF https:/www.imf.org/external/datamapper/GG_DEBT_GDPGDD/SWE New OECD Country Risk Classification OECD http:/www.oecd.org/trade/topics/export-credits/documents/cre-crc-current-english.pdf Y Global Peace Index Institute for Economics&Peace https:/www.visionofhumanity.org/maps/#/N Financial Secrecy Index Tax Justice Network http:/ Government Effectiveness The World Bank http:/info.worldbank.org/governance/wgi/Y Open Government World Justice Project http:/worldjusticeproject.org/rule-of-law-index Y Regulatory Enforcement World Justice Project http:/worldjusticeproject.org/rule-of-law-index Y Press Freedom Index Reporters Without Borders(RSF)https:/rsf.org/en/index?year=2022 N Currencies Swiss Association for Standardization(SNV)https:/www.six- Y Commonwealth Countries The Commonwealth http:/thecommonwealth.org/member-countries N Common Law Countries CIA https:/www.cia.gov/the-world-factbook/countries/N Inflation,GDP Deflator The World Bank https:/data.worldbank.org/indicator/NY.GDP.DEFL.KD.ZG Y Rule Of Law The World Bank http:/info.worldbank.org/governance/wgi/Y Political Stability And Absence of Violence/Terrorism The World Bank http:/info.worldbank.org/governance/wgi/Y Regulatory Quality The World Bank http:/info.worldbank.org/governance/wgi/Y Control Of Corruption The World Bank http:/info.worldbank.org/governance/wgi/Y Best Countries For Business Forbes https:/ Lloyds City Risk Index 2015-2025 Lloyds https:/ N Global Cybersecurity Index ITU http:/www.itu.int/en/ITU-D/Cybersecurity/Pages/GCI.aspx N Open Budget Survey International Budget Partnership http:/survey.internationalbudget.org/#download N Democracy Index The Economist https:/ FATF AML Effectiveness FATF http:/www.fatf-gafi.org/publications/mutualevaluations/documents/assessment-ratings.html Y Global Business Complexity Index TMF Group https:/www.tmf- Fintech Activity Index World Bank https:/documents.worldbank.org/en/publication/documents-reports/documentdetail/099735504212234006/p1730060695b370090908c0bf80ed27eba6 Y World Risk Report Bundis Entwicklung Hilft https:/ New Global Financial Centres Index 33 52 Table 24|GFCI 33 Human Capital Factors Instrumental Factor Source Website Change Since GFCI 32 Graduates In Social Science,Business And Law(As%Of Total Graduates)The World Bank http:/databank.worldbank.org/data/reports.aspx?source=Education Statistics&series=UIS.FOSGP.5T8.F400 N Gross Tertiary Graduation Ratio The World Bank http:/databank.worldbank.org/data/reports.aspx?N Henley Passport Index Henley Partners https:/ Y Human Development Index UN Development Programme https:/hdr.undp.org/content/human-development-report-2021-22 Y Purchasing Power Index Numbeo https:/ Y Number Of High Net Worth Individuals Capgemini https:/ Homicide Rates UN Office of Drugs&Crime https:/dataunodc.un.org/content/data/homicide/homicide-rate Y Top Tourism Destinations Euromonitor https:/ N Average Precipitation In Depth(mm Per Year)The World Bank http:/databank.worldbank.org/data/reports.aspx?source=world-development-indicators&series=AG.LND.PRCP.MM N Quality Of Living City Rankings Mercer https:/ Health Care Index Numbeo http:/ Y Global Skills Index Hays https:/ N Linguistic Diversity Ethnologue https:/ N Global Terrorism Index Institute for Economics&Peace https:/www.visionofhumanity.org/wp-content/uploads/2022/03/GTI-2022-web-09062022.pdf N World Talent Rankings IMD https:/www.imd.org/centers/world-competitiveness-center/N Cost Of Living City Rankings Mercer https:/ N Quality Of Life Index Numbeo http:/ Y Crime Index Numbeo http:/ Adjusted Net National Income Per Capita The World Bank https:/data.worldbank.org/indicator/NY.ADJ.NNTY.PC.CD Y Household Net Financial Wealth OECD https:/stats.oecd.org/Index.aspx?DataSetCode=BLI N Educational Attainment,At Least Bachelors Or Equivalent,Population 25 ,Total(%)The World Bank https:/data.worldbank.org/indicator/SE.TER.CUAT.BA.ZS N Life Expectancy At Birth,Total The World Bank https:/data.worldbank.org/indicator/SP.DYN.LE00.IN N Employees Working Very Long Hours OECD https:/stats.oecd.org/Index.aspx?DataSetCode=BLI N Human Freedom Index Cato Institute https:/www.cato.org/human-freedom-index N Global Health Security Index Nuclear Threat Initiative,Johns Hopkins Center for Health Security,and Economist Impact https:/www.ghsindex.org/N Patent Applications,Residents The World Bank https:/data.worldbank.org/indicator/IP.PAT.RESD?end=2020&start=1980 N English Proficiency Education First https:/ Ecological Threat Index Vision Of Humanity https:/www.visionofhumanity.org/maps/ecological-threat-report/#/New Global Gender Gap Report World Economic Forum https:/www.weforum.org/reports/global-gender-gap-report-2022 New Global Financial Centres Index 33 53 Table 25|GFCI 33 Infrastructure Factors Instrumental Factor Source Website Change Since GFCI 32 Office Occupancy Cost CBRE Research https:/ N Prime International Residential Index Knight Frank https:/ N JLL Real Estate Transparency Index Jones Lang LaSalle https:/www.jll.co.uk/en/trends-and-insights/research/global-real-estate-transparency-index N Telecommunication Infrastructure Index United Nations https:/publicadministration.un.org/egovkb/en-us/Data-Center Y Quality Of Domestic Transport Network World Economic Forum http:/reports.weforum.org/travel-and-tourism-competitiveness-report-2019/rankings/#series=TRSPEFFICY N Quality Of Roads World Economic Forum http:/reports.weforum.org/travel-and-tourism-competitiveness-report-2019/rankings/#series=EOSQ057 N Roadways Per Land Area CIA https:/www.cia.gov/the-world-factbook/field/roadways/country-comparison Y Railways Per Land Area CIA https:/www.cia.gov/the-world-factbook/field/railways/country-comparison N Agility Emerging Markets Logistics Index Agility https:/ Energy Sustainability Index World Energy Council https:/trilemma.worldenergy.org/Y Metro Network Length Metro Bits http:/mic- Y Environmental Performance Yale University https:/epi.yale.edu/epi-results/2020/component/epi N Global Sustainable Competitiveness Index Solability http:/ Y Logistics Performance Index The World Bank http:/lpi.worldbank.org/international/global N Tomtom Traffic Index TomTom https:/ Proportion Of Population Using Safely-Managed Drinking-Water Services(%)WHO https:/www.who.int/data/gho/publications/world-health-statistics N INRIX Traffic Scorecard INRIX http:/ Forestry Area World Bank http:/databank.worldbank.org/data/reports.aspx?source=2&series=AG.LND.FRST.ZS&country=N CO2 Emissions Per Capita World Bank https:/databank.worldbank.org/reports.aspx?source=2&series=EN.ATM.CO2E.PC&country=#N Buildings Energy Efficiency Policies Database(Y/N)IEA https:/www.iea.org/policies N 4G Availability Open Signal https:/ N Worldwide Broadband Speed League Cable https:/www.cable.co.uk/broadband/speed/worldwide-speed-league/Y People Near Services ITDP https:/pedestriansfirst.itdp.org/N Pollution Index Numbeo https:/ Y Smart City Index IMD https:/www.imd.org/smart-city-observatory/smart-city-index/N Share Of Wind And Solar In Electricity Production Enerdata Statistical Yearbook https:/ Energy Intensity of GDP Enerdata Statistical Yearbook https:/ Share of renewables in electricity production Enerdata Statistical Yearbook https:/ City Commitment to Carbon Reduction(Cooperative Action)UNFCCC https:/climateaction.unfccc.int/Y Energy Transition Index World Economic Forum https:/www.weforum.org/reports/1edb4488-deb4-4151-9d4f-ff355eec499a/in-full/rankings N Urban Mobility Readiness Index Oliver Wyman https:/ Y Global Financial Centres Index 33 54 Table 26|GFCI 33 Financial Sector Development Factors Instrumental Factor Source Website Change Since GFCI 32 Capitalisation Of Stock Exchanges The World Federation of Stock Exchanges https:/focus.world-exchanges.org/issue/december-2022/market-statistics Y Value Of Share Trading The World Federation of Stock Exchanges https:/focus.world-exchanges.org/issue/december-2022/market-statistics Y Volume Of Share Trading The World Federation of Stock Exchanges https:/statistics.world-exchanges.org/ReportGenerator/Generator#Y Broad Stock Index Levels The World Federation of Stock Exchanges https:/focus.world-exchanges.org/issue/december-2022/market-statistics Y Value Of Bond Trading The World Federation of Stock Exchanges https:/statistics.world-exchanges.org/ReportGenerator/Generator#Y Domestic Credit To Private Sector(%Of GDP)The World Bank https:/data.worldbank.org/indicator/FS.AST.PRVT.GD.ZS?most_recent_value_desc=false Y Percentage Of Firms Using Banks To Finance Investment The World Bank http:/databank.worldbank.org/data/reports.aspx?source=world-development-indicators&series=IC.FRM.BNKS.ZS N Total Net Assets Of Regulated Open-End Funds Investment Company Institute http:/www.icifactbook.org/N Islamic Finance Country Index Islamic Banks and Financial Institutions http:/ N Net External Positions Of Banks The Bank for International Settlements http:/www.bis.org/statistics/annex_map.htm Y External Positions Of Central Banks As A Share Of GDP The Bank for International Settlements http:/www.bis.org/statistics/annex_map.htm Y Liner Shipping Connectivity Index The World Bank http:/databank.worldbank.org/data/reports.aspx?source=2&series=IS.SHP.GCNW.XQ N Global Connectedness Index DHL https:/ N Economic Performance Index The Brookings Institution https:/www.brookings.edu/research/global-metro-monitor-2018/#rank N Financial Centre Sustainability Disclosure Corporate Knights https:/www.finance-watch.org/publication/global-green-finance-index-3/N Financial Centre Carbon Intensity Corporate Knights https:/www.finance-watch.org/publication/global-green-finance-index-3/N Financial System Green Alignment Corporate Knights https:/www.finance-watch.org/publication/global-green-finance-index-3/N Labelled Green Bonds Issued By Country Of Issuer Corporate Knights https:/www.finance-watch.org/publication/global-green-finance-index-3/N Total Issuance Of Labelled Green Bonds To December 2018,USDm CBI http:/www.finance-watch.org/our-work/dossiers?fid=192 N Sustainable Stock Exchanges(Y/N)UN Sustainable Stock Exchange Initiative https:/sseinitiative.org/members/Y Green Bond Segments On Stock Exchanges(Y/N)CBI https:/ N The Global Fintech Index Findexable https:/ The Global Green Finance Index Z/Yen https:/ Climate Change Performance Index Germanwatch,NewClimate Institute&Climate Action Network https:/ccpi.org/download/the-climate-change-performance-index-2021/Y Sovereign Green Bond(Y/N)Climate Bonds https:/ N Global Financial Centres Index 33 55 Table 27|GFCI 33 Reputation Factors Instrumental Factor Source Website Change Since GFCI 32 World Competitiveness Scoreboard IMD https:/www.imd.org/wcc/world-competitiveness-center-rankings/world-competitiveness-ranking-2020/N Global Competitiveness Index World Economic Forum http:/reports.weforum.org/global-competitiveness-report-2019/competitiveness-rankings/N Foreign Direct Investment Inflows UNCTAD http:/unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=96740 Y GDP Per Person Employed(Constant 2017 PPP$)The World Bank https:/databank.worldbank.org/reports.aspx?source=world-development-indicators&series=SL.GDP.PCAP.EM.KD N Global Innovation Index WIPO http:/www.globalinnovationindex.org/content.aspx?page=GII-Home Y International IP Index GIPC https:/ RPI(%Change On Year Ago)The Economist https:/ Y Consumer Prices IMF https:/data.imf.org/regular.aspx?key=63087884 Y Number of International Association Meetings World Economic Forum http:/reports.weforum.org/travel-and-tourism-competitiveness-report-2019/rankings/#series=NRFAIREX N Innovation Cities Global Index 2ThinkNow Innovation Cities https:/www.innovation- Big Mac Index The Economist https:/ Y Sustainable Economic Development Boston Consulting Group https:/ N Level of Internet Freedom Freedom House https:/freedomhouse.org/countries/freedom-net/scores Y Good Country Index Good Country Party https:/www.goodcountry.org/index/results N Legatum Prosperity Index Legatum Institute http:/ N IESE Cities In Motion Index IESE http:/citiesinmotion.iese.edu/indicecim/?lang=en Y FDI Inward Stock(In Million Dollars)UNCTAD https:/unctad.org/webflyer/world-investment-report-2021 N Sustainable Cities Index Arcadis https:/ Global Cities Index AT Kearney https:/ Y Quality of Nationality Index Henley Partners https:/ Best Countries U.S.News https:/ Y Global Power City Index The Mori Memorial Foundation http:/mori-m-foundation.or.jp/english/ius2/gpci2/index.shtml Y TRACE Bribery Risk Matrix Trace International https:/matrixbrowser.traceinternational.org/Y Jurisdictions Participating In The Convention On Mutual Administrative Assistance In Tax Matters OECD https:/www.oecd.org/ctp/exchange-of-tax-information/Status_of_convention.pdf Y Safe Cities Economist https:/ Economic Freedom The Heritage Foundation https:/www.heritage.org/index/ranking N The Global Green Economy Index Dual Citizen https:/ Global Green Growth Index GGGI https:/greengrowthindex.gggi.org/wp-content/uploads/2022/12/2021-Green-Growth-Index-1.pdf New Country Brand Ranking Bloom Consulting https:/www.bloom- Global Financial Centres Index 33 56 Vantage Financial Centres is an exclusive network of financial centres around the world run by Z/Yen Partners for organisations looking for a deeper understanding of financial centre competitiveness.Members receive enhanced access to GFCI data,marketing opportunities,and training for centres seeking to enhance their profile and reputation.Approved by Chinas State Council,China Development Institute(CDI)was founded in 1989 with 116 representatives from the government,academia and business in China.Being an independent think tank,CDI is committed to develop policy solutions via research and debates that help to advance Chinas reform and opening-up.After years of development,CDI has become one of the leading think tanks in China.CDI focuses on the studies of open economy and innovation-driven development,regional economy and regional development,industrial policies and industrial development,urbanization and urban development,business strategies and investment decision-making.Via conducting research,CDI provides policy recommendations for the Chinese governments at various levels and develops consultation for corporate sectors at home and abroad.CDI organizes events in different formats that evokes dialogue among scholars,government officials,business people and civil society members around the globe.Based in Shenzhen,Southern China,CDI has one hundred and sixty staff,with an affiliated network that consists of renowned experts from different fields.Carol Feng at Established in 2001,the Financial Services Commission,Mauritius(FSC)is the integrated regulator for the non-bank financial services sector and global business and is mandated to license,regulate,and supervise the conduct of business activities in the non-bank financial services sector and global business.Our vision is to be an internationally recognised financial supervisor committed to the sustained development of Mauritius as a sound and competitive financial services centre.The FSC aims to:promote the development,fairness,efficiency and transparency of financial institutions and capital markets;suppress crime and malpractices so as to provide protection to members of the public investing in non-banking financial products;and ensure the soundness and stability of the financial system in Mauritius.fscmauritiusintnet.mu www.fscmauritius.org AIFC is an all-around financial centre located in Astana,the capital of Kazakhstan,which offers ample opportunities for businesses to grow.AIFC provides greater access to world-class capital markets and the asset management industry.It also promotes financial technology and drives the development of niche markets such as Islamic and green finance in the region.AIFC provides unprecedented conditions and opportunities for its participants and investors:legal system based on the principles of English law,independent judicial system,regulatory framework consistent with internationally recognised standards,wide range of financial services and instruments,simplified visa and labour regimes,zero corporate tax rate,and English as a working language.Located in the heart of Eurasia,AIFC is striving to become the gateway to the Eurasian Economic Union,Central Asia and Caucasus,and play a key role in the Belt and Road Initiative.AIFC is already gaining tremendous recognition as a leading financial hub in the region:recently,Asiamoney Awards recognised it as the best Belt and Road Initiative project of 2019.Tolkyn Takishova at t.takishovaaifc.kz www.aifc.kz The Long Finance initiative grew out of the London Accord,a 2005 agreement among investment researchers to share environmental,social and governance research with policy-makers and the public.Long Finance was established more formally by Z/Yen Group and Gresham College from 2007 with the aim of exploring long-term thinking across a global network of people.We work on researching innovative ways of building a more sustainable financial system.In so doing,we try to operate openly and emulate scientific ideals.At the same time,we are looking to create a supportive and caring community where people can truly question the accepted paradigms of risk and Global Financial Centres Index 33 57 Supported by the industry,the Financial Services Development Council(FSDC)is a high-level,cross-sectoral advisory body to the Hong Kong Special Administrative Region Government.FSDC formulates proposals to promote the further development of Hong Kongs financial services industry and to map out the strategic direction for the development.As of March 2020,110 of the 137 policy recommendations had been adopted by the Government and relevant regulators since FSDCs inception in 2013.On top of research,FSDC also carries out market promotion and human capital development functions.Among others,FSDC focuses on topics including Mainland and international connectivity,green and sustainable finance,FinTech,as well as asset and wealth management.enquiryfsdc.org.hk https:/www.fsdc.org.hk/en Luxembourg for Finance(LFF)is the Agency for the Development of the Financial Centre.It is a public-private partnership between the Luxembourg Government and the Luxembourg Financial Industry Federation(PROFIL).Founded in 2008,its objective is to develop Luxembourgs financial services industry and identify new business opportunities.LFF connects international investors to the range of financial services provided in Luxembourg,such as investment funds,wealth management,capital market operations or advisory services.In addition to being the first port of call for foreign journalists,LFF cooperates with the various professional associations and monitors global trends in finance,providing the necessary material on products and services available in Luxembourg.Furthermore,LFF manages multiple communication channels,organises seminars in international business locations,and takes part in selected world-class trade fairs and congresses.lfflff.lu Please find out more at: or by contacting Mike Wardle at mike_ Finance Montrals mandate is to promote Montral as a world-class financial hub and foster cooperation among its member institutions to accelerate the industrys growth.With renowned research capacities in artificial intelligence and a booming fintech sector,Montral offers an experienced,diversified and innovative pool of talent as well as a stable,low cost and dynamic business environment.For financial institutions searching for an ideal location to set up an intelligent service centre and operationalize their digital transformation,Finance Montral can advise on the advantageous tax incentives aimed at facilitating the establishment and development of financial services corporations in the city.infofinance- www.finance- Casablanca Finance City is an African financial and business hub located at the crossroads of continents.Recognized as the lead-ing financial center in Africa,and partner of the largest financial centers in the world,CFC has built a strong and thriving com-munity of members across four major categories:financial companies,regional headquarters of multinationals,service providers and holdings.CFC offers its members an attractive value proposition and a premiumDoing Businesssupport that fosters the deploy-ment of their activities in Africa.Driven by the ambition to ca-ter to its community,CFC is committed to promoting its mem-bers expertise across the continent,while enabling fruitful busi-ness and partnership synergies through its networking platform.Manal Bernoussi at manal.bernoussicfca.ma Global Financial Centres Index 33 58 Vantage Financial Centres is an exclusive network of financial centres around the world run by Z/Yen Partners for organisations looking for a deeper understanding of financial centre competitiveness.Members receive enhanced access to GFCI data,marketing opportunities,and training for centres seeking to enhance their profile and reputation.Kigali International Financial Centre,KIFC,is Rwandas financial centre facilitating international investment and cross-border transactions in Africa.KIFC was established in 2020 and posi-tions Rwanda as a preferred financial jurisdiction for invest-ments into Africa by providing an attractive destination for investors,with a robust legal and regulatory framework fully compliant with international standards and competitive tax structures,including a network of double tax treaties.KIFC attracts regional and international investors such as Pan-African based investment funds,asset managers and adminis-trators,regional holding structures,foundations,and global trading firms.In addition,with its niche focus on Fintech,KIFC offers FinTechs a framework to pilot their business models in a controlled envi-ronment before expanding into the wider African market.https:/www.rfl.rw/inforfl.rw Global Times Consulting Co.is a strategic consultancy with a focus on China.We help Chinese(local)governments at all levels to build their reputation globally,providing strategic counsel,stakeholder outreach and communications to support their sustainable development.We also partner with multinational companies operating in this dynamic but challenging market,serving as a gateway to China.In addition,we help Chinese companies extend their reach overseas.Global Times Consulting Co.adopts a research and knowledge-based approach.With extensive contacts and deep insights into Chinas political and economic landscape,we develop and execute integrated programs for stakeholder relations and reputation management.Our extensive relationship with media and government organizations in China and worldwide helps us successfully execute programs and achieve desired goals.Daniel Wang at Seoul is a rising star among the financial cities of the world.It is already one of the top 10 cities in the world based on various indices,and it has many more opportunities to offer as a financial hub and great growth potential.Seoul believes global financial companies are our true partners for growth.There are many incentives provided to global financial companies that enter into Seoul,such as the financial incentives provided when moving into IFC,so that we can all jointly work towards the growth and development of the financial market.It is sure that Seoul will become a top star of global financial hubs in the near future!Pay close attention to Seouls potentials and pre-emptively gain a foothold in the Seoul financial hub.Seoul is the gateway to Northeast Asia and the world.Park Su-Jin at sjp1117seoul.go.kr www.seoul.go.kr/main/index.jsp Z/Yens FS Club is the premier global executive knowledge network for technology and finance professionals.News:Access FS Clubs global information service:daily news,bulletins,and the new virtual FS Clubroom providing member only access to exclusive data from the Global Financial Centres Index,Global Green Finance Index,and the Smart Centres Index,and other tailored content.Events:Access over 300 annual events on the most topical developments affecting technology and finance;providing education,networking opportunities,and exposure to high profile speakers,Partnerships:Access an international community of technology,economics and finance professionals,allowing you to network with key futurists,exchange views with peers,and meet potential clients.Find out more here:https:/ by contacting Charlotte Dawber-Ashley at charlotte_dawber- Global Financial Centres Index 33 59 Please find out more at: or by contacting Mike Wardle at mike_ Since 2009 Busan Metropolitan City has been developing a financial hub specialising in maritime finance and derivatives.With its strategic location in the center of the southeast economic block of Korea and the crossroads of a global logistics route,Busan envisions growing into an international financial city in Northeast Asia.Busan Finance Center(BFC)will continue to develop and implement measures to promote Busan as the financial hub and bolster the local financial industry,while working together with various local economic players to pursue sustainable growth of the financial sector including FinTech.These efforts will enable BFC to play a leading role in taking Busan to the next level and become the international financial center and maritime capital of Northeast Asia.BFC offers an attractive incentive package to global financial leaders and cooperation network of Busan Metropolitan City,and Busan Finance Center will support you to identify opportunities in Busan,one of the fastest developing cities in Asia.infokbfc.or.kr www.kbfc.or.kr/eng/Abu Dhabi Global Market(ADGM),an award-winning financial centre in the capital of the UAE,opened for business in October 2015,consisting of three independent authorities:the Registration Authority(RA);the Financial Services Regulatory Authority(FSRA);and ADGM Courts.Comprised of the three independent authorities where Common English Law is directly applicable,ADGM plays an essential role in the diversification of the economy in the UAE and is committed to providing a comprehensive business ecosystem operating with the highest standards of integrity and is renowned for its ease of doing business.Strategically situated in Abu Dhabi,home to one of the worlds largest sovereign wealth funds,ADGM plays a vital role in positioning Abu Dhabi as a global trade and business hub and serves as a link between the growing economies of the Middle East,Africa and South Asia to the rest of the world.ADGM has earned industry recognition as the Financial Centre of the Year(MENA)four years in a row as well as being recognized as the leading FinTech Hub in the Dubai International Financial Centre(DIFC)is the leading global financial centre in the Middle East,Africa and South Asia(MEASA)region,which comprises 72 countries with a population of three billion and GDP of USD 8 trillion.With a 17-year track record of facilitating trade and investment flows across MEASA,the Centre connects these fast-growing markets with the economies of Asia,Europe and the Americas through Dubai.DIFC is home to an internationally recognised,independent regulator and judicial system with an English common law framework,as well as the regions largest financial ecosystem of almost 30,000 professionals working across over 3,600 active registered companies making up the largest and most diverse pool of industry talent.The Centres vision is to drive the Future of Finance(FoF)through cutting-edge technology,innovation,and partnerships.The global FoF and Innovation Hub offers one of the regions most comprehensive FinTech and venture capital environments,including licensing solutions,fit-for-purpose regulation,innovative accelerator programmes,and funding for growth-stage start-ups.www.difc.ae Twitter DIFC Z/Yen helps organisations make better choices our clients consider us a commercial think-tank that spots,solves and acts.Our name combines Zen and Yen a philosophical desire to succeedin a ratio,recognising that all decisions are trade-offs.One of Z/Yens specialisms is the study of the competitiveness of financial centres around the world.A summary of this work is published every six months as the Global Financial Centres Index.Z/Yen also publishes the Global Green Finance Index that seeks to encourage financial centres to become greener and develop financial services in a way that enables society to live within planetary boundaries.Most recently we have developed the Smart Centres Index,which tracks commercial and financial centres offerings in technology and Financial Centre Futures is a programme within the Long Finance Initiative that initiates discussion on the changing landscape of global finance.Financial Centre Futures comprises the Global Financial Centres Index,the Global Green Finance Index and other research publications that explore major changes to the way we will live and work in the financial system of the future.CO-PRODUCED BY CHINA DEVELOPMENT INSITUTE PRODUCED BY Z/YEN PUBLISHED BY LONG FINANCE AND FINANCIAL CENTRE FUTURES Approved by Chinas State Council,China Development Institute(CDI)was founded in 1989 with one hundred and sixteen representatives from the government,academia and business in China.Being an independent think tank,CDI is committed to develop policy solutions via research and debates that help to advance Chinas reform and opening-up.After years of development,CDI has become one of the leading think tanks in China.CDI focuses on the studies of open economy and innovation-driven development,regional economy and regional development,industrial policies and industrial development,urbanization and urban development,business strategies and investment decision-making.Via conducting research,CDI provides policy recommendations for the Chinese governments at various levels and develops consultation for corporate sectors at home and abroad.CDI organizes events in different formats that evokes dialogue among scholars,government officials,business people and civil society members around the globe.Based in Shenzhen,Southern China,CDI has one hundred and sixty staff,with an affiliated network that consists of renowned experts from different Long Finance is a Z/Yen initiative designed to address the questionWhen would we know our financial system is working?This question underlies Long Finances goal to improve societys understanding and use of finance over the long-term.In contrast to the short-termism that defines todays economic views the Long Finance timeframe is roughly 100 years.
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