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Thread: S'pore overtakes HK in financial centre ranking

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    Default S'pore overtakes HK in financial centre ranking

    http://www.businesstimes.com.sg/sub/...98585,00.html?

    Published September 26, 2008

    S'pore overtakes HK in financial centre ranking

    It's 3rd globally, behind London and NY, with biggest gain of top 20

    By UMA SHANKARI


    (SINGAPORE) Singapore has been ranked third in The Global Financial Centres Index (GFCI), behind London and New York, according to a new report published by the City of London.

    Singapore gained 26 points in the index, more than any other top-20 centre, which allowed it to overtake Hong Kong. Hong Kong has been ranked fourth this time round.

    The GFCI is updated every six months in March and September. This report is the fourth edition.

    London and New York still lead the field and 'continue to be the only two truly global financial centres', the report said. Both cities, hit by the credit crunch, shed points in this round of the GFCI. But London's lead as the main banking centre in Europe is consolidated as Frankfurt and Paris have both declined in the ratings relative to other centres, the report noted.

    In Asia, Singapore surged past Hong Kong to move into third place overall, albeit by only one point.

    Singapore's 26-point gain also means that the gap between London and New York, and the third place centre fell to 73 points, from about 90 points in previous rankings. Singapore is just ahead of Hong Kong in the banking, insurance and government & regulatory sub-indices and is also ahead in the business environment sub-index. But Hong Kong continues to thrive, the report said.

    The GFCI also noted that financial centres in the Middle East continue to generate a lot of interest. Dubai is identified most frequently by respondents as the centre likely to become significantly more important in the next few years; Singapore is second in this respect.

    Dubai is also the centre mentioned most often when respondents are asked where their organisations are most likely to open offices in over the next few years.

    The GFCI model rated 59 financial centres in this round. The study uses external instruments - such as the United Nation's Human Development Index and the World Bank's Ease of doing Business Index - as well as responses to an online questionnaire from 1,406 financial services professionals.


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    http://www.straitstimes.com/Money/St...ry_282710.html

    Sep 26, 2008 Friday

    S'pore rises to No. 3 financial centre in global index

    By Grace Ng


    SINGAPORE has been ranked the No. 3 financial centre in the world behind New York and London in a new survey, commissioned by the City of London.

    It has risen one place from last year, thanks to its strong regulatory environment, and has overtaken rival Hong Kong, according to the Global Financial Centres Index released yesterday.

    The half-yearly survey of 59 cities was conducted in July.

    It found that the fallout from the credit crunch had narrowed the lead of London and New York over Asian and Middle Eastern financial centres.

    Singapore enjoyed a rise of 26 points - more than any other centre in the top 20 ranking.

    It was rated by the survey of 1,406 financial services professionals as being 'competitive' in the 57 factors used to rate each centre.

    These factors included regulatory oversight and the tax environment.

    Mr Stuart Fraser, head of policy for the City of London, told the Financial Times that Singapore was benefiting from a perception that it was already well regulated and hence less likely to face a regulatory crackdown.

    'London and New York are the two global cities and they are going to remain the global cities for a while yet, but (other centres) will close the gap a bit,' he was quoted as saying.

    'Singapore and Dubai are recruiting people. That makes them look positive.'

    Singapore scored 701 points in the ranking, 73 points behind New York and one ahead of Hong Kong.

    The survey noted that Dubai was identified most frequently by respondents as 'likely to become significantly more important in the next few years'.

    Singapore was mentioned 10 times, compared to 22 times for Dubai. Shanghai was mentioned eight times.

    The big losers in the rankings included Frankfurt, which slipped three places to ninth, and Paris, down six places to 20th.

    Mr Anderson Jansen, who works in a major foreign financial institution in Singapore, said the city was definitely a 'world-class financial hub'.

    'Singapore's talent pool, infrastructure and open business environment definitely make it very attractive,' he said.

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