The City of London corporation has recently published a new report written by Bourse Consult – From local to global: Building a modern financial centre. The report identifies the key stages in the developments of financial centres, and defines the characteristics of financial centres at each stage. Individual cities or zones hoping to become international financial centres can then identify where they fall on the scale and use the report to define their next steps approaching issues such as market infrastructure, competitiveness and others.
The report also highlights the intangible factors that are crucial to the longevity of a financial centre’s success, including the business environment, the financial market infrastructure, safe and stable regulation and the rule of law, the local talent pool and the critical mass required for a financial services cluster to form. As the world has become increasingly interconnected, financial centres have moved beyond the establishment of exchanges and clearing houses, and now the emphasis must be on creating links between market infrastructures: to grow from a domestic to a regional or international centre the level of openness and connectedness is critical.
The report can be downloaded here.