1285:
2467:. One report suggests that Japanese authorities are working on plans to transform Tokyo but have met with mixed success, noting that "initial drafts suggest that Japan's economic specialists are having trouble figuring out the secret of the Western financial centres' success." Efforts include more English-speaking restaurants and services and the building of many new office buildings in Tokyo, but more powerful stimuli such as lower taxes have been neglected and a relative aversion to finance remains prevalent in Japan. Tokyo emerged as a major financial centre in the 1980s as the Japanese economy became one of the largest in the world. As a financial centre, Tokyo has good links with New York City and London.
2766:
2681:
2172:. Today there is a diverse range of financial centres worldwide. While New York and London often stand out as the leading global financial centres, other established financial centres provide significant competition and several newer financial centres are developing. Despite this proliferation of financial centres, academics have discussed evidence showing increasing concentration of financial activity in the largest national and international financial centres in the 21st century. Others have discussed the ongoing dominance of New York and London, and the role linkages between these two financial centres played in the
2060:
1737:
1701:
2841:
2522:, "IFSC"), is a specialised financial services centre with a focus on fund administration and domiciling, fund management, custodial activities and aircraft leasing. It is the largest securitisation location in the EU-27, and the second largest domicile for investment funds, particularly alternative investment funds, after Luxembourg. Many of the funds domiciled and managed in Dublin are at the instruction of investment managers in larger Asset Management jurisdictions such as London, Frankfurt, New York and Luxembourg. Dublin's advanced BEPS tax tools, for example the
1245:
1988:
2024:
1880:
1390:
40:
90:
1487:
1845:
1665:
1629:
1594:
1452:
1809:
2436:
2757:. Trading of equities, derivatives and fixed income securities are linked through the Madrid-based electronic Spanish Stock Market Interconnection System (SIBE), handling more than 90% of all financial transactions. Madrid ranks fourth in European equities market capitalisation, and Madrid's stock exchange is second in terms of number of listed companies, just behind New York Stock Exchange (NYSE plus NASDAQ). As a financial centre, Madrid has extensive links with
2739:
2096:
1558:
1522:
1916:
2192:
2882:
2874:
2326:
962:
3451:
1773:
1952:
950:
2132:
2154:
2146:
2118:
2110:
2082:
2074:
2046:
2038:
2010:
2002:
1974:
1966:
1938:
1930:
1902:
1894:
1866:
1831:
1823:
1795:
1787:
1759:
1751:
1723:
1715:
1687:
1679:
1651:
1643:
1615:
1580:
1572:
1544:
1536:
1508:
1473:
1859:
1608:
1501:
1466:
2869:. Shanghai has done well in terms of market capitalisation but it needs to "attract an army of money managers, lawyers, accountants, actuaries, brokers and other professionals, Chinese and foreign" to enable it to compete with New York and London. China is generating tremendous new capital, which makes it easier to stage initial public offerings of state-owned companies in places like Shanghai.
2606:. With its strong links with London, Singapore has developed into the Asia region's largest centre for foreign exchange and commodity trading, as well as a growing wealth management hub. Other than Tokyo, it is one of the main centres for fixed income trading in Asia. However, the market capitalisation of its stock exchange has been falling since 2014 and several major companies plan to delist.
1220:("FSF"), concerned about OFCs on global financial stability produced a report listing 42 OFCs. In June 2000, the International Monetary Fund (IMF) published a working paper on OFCs, but which also proposed a taxonomy on classifying the various types of global financial centres, which they listed as follows (with the description and examples they noted as typical of each category, also noted):
2898:
both headquartered in the Sydney CBD. Sydney is also home to 12 of the top 15 asset managers in
Australia. Melbourne, on the other hand, tends to concentrate more of the Australian superannuation funds (pension funds). Sydney is using the large Barangaroo development project on its harbour to further position itself as an Asian Pacific hub. Sydney is also home to the
5804:
3462:, Tokyo emerged as a major financial centre in the 1980s as the Japanese economy became one of the largest in the world. Hong Kong and Singapore developed soon after leveraging their links with London and Britain. In the 21st century, other centres have grown including Toronto, Sydney, Seoul, Shanghai and
2179:
Comparisons of financial centres focus on their history, role and significance in serving national, regional and international financial activity. Each centre's offering includes differing legal, tax and regulatory environments. One journalist suggested three factors for success as a financial city:
1234:
Regional
Financial Center (RFC). The IMF noted that RFCs, like IFCs, have developed financial markets and infrastructure and intermediate funds in and out of their region, but in contrast to IFCs, have relatively small domestic economies. Examples cited by the IMF included Hong Kong, Singapore, and
3225:
London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around the world. However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and
Shanghai.
2576:. Luxembourg is a specialised financial services centre that is the largest location for investment fund domiciliation in Europe, and second in the world after the United States. Many of the funds domiciled in Luxembourg are managed in London. Luxembourg is the leading private banking centre in the
2374:
London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around the world. However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and
Shanghai.
1230:
where both the sources and uses of funds are diverse, and where the legal and regulatory frameworks are adequate to safeguard the integrity of principal–agent relationships and supervisory functions. IFCs generally borrow short–term from non–residents and lend long–term to non–residents. Examples
2897:
region. Sydney competes quite closely with other Asia
Pacific hubs, however it concentrates a greater portion of Australian-based business in terms of clients and services. Sydney is home to two of Australia's four largest banks, the Commonwealth Bank of Australia and Westpac Banking Corporation,
1239:
services that are almost entirely tax driven, and have very limited resources to support financial intermediation. The IMF listed 46 OFCs in 2000, the largest of which was
Ireland, the Caribbean (including the Cayman Islands, and the British Virgin Islands), Hong Kong, Singapore, and Luxembourg.
1238:
Offshore
Financial Center (OFC). The IMF noted that OFCs are usually smaller, and provide more specialist services, however, OFCs still ranged from centres that provide specialist and skilled activities, attractive to major financial institutions, and more lightly regulated centres that provide
3510:. Some large draft banks had branches in Russia, Mongolia and Japan to facilitate the international trade. Throughout the nineteenth century, the central Shanxi region became the de facto financial centres of Qing China. With the fall of Qing Dynasty, the financial centres gradually shifted to
6327:
3919:
Tax havens are low–tax jurisdictions that offer businesses and individuals opportunities for tax avoidance" (Hines, 2008). In this paper, I will use the expression "tax haven" and "offshore financial center" interchangeably (the list of tax havens considered by
Dharmapala and Hines (2009) is
3328:, numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be the focus of new worldwide growth. One source described New York as extending its lead as the world's centre of finance in September 2018; according to
2223:, numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be the focus of new worldwide growth. One source described New York as extending its lead as the world's centre of finance in September 2018; according to
3486:
from scratch. GIFT city is now functional and has already won the crown of fastest emerging
International Finance Centre of South Asia. Linked to the rise of these new IFCs, has seen the rise of "partner OFCs" (offshore tax-havens to which funds are routed), such as Taiwan (a major
2733:
Frankfurt has been the financial centre of
Germany since the second half of the 20th century as it was before the mid-19th century. Berlin held the position during the intervening period, focusing on lending to European countries while London focused on lending to the Americas and
2482:
These centres appear in all FSF–IMF lists of OFCs and, bar the Caribbean OFCs of the Cayman Islands, the British Virgin Islands, and Bermuda, represent all the major OFCs. Some also appear as RFCs in various lists, particularly Hong Kong, and Singapore. They also appear on most
2862:
a financial leader by 2010. Efforts during the 1990s were mixed, but in the early 21st century, Shanghai gained ground. Factors such as a "protective banking sector" and a "highly restricted capital market" have held the city back, according to a 2009 opinion piece in
6334:
4442:
1178:
International Financial Centres, and many Regional Financial Centres, are full–service financial centres with direct access to large capital pools from banks, insurance companies, investment funds, and listed capital markets, and are major
4743:
Think-tank New Financial's study, which focuses on the "raw" value of actual domestic and international financial activity like managing assets and issuing equity, underscored the overall dominance of New York as the world's top financial
6902:
6360:
5071:
3598:"Offshore" does not refer to the location of the OFC (i.e. many FSF–IMF OFCs, such as Luxembourg and Hong Kong, are located "onshore"), but to the fact that the largest users of the OFC are nonresident (i.e. the users are non-domestic).
6947:
5142:
4058:
Jurisdictions with the largest financial systems relative to GDP (Exhibit 2–3) tend to have relatively larger OFI sectors: Luxembourg (at 92% of total financial assets), the Cayman Islands (85%), Ireland (76%) and the Netherlands
6816:
4985:
6928:
5123:
3828:
New York remains the world's top financial center, pushing London further into second place as Brexit uncertainty undermines the UK capital and Asian centers catch up, a survey from consultants Duff & Phelps said on
4363:
3610:
is a term that OFCs use to describe legal structures where the OFC does not levy any taxes, duties or VAT on fund flows into, during, or exiting (e.g. no withholding taxes) the vehicle. Major examples being the Irish
2557:
3863:
Tax havens are also known as "offshore financial centers" or "international financial centers", phrases that may carry slightly different connotations but nevertheless are used almost interchangeably with "tax
2668:. Its emergence as a financial centre is relatively recent, although commercial banking activity in the UAE became established in the second half of the 20th century (the first commercial bank in Dubai was
1254:
The IMF noted that the three categories were not mutually exclusive and that various locations could fall under the definition of an OFC and an RFC, in particular (e.g. Singapore and Hong Kong were cited).
5105:
1225:
International Financial Center (IFC). Described by the IMF as being large international full–service centres with advanced settlement and payments systems, supporting large domestic economies, with deep
6733:
4446:
2556:, retaining its laws and a high degree of autonomy for at least 50 years after the transfer. Recently, this formula has been threatened by interference of the Chinese central government (see also
2544:. As a financial centre, Hong Kong has strong links with London and New York City. It developed its financial services industry while a British territory and its present legal system, defined in
6187:
6906:
6364:
5075:
3339:
concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre.
7419:
4925:
2234:
concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre.
6951:
5146:
6413:
2588:
centre in the world by numbers, in certain activities such as deposits, loans, bond listing and investment funds. Three of the largest Chinese banks have their European hub in Luxembourg (
2512:, a term use to describe the re-routing of fund flows to tax havens. Additionally, after the UK's departure from the European Union, Amsterdam became Europe's largest share trading centre.
5924:
2908:. The city is a leading market for Canada's largest financial institutions and large insurance companies. It has also become one of the fastest growing financial centres following the
2553:
6820:
4989:
6932:
5127:
4806:
1367:
Prior to the 1960s, there was little data available to rank financial centres. In recent years many rankings have been developed and published. Two of the most relevant are the
4367:
2498:. Amsterdam is well known for the size of its pension fund market. It is also a centre for banking and trading activities. Amsterdam was a prominent financial centre in Europe
7372:
6053:
4878:
2612:. Zurich is a significant centre for banking, asset management including provision of alternative investment products, and insurance. Since Switzerland is not a member of the
2188:
New York, London, and Tokyo are in every list of major IFCs. Some of the major RFCs (see below), such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs in some lists.
3848:
2499:
1311:, and banking transparency, has reduced the regulatory attraction of OFCs over IFCs and RFCs. Since 2010, academics considered the services of OFCs to be synonymous with
4281:
4256:
3636:
initiatives on common standards, regulatory compliance, and banking transparency, which had significantly weakened the regulatory attraction of OFCs over IFCs and RFCs.
2828:. In 2009, Seoul ranked 53rd among global financial centres; by 2012, Seoul had risen to number 9. Seoul has continued to build office space with the completion of the
7135:
6660:
5975:
5330:
1359:. Because Sink OFCs are more closely associated with traditional tax havens, they tend to have more limited treaty networks and access to global higher–tax locations.
5695:
4835:
3078:
In the sixteenth century, the overall economic supremacy of the Italian city-states gradually waned, and the centre of financial activities in Europe shifted to the
4730:
3152:. Since then, New York and London have developed leading positions in different activities and some non-Western financial centres have grown in prominence, notably
1281:. The FSF annual reports on global shadow banking use the IMF definition to track the OFCs with the largest financial centres relative to their domestic economies.
1279:
a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy
2954:
require not only well-trained people but the "whole institutional infrastructure of laws, regulations, contracts, trust and disclosure" which takes time to happen.
3812:
6460:
5109:
3612:
5825:
2625:
In some lists, RFCs such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs, however, they do not appear in all lists. They are certainly major RFCs.
6634:
2902:
and an array of brokerage banks which are either headquartered or regionally based in Sydney, including Australia's largest investment bank Macquarie Group.
5653:
6111:
6608:
3262:(847 according to HedgeLists.com). London benefits from its position between the Asia and U.S. time zones, and benefited from its location within the
2411:(847 according to HedgeLists.com). London benefits from its position between the Asia and U.S. time zones, and benefited from its location within the
7427:
4933:
2753:. Madrid is the headquarters to the Spanish company Bolsas y Mercados Españoles, which owns the four stock exchanges in Spain, the largest being the
5635:
7388:
In addition, the International Monetary Fund has expressed concern that the Fed, by raising rates, could increase pressure on developing economies.
6282:
4894:
In addition, the International Monetary Fund has expressed concern that the Fed, by raising rates, could increase pressure on developing economies.
4216:
2946:
and other "would-be hubs" lack liquidity and the "skills base", according to one source. Financial industries in countries and regions such as the
880:
6973:
6159:
5713:
5168:
7470:
3195:
3115:
2519:
2342:
2169:
6263:
5950:
5928:
6987:
5182:
3214:(founded 1744) for shipping. During the 20th century London played an important role in the development of new financial products such as the
2361:(founded 1744) for shipping. During the 20th century London played an important role in the development of new financial products such as the
1284:
4191:
909:
3975:
3695:
3132:
grew to become major financial centres mainly serving their national economies. An array of smaller international financial centres found
2934:
is an emerging financial centre, which also provides international support services to London and other financial centres. Cities such as
2802:, there is futures and options trading, insurance, corporate banking and asset management taking place in Paris. The city is home to the
870:
835:
3518:
and to the control of customs in China. After the establishment of People's Republic of China, the financial centres in China today are
3672:
6027:
3920:
identical to the list of offshore financial centers considered by the Financial Stability Forum (IMF, 2000), barring minor exceptions)
5603:
2807:
992:
6264:
Julia Bersch, Ludwig-Maximilians-University Munich and Munich Graduate School of Economics, Graciela L. Kaminsky (September 2008).
1248:
648:
6079:
5872:
2531:
1341:
5 Conduit OFCs: jurisdictions through which a disproportionate amount of value moves toward Sink OFCs (e.g. the corporate–focused
1334:
24 Sink OFCs: jurisdictions in which a disproportionate amount of value disappears from the economic system (e.g. the traditional
3783:
6057:
4340:
3177:
2584:
reinsurance centre in Europe. 143 banks from 28 countries are established in Luxembourg. The country is also the third largest
6833:
English law remains one of our most significant exports and continues to ensure the UK plays a leading role in global commerce
5002:
English law remains one of our most significant exports and continues to ensure the UK plays a leading role in global commerce
2527:
5898:
4324:
4173:
3467:
3291:
7242:
6664:
5466:
5437:
3222:
in the 1960s, international asset management and international equities trading in the 1980s, and derivatives in the 1990s.
5787:
4843:
3402:
2829:
2369:
in the 1960s, international asset management and international equities trading in the 1980s, and derivatives in the 1990s.
2299:
1183:. Offshore Financial Centres, and also some Regional Financial Centres, tend to specialise in tax-driven services, such as
6265:
1355:("BEPS") tax planning tools, which are encoded, and accepted, in the Conduit OFC's extensive networks of global bilateral
7009:
5204:
4610:
3206:, with legal services provided in London. Financial institutions located there provided services internationally such as
2353:, with legal services provided in London. Financial institutions located there provided services internationally such as
661:
7278:
5826:"Zucman:Corporations Push Profits into Corporate Tax Havens as Countries Struggle in Pursuit, Gabrial Zucman Study Says"
5505:
7337:
6893:
6874:
6800:
6397:
5062:
5043:
4969:
4763:
3891:
3406:
3370:
2303:
2267:
820:
6464:
6773:
6590:
6487:
6307:
6001:
5753:
4486:
4389:
3795:
17:
4230:
7505:
6539:
3853:
1352:
542:
7178:
5373:
3482:
has enabled Mumbai to become an emerging financial centre. India is also making an International Financial Centre
6686:
2669:
2561:
2173:
6435:
2180:"a pool of capital to lend or invest; a decent legal and taxation framework; and high-quality human resources".
7490:
2899:
2833:
2502:
and several of the innovations developed there were transported to London. In June 2017, a study published in
1401:
1384:
302:
212:
6234:
1199:), or city-states (e.g. Singapore). Since 2010, academics consider Offshore Financial Centres synonymous with
1022:
4673:
3394:
3317:
3299:
2893:. Australia's most populous city is a financial and business services hub not only for Australia but for the
2761:
and acts as a gateway for many Latin American financial firms to access the EU banking and financial markets.
2291:
2212:
985:
954:
198:
47:
7495:
5535:
3470:
has become the fastest growing financial hub in Central Asia. Dubai has become a centre for finance in the
3378:
2713:
2275:
6188:"History of the Frankfurt Stock Exchange – Patricians, princes and commodity markets: 18th – 19th century"
6134:
2564:). Most of the world's 100 largest banks have a presence in the city. Hong Kong is a leading location for
1076:(OTC), directly between participants. Financial centres usually host companies that offer a wide range of
4638:
4519:
4008:
3960:
3633:
3554:
3354:
3073:
3051:
2637:
2251:
1417:
1304:
1277:, citing tax evasion and money–laundering. In 2007, the IMF produced the following definition of an OFC:
1128:
1065:
31:
7454:
3424:– are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London.
3279:
3266:, although this ended on 31 January 2020 when the United Kingdom left the European Union following the
3239:
2997:
2811:
2680:
2428:
2415:, although this ended on 31 January 2020 when the United Kingdom left the European Union following the
2388:
1073:
764:
478:
168:
7393:
6838:
6513:
5007:
4899:
4416:
2321:– are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London.
7500:
4076:"Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network"
4053:
3939:
3433:
2993:
2978:
1264:
1217:
1156:
825:
710:
488:
262:
5847:
4564:
4032:
2765:
3382:
3307:
3303:
3219:
3124:
were the world's only prominent financial centres throughout most of the 19th century. After 1870,
3035:
2685:
2565:
2366:
2279:
1081:
1069:
1040:, with venues and supporting services for these activities to take place. Participants can include
978:
514:
7160:
6565:
5667:
5355:
4073:
3645:
The FSF is a group consisting of major national financial authorities such as finance ministries,
3320:, has been described as a leading financial centre. Over the past few decades, with the rise of a
2215:, has been described as a leading financial centre. Over the past few decades, with the rise of a
5578:
4189:
3932:
3564:
3441:
3231:
2844:
2597:
2380:
2196:
1323:
1045:
157:
147:
3064:
For the origin and history of the bourse in general (not to be confused with the concept of the
1175:. The IMF notes some overlap between Regional Financial Centres and Offshore Financial Centres.
3956:
3413:
3409:
3398:
3203:
2921:
2673:
2641:
2350:
2310:
2306:
2295:
1041:
316:
227:
6864:
6790:
6387:
5033:
4959:
4543:
2696:. Frankfurt attracts many foreign banks which maintain offices in the city. It is the seat of
4551:
4474:
4314:
4163:
4019:
3574:
3492:
3488:
3445:
3390:
3271:
3251:
3247:
2840:
2705:
2538:
to judge Ireland to be the largest corporate tax haven by virtue of its use as a conduit OFC.
2509:
2488:
2477:
2420:
2400:
2396:
2330:
2287:
1327:
1308:
1288:
1113:
656:
267:
6883:
5106:"The City of London as a Global Financial Centre: An historical and comparative perspective"
5052:
3746:
4099:
3559:
3207:
3199:
3099:
2909:
2825:
2799:
2657:
2440:
2354:
2346:
1987:
1131:'s classes of major financial centres are: International Financial Centres (IFCs), such as
852:
769:
473:
398:
332:
284:
127:
6765:
Finance Masters: A Brief History of International Financial Centers in the Last Millennium
6299:
Frankfurt as a financial centre : from medieval trade fair to European banking centre
5610:
4579:
3393:
headquartered in New York City are important participants in other financial centres. The
2290:
headquartered in New York City are important participants in other financial centres. The
8:
6929:"UK's financial services trade surplus biggest in the world, dwarfing its nearest rivals"
6817:"UK leading the way as an international centre for legal services and dispute resolution"
5124:"UK's financial services trade surplus biggest in the world, dwarfing its nearest rivals"
4986:"UK leading the way as an international centre for legal services and dispute resolution"
4807:"UK's financial services trade surplus biggest in the world, dwarfing its nearest rivals"
4074:
Javier Garcia-Bernardo; Jan Fichtner; Frank W. Takes; Eelke M. Heemskerk (24 July 2017).
4001:
3721:
3544:
3015:
2947:
2721:
2545:
1915:
1244:
929:
919:
639:
596:
548:
493:
307:
7304:
6209:
4700:
4103:
2877:
The CBD of Mumbai viewed from the Arabian Sea. Also seen is the Bandra - Worli Sea Link.
6086:
4615:
4531:
4120:
4089:
4080:
4075:
3579:
3417:
3386:
3347:
3227:
3059:
2974:
2970:
2964:
2774:
2376:
2314:
2283:
2244:
1077:
942:
924:
774:
729:
678:
519:
408:
142:
4674:
McKinsey & Company and the New York City Economic Development Corporation (2007).
4046:
3884:"The Missing Wealth of Nations: Are Europe and the U.S. Net Debtors or net Creditors?"
3454:
The Bombay Stock Exchange is the largest in India and one of the largest in the world.
2745:. Madrid's stock exchange is the world's second-largest in number of listed companies.
7110:
7085:
7036:"Triennial Central Bank Survey: OTC interest rate derivatives turnover in April 2013"
6889:
6870:
6796:
6769:
6393:
6303:
6276:
5305:
5280:
5231:"Triennial Central Bank Survey: OTC interest rate derivatives turnover in April 2013"
5058:
5039:
4965:
4675:
4539:
4535:
4482:
4320:
4210:
4169:
4125:
3883:
3844:
3791:
3549:
3437:
3325:
3189:
3185:
3055:
2913:
2581:
2504:
2484:
2220:
1316:
1037:
830:
706:
601:
468:
463:
458:
432:
393:
217:
117:
7358:
7330:
7217:
7111:"International debt securities – all issuers All maturities, by residence of issuer"
6734:"Mumbai's dream of becoming an international financial centre may soon be a reality"
5583:
Harvard Law School, Program on International Financial Systems, Japan-U.S. Symposium
5412:
5306:"International debt securities – all issuers All maturities, by residence of issuer"
4864:
4756:
4196:
Harvard Law School, Program on International Financial Systems, Japan–U.S. Symposium
3495:
for South Asia, especially India, and Africa, and the 9th largest global Sink OFC).
3010:
which slowly emerged from the 9th century to its peak in the 14th century. Tradable
2699:
5834:
Such profit shifting leads to a total annual revenue loss of $ 200 billion globally
4523:
4115:
4107:
3908:
3900:
3499:
3321:
3148:. London was the leading international financial centre in the four decades before
3001:
2803:
2712:; in addition, in 2014 the European Central Bank became the central institution of
2216:
1849:
1227:
1089:
1029:
1014:
902:
695:
669:
587:
580:
563:
509:
483:
370:
352:
337:
152:
137:
99:
73:
5731:
4792:
4190:
Yoshio Okubo, Vice Chairman, Japan Securities Dealers Association (October 2014).
2788:
stock exchange, one of the larger stock exchanges in Europe, which is now part of
6763:
6297:
5672:
3475:
3350:
3329:
3275:
3211:
2754:
2742:
2728:, the EU's supervisory authority for insurances and occupational pension systems.
2665:
2424:
2358:
2247:
2224:
2100:
1117:
1109:
1085:
885:
810:
801:
759:
724:
716:
524:
413:
327:
108:
51:
5927:. Commission de Surveillance du Secteur Financier. 30 April 2015. Archived from
5813:
Study claims State shelters more multinational profits than the entire Caribbean
3913:
2704:, one of the leading stock exchanges and derivatives markets operators, and the
89:
39:
7464:
6708:
5779:
4111:
4002:"Concept of Offshore Financial Centers: In Search of an Operational Definition"
3879:
3263:
3181:
3065:
3011:
2785:
2770:
2613:
2535:
2412:
1486:
1351:
Sink OFCs rely on Conduit OFCs to re–route funds from high–tax locations using
1347:(Conduits are: Netherlands, United Kingdom, Switzerland, Singapore and Ireland)
1192:
1188:
1160:
1097:
792:
630:
322:
292:
207:
174:
5976:"Singapore may renegotiate EU trade deal after Brexit removes British markets"
5472:. Economic Governance Support Unit of the European Parliament. 9 December 2016
3116:
Global financial system § History of international financial architecture
1389:
7484:
7361:
New York Federal Reserve Web page. Footnote upgraded/confirmed 30 March 2010.
7086:"International money market instruments – all issuers By residence of issuer"
5654:"The Netherlands is world's biggest conduit to offshore tax havens: research"
5560:
5281:"International money market instruments – all issuers By residence of issuer"
4867:
New York Federal Reserve Web page. Footnote upgraded/confirmed 30 March 2010.
3515:
3421:
3343:
3129:
3079:
2758:
2593:
2568:, competing with New York City, and also for merger and acquisition activity.
2318:
2240:
1844:
1664:
1628:
1598:
1593:
1456:
1451:
1132:
859:
815:
591:
553:
533:
418:
379:
132:
43:
6266:"Financial globalization in the 19th century: Germany as a financial center"
4520:"The dark side of NY–LON: Financial centres and the global financial crisis"
4165:
Capitals of Capital: A History of International Financial Centres, 1780–2005
3498:
The private nationwide financial system in China was first developed by the
4479:
The World's Cities: Contrasting Regional, National, and Global Perspectives
4129:
3646:
3503:
3358:
3255:
3235:
3133:
3069:
3039:
2943:
2894:
2523:
2452:
2404:
2384:
2255:
2199:
on Wall Street, the world's largest stock exchange by listed capitalisation
1356:
1049:
966:
784:
754:
614:
312:
189:
162:
5757:
3450:
2935:
2885:
Sydney's northern CBD serves as the financial and banking hub of the city.
1326:'s CORPNET group, broke down the definition of an OFC into two subgroups,
7136:"Key Facts about the UK as an International Financial Centre report 2015"
6903:"The value of Europe's international financial centres to the EU economy"
6361:"The value of Europe's international financial centres to the EU economy"
5331:"Key Facts about the UK as an International Financial Centre report 2015"
5072:"The value of Europe's international financial centres to the EU economy"
4831:
4527:
4234:
3904:
3539:
3471:
3313:
3295:
3149:
3027:
2939:
2865:
2821:
2738:
2661:
2549:
2435:
2208:
2023:
1879:
1808:
1669:
1180:
1105:
1053:
374:
239:
184:
179:
122:
58:
7420:"Goldman Sachs Sees Limited Impact of Fed Rate Hike on Emerging Markets"
7061:"Triennial Central Bank Survey: Foreign exchange turnover in April 2013"
5256:"Triennial Central Bank Survey: Foreign exchange turnover in April 2013"
4926:"Goldman Sachs Sees Limited Impact of Fed Rate Hike on Emerging Markets"
4676:"Sustaining New York's and the US' Global Financial Services Leadership"
3095:
1315:, and use the term OFC and tax haven interchangeably (e.g. the academic
7060:
7035:
5778:
5255:
5230:
4364:"Cost of living and quality of life in international financial centres"
3374:
3333:
3259:
3215:
3106:
officially replaced Amsterdam as the world's leading financial centre.
2917:
2824:'s capital has developed significantly as a financial centre since the
2708:, which sets the monetary policy for the single European currency, the
2444:
2408:
2362:
2333:
in the City of London, the largest exchange in Europe by capitalisation
2271:
2228:
2095:
1335:
1312:
1200:
1196:
1172:
1121:
1101:
609:
448:
384:
7467:– a forum on developments in international financial services centres.
5604:"The financial and business sector in the Amsterdam metropolitan area"
2810:. Paris has been a major financial centre since the 19th century. The
2207:. Since the middle of the 20th century, New York City, represented by
2191:
7440:
emerging market assets will be driven primarily by local fundamentals
6839:"English Common Law is the most widespread legal system in the world"
5805:"Ireland is the world's biggest corporate 'tax haven', say academics"
5636:"Netherlands and UK are biggest channels for corporate tax avoidance"
5008:"English Common Law is the most widespread legal system in the world"
4946:
emerging market assets will be driven primarily by local fundamentals
4731:"United States top, Britain second in financial activity: think-tank"
3569:
3502:, with the creation of so-called "draft banks". The first draft bank
3483:
3243:
3161:
3157:
3091:
2881:
2873:
2645:
2448:
2392:
2325:
1777:
1562:
1557:
1526:
1521:
1342:
1152:
1144:
1140:
1033:
914:
875:
558:
347:
342:
54:
7394:"Rich economies must heed policy impact on emerging nations: Carney"
7373:"Bets That the Fed Will Delay Interest Rate Rise Could Be Premature"
4900:"Rich economies must heed policy impact on emerging nations: Carney"
4879:"Bets That the Fed Will Delay Interest Rate Rise Could Be Premature"
3813:"New York surges ahead of Brexit-shadowed London in finance: survey"
3667:
3665:
3312:
Since the middle of the 20th century, New York City, represented by
3098:
cities. They also became important centres of financial innovation,
3006:
The first real international financial centre was the city state of
2028:
6242:
4390:"New York and London vie for crown of world's top financial centre"
4094:
3527:
3523:
3511:
3165:
3137:
3031:
3023:
2951:
2789:
2717:
2633:
2585:
2577:
2168:
Old finance centres such as Amsterdam, London, Paris, and New York
1741:
1705:
1413:
1148:
362:
222:
6416:. French Ministry of Foreign Affairs and International Development
5696:"High-flying aviation industry one of Ireland's biggest successes"
4580:"After Reversal of Fortunes, City Takes a New Look at Wall Street"
4417:"The London Banking Center Is Beginning to Feel Like Itself Again"
2836:, recording the highest growth in rating among the top ten cities.
1373:
Xinhua–Dow Jones International Financial Centres Development Index
7264:
6591:"Sydney seeks to become Asia finance hub with Barangaroo project"
5491:
3662:
3519:
3507:
3198:, acting as a centre of lending and investment around the world.
3087:
2345:, acting as a centre of lending and investment around the world.
2064:
1772:
1633:
1093:
1057:
1026:
81:
62:
7066:. Bank for International Settlements. September 2013. p. 14
7041:. Bank for International Settlements. September 2013. p. 11
6488:"Hong Kong Continues to Eclipse An Economic Rebirth in Shanghai"
6296:
Jeske, Carl-Ludwig Holtfrerich.; Metzler, Friedrich von (1999).
5261:. Bank for International Settlements. September 2013. p. 14
5236:. Bank for International Settlements. September 2013. p. 11
3514:, mainly due to its geographical location at the estuary of the
1420:. The 36th edition of the GFCI was published in September 2024.
1378:
6609:"Rethinking Sydney's role as an international financial centre"
3976:"New York widens lead over London in top finance centres index"
3696:"New York widens lead over London in top finance centres index"
3491:
for Asia, and 7th largest global Sink OFC), Mauritius (a major
3463:
3366:
3267:
3145:
3141:
3125:
3103:
3083:
3007:
2969:
Primitive financial centres started in the 11th century in the
2931:
2859:
2848:
2554:
Special Administrative Region of the People's Republic of China
2416:
2263:
1951:
1920:
1884:
1491:
1405:
1393:
1168:
1164:
1136:
949:
234:
4636:
6974:"London's Low Taxes Lure Foreign Companies as Banks Retrench"
6239:
EIOPA: European Insurance and Occupational Pensions Authority
5792:
Table 2: Shifted Profits: Country-by-Country Estimates (2015)
5169:"London's Low Taxes Lure Foreign Companies as Banks Retrench"
4724:
4722:
4522:. School of Geography and Environment, University of Oxford.
4308:
4306:
4304:
4302:
3479:
3278:, the second oldest central bank, is in London, although the
3153:
3121:
3019:
2725:
2636:
city has the "world's largest derivatives market" since the
2456:
2427:, the second oldest central bank, is in London, although the
2136:
2131:
2059:
1992:
1956:
1813:
1736:
1700:
1409:
1061:
453:
403:
7161:"LBMA says banks back its plan to change London gold market"
5783:
5356:"LBMA says banks back its plan to change London gold market"
1273:(listing various reasons), but also for what the IMF called
6948:"London's competitive place in the UK and global economies"
6635:"Sydney losing battle to become a leading financial centre"
5143:"London's competitive place in the UK and global economies"
4312:
3629:
3459:
3362:
2784:. Italy's main centre of banking and finance. It hosts the
2709:
2589:
2341:. London has been a leading international financial centre
2259:
1300:
1231:
cited by the IMF included New York City, London, and Tokyo.
1184:
779:
746:
357:
297:
6333:. City of London Corporation and TheCityUK. Archived from
5873:"Hong Kong's Likely Return as Top IPO Market Not All Rosy"
5732:"Ireland's IFSC (International Financial Services Centre)"
5668:"Amsterdam ousts London as Europe's top share trading hub"
4719:
4443:"From local to global: building a modern financial centre"
4299:
3804:
3014:
as a commonly used type of security, were invented by the
6905:. City of London and TheCityUK. p. 6. Archived from
6135:"New York Isn't the World's Undisputed Financial Capital"
5074:. City of London and TheCityUK. p. 6. Archived from
3625:
3194:
London has been a leading international financial centre
1296:
690:
3342:
New York City remains the largest centre for trading in
2672:
in 1946, and the first domestic commercial bank was the
2239:
New York City remains the largest centre for trading in
5899:"China to Wall Street's Deal Makers: We Don't Need You"
3784:"The City: A Guide to London's Global Financial Centre"
3613:
Qualifying investor alternative investment fund (QIAIF)
2916:. Most of the financial industry is concentrated along
2814:
is also moving to Paris in March 2019 following Brexit.
61:, the largest International Financial Centre (IFC) and
6689:. Indian Institute of Management Bangalore. March 2008
6463:. The Korea Society. 21 September 2012. Archived from
6002:"Singapore jostles with Hong Kong for financial crown"
5970:
5968:
5467:"Brexit: the United Kingdom and EU financial services"
3246:, trading in gold, silver and base metals through the
3038:
from the publication and proliferation of the work of
2395:, trading in gold, silver and base metals through the
7195:
5390:
6436:"Relocation of the UK-based EU agencies – Consilium"
3405:, which in turn influences the world's economy. The
2302:, which in turn influences the world's economy. The
5965:
4475:"2: Cities in a World Economy (2006) Saskia Sassen"
4047:"Global Shadow Banking and Monitoring Report: 2017"
3933:"Report from the Working Group on Offshore Centres"
7179:"A guide to The London Bullion Market Association"
5374:"A guide to The London Bullion Market Association"
4341:"What Makes A Successful Global Financial Centre?"
3957:"Offshore Financial Centers: IMF Background Paper"
3874:
3872:
3843:
3401:, regulates financial institutions and implements
2616:, Zurich is not directly subject to EU regulation.
2298:, regulates financial institutions and implements
1021:is a location with a significant concentration of
6709:"Making Mumbai an International Financial Centre"
6414:"Paris, the Euro Area's leading financial centre"
3258:. London has the second largest concentration of
2532:capital allowances for intangible assets ("CAIA")
2407:. London has the second largest concentration of
27:Locations which are centres of financial activity
7482:
7473:– research on global financial centres from the
7223:. Bank for International Settlements. April 2015
7116:. Bank for International Settlements. March 2015
7091:. Bank for International Settlements. March 2015
6945:
6900:
6757:
6755:
6714:. Ministry of Finance, Government of India. 2007
6358:
6325:
5418:. Bank for International Settlements. April 2015
5311:. Bank for International Settlements. March 2015
5286:. Bank for International Settlements. March 2015
5140:
5069:
4611:"Other financial centers could rise amid crisis"
4577:
2977:at the Frankfurt autumn fair, then developed in
2858:. Official efforts have been directed to making
7305:"Backgrounder: The Shifting Capital of Capital"
7245:. The New York Times Deal Book. 16 January 2012
6988:"KPMG's Annual Tax Competitiveness Survey 2013"
6132:
5951:"Luxembourg third largest RMB centre worldwide"
5848:"HK, Shenzhen promote financial industry in NY"
5714:"Ireland is top Eurozone jurisdiction for SPVs"
5440:. The New York Times Deal Book. 16 January 2012
5183:"KPMG's Annual Tax Competitiveness Survey 2013"
4701:"Backgrounder: The Shifting Capital of Capital"
4637:Kat Tretina and Benjamin Curry (9 April 2021).
4161:
3967:
3869:
6885:The theory of money and financial institutions
6363:. City of London and TheCityUK. Archived from
5772:
5559:
5533:
5054:The theory of money and financial institutions
4630:
4440:
4157:
4155:
4153:
4151:
4149:
4147:
4145:
4143:
4141:
4139:
3951:
3949:
3878:
3624:This is since circa 2010, after the post 2000
2508:ranked the Netherlands as the world's largest
7243:"London Wants to Tap Chinese Currency Market"
7184:. London Bullion Market Association. May 2015
6752:
5536:"Tokyo Seeking a Top Niche in Global Finance"
5438:"London Wants to Tap Chinese Currency Market"
5379:. London Bullion Market Association. May 2015
5099:
5097:
5095:
5093:
4608:
4513:
4511:
4509:
4507:
4505:
4468:
4466:
4464:
4414:
4168:. Cambridge, UK: Cambridge University Press.
3777:
3775:
3773:
3771:
3769:
3767:
1379:Global Financial Centres Index (2007–ongoing)
1291:: Mapping the links between financial centres
1143:; Regional Financial Centres (RFCs), such as
986:
7279:"EBA seeks more time in London after Brexit"
6819:. TheCityUK. 30 January 2014. Archived from
6687:"Mumbai – An International Financial Centre"
6563:
6295:
6281:: CS1 maint: multiple names: authors list (
6182:
6180:
6160:"Dubai as an international financial centre"
6085:. Zurich Banking Association. Archived from
5529:
5527:
5506:"EBA seeks more time in London after Brexit"
4988:. TheCityUK. 30 January 2014. Archived from
4604:
4602:
4600:
4313:Cameron, Rondo; Bovykin, V.I., eds. (1991).
4215:: CS1 maint: multiple names: authors list (
3999:
2697:
1396:is one of the main global financial centres.
1269:The IMF noted that OFCs could be set up for
6557:
6485:
6461:"Seoul's Rise as a Global Financial Center"
5782:; Thomas Torslov; Ludvig Wier (June 2018).
5567:(2nd ed.). Princeton University Press.
5461:
5459:
5457:
5455:
4830:
4639:"NYSE: What Is The New York Stock Exchange"
4136:
3946:
2973:at the annual fair of St. Giles and in the
871:International Financial Reporting Standards
836:Separation of investment and retail banking
6531:
6511:
6505:
6479:
5090:
4787:
4785:
4783:
4781:
4669:
4667:
4665:
4663:
4661:
4659:
4571:
4502:
4461:
4382:
3764:
1404:("GFCI") is compiled semi-annually by the
1195:, and can include smaller locations (e.g.
993:
979:
7370:
6540:"Shanghai Opens Doors to Financial World"
6386:Sako, Musterd; Murie, Alan, eds. (2011).
6385:
6177:
6126:
6054:"Portrait of the Zurich financial centre"
5839:
5524:
4876:
4728:
4597:
4408:
4319:. New York, NY: Oxford University Press.
4233:. Z/Yen Group. March 2017. Archived from
4119:
4093:
3912:
3810:
3747:"Financial Centres: What, Where and Why?"
2808:European Securities and Markets Authority
2724:, the German central bank, as well as of
1092:; or which participate in other areas of
6931:. TheCityUK. 3 July 2014. Archived from
6761:
6537:
5845:
5565:The Global City: New York, London, Tokyo
5452:
5126:. TheCityUK. 3 July 2014. Archived from
3449:
3427:
2880:
2872:
2839:
2764:
2737:
2679:
2459:, is the largest stock exchange in Asia.
2434:
2324:
2190:
1388:
1283:
1249:International Finance Centre (Hong Kong)
1243:
1072:, although many transactions take place
38:
6792:The Global Securities Market: A History
6321:
6319:
5925:"Number of banks per country of origin"
4961:The Global Securities Market: A History
4826:
4824:
4778:
4656:
4231:"The Global Financial Centres Index 21"
4223:
4192:"Comparison of Global Financial Center"
3781:
3673:"The Global Financial Centres Index 36"
2660:is a growing centre for finance in the
2520:International Financial Services Centre
1108:. Ancillary financial services include
14:
7483:
7371:Appelbaum, Binyamin (25 August 2015).
7218:"External loans and deposits of banks"
6881:
6788:
6514:"Software for a financial center here"
6165:. Cass Business School. September 2013
5413:"External loans and deposits of banks"
5103:
5050:
4957:
4877:Appelbaum, Binyamin (25 August 2015).
4517:
4472:
4361:
3178:Economic history of the United Kingdom
3109:
2984:
6862:
5818:
5797:
5031:
4793:"Top 10 Stock Exchanges in the world"
4578:Patrick McGeehan (22 February 2009).
4481:(1st ed.). New York: Routledge.
4069:
4067:
3973:
3468:Astana International Financial Centre
3373:in the world. New York also leads in
3292:Economic history of the United States
3210:(founded 1686) for insurance and the
2357:(founded 1686) for insurance and the
2270:in the world. New York also leads in
1258:
1060:(such as companies and governments).
7141:. TheCityUK. 21 July 2015. p. 3
6946:Oxford Economics (20 January 2011).
6844:. Sweet & Maxwell. November 2008
6762:Coispeau, Olivier (10 August 2016).
6316:
6056:. Finanzplatz Zurich. Archived from
5788:National Bureau of Economic Research
5628:
5609:. Amsterdam Business. Archived from
5336:. TheCityUK. 21 July 2015. p. 3
5141:Oxford Economics (20 January 2011).
5013:. Sweet & Maxwell. November 2008
4821:
4039:
3839:
3837:
3649:, and international financial bodies
3102:and investment. By the early 1800s,
3045:
3034:can be said to be the birthplace of
2830:International Financial Center Seoul
2716:for the 18 countries which form the
2656:. The second largest emirate in the
7426:. 18 September 2015. Archived from
7010:"London Is Eating New York's Lunch"
6133:Heather Timmons (27 October 2006).
5534:Martin Fackler (16 November 2007).
5205:"London Is Eating New York's Lunch"
4932:. 18 September 2015. Archived from
4836:"The Great American Bubble Machine"
4609:Daniel Altman (30 September 2008).
4441:Bourse Consult (18 November 2013).
4421:The New York Times: Global Business
3993:
3925:
3752:. The University of Western Ontario
3285:
3270:referendum of 2016. As well as the
2832:in 2013. It ranked 7th in the 2015
2419:referendum of 2016. As well as the
1211:
24:
7338:Bank for International Settlements
5540:The New York Times: World Business
4764:Bank for International Settlements
4343:. Gresham College. 14 October 2009
4064:
3892:The Quarterly Journal of Economics
3739:
3719:
3601:
2798:. Alongside equity trading on the
2688:building, which dates back to 1879
1112:, as well as provision of related
910:Private equity and venture capital
821:Bank for International Settlements
25:
7517:
7448:
6566:"The Capital of Capital No More?"
6328:"Value of EU's Financial Centres"
6210:"Frankfurt as a Financial Centre"
6028:"Brand Singapore Takes a Beating"
4415:Beth Gardiner (20 January 2010).
3834:
3693:
3675:. Long Finance. 24 September 2024
3353:, driven in part by the size and
3226:London is the largest centre for
3171:
2912:, helped by the stability of the
2620:
2471:
2375:London is the largest centre for
2250:, driven in part by the size and
2183:
1307:initiatives on common standards,
1064:can take place on venues such as
955:Business and Economics portal
7412:
7364:
7352:
7323:
7297:
7271:
7257:
7235:
7210:
7153:
7128:
7103:
7078:
7053:
7028:
7002:
6966:
6950:. City of London. Archived from
6921:
6901:Europe Economics (6 July 2011).
6856:
6809:
6782:
6726:
6701:
6679:
6663:. Invest Toronto. Archived from
6653:
6627:
6601:
6583:
6564:Daniel Gross (14 October 2007).
6492:The New York Times: Business Day
6486:Seth Faison (13 December 1996).
6359:Europe Economics (6 July 2011).
5953:. Investment Europe. 9 July 2014
5784:"The Missing Profits of Nations"
5145:. City of London. Archived from
5070:Europe Economics (6 July 2011).
4445:. City of London. Archived from
4366:. City of London. Archived from
4316:International Banking: 1870–1914
3854:Journal of Economic Perspectives
2153:
2152:
2145:
2144:
2130:
2117:
2116:
2109:
2108:
2094:
2081:
2080:
2073:
2072:
2058:
2045:
2044:
2037:
2036:
2022:
2009:
2008:
2001:
2000:
1986:
1973:
1972:
1965:
1964:
1950:
1937:
1936:
1929:
1928:
1914:
1901:
1900:
1893:
1892:
1878:
1865:
1864:
1857:
1843:
1830:
1829:
1822:
1821:
1807:
1794:
1793:
1786:
1785:
1771:
1758:
1757:
1750:
1749:
1735:
1722:
1721:
1714:
1713:
1699:
1686:
1685:
1678:
1677:
1663:
1650:
1649:
1642:
1641:
1627:
1614:
1613:
1606:
1592:
1579:
1578:
1571:
1570:
1556:
1543:
1542:
1535:
1534:
1520:
1507:
1506:
1499:
1485:
1472:
1471:
1464:
1450:
1353:base erosion and profit shifting
1295:Progress from 2000 onwards from
960:
948:
543:Base erosion and profit shifting
88:
7465:Financial Centres International
7455:International Financial Centres
6869:. Routledge. pp. 174–176.
6453:
6428:
6406:
6379:
6352:
6289:
6257:
6227:
6202:
6152:
6104:
6072:
6046:
6020:
5994:
5943:
5917:
5891:
5865:
5746:
5724:
5706:
5688:
5660:
5646:
5596:
5571:
5553:
5498:
5484:
5430:
5405:
5348:
5323:
5298:
5273:
5248:
5223:
5197:
5161:
5116:
5038:. Routledge. pp. 174–176.
5025:
4978:
4951:
4918:
4870:
4858:
4749:
4693:
4434:
4355:
4333:
4274:
4249:
4182:
3639:
3618:
2670:British Bank of the Middle East
2562:2019 Hong Kong extradition bill
2558:Hong Kong national security law
1319:include all the FSF–IMF OFCs).
6326:Europe Economics (July 2011).
5790:, Working Papers. p. 31.
5756:. IFSC Ireland. Archived from
5656:. Dutch News NL. 24 July 2017.
4729:Huw Jones (4 September 2018).
3713:
3687:
3592:
2900:Australian Securities Exchange
2834:Global Financial Centres Index
2552:. In 1997, Hong Kong became a
2534:tools, have led the economist
2500:in the 17th and 18th centuries
2487:, and on lists of the largest
1858:
1607:
1500:
1465:
1402:Global Financial Centres Index
1385:Global Financial Centres Index
1369:Global Financial Centres Index
1206:
1048:(such as investment managers,
303:Collateralised debt obligation
213:Bull (stock market speculator)
13:
1:
4795:. World Stock Exchanges. 2011
4282:"GFCI 36 Rank - Long Finance"
4257:"GFCI 36 Rank - Long Finance"
4000:Ahmed Zoromé (1 April 2007).
3811:Huw Jones (27 January 2020).
3656:
3615:, and the Cayman Islands SPC.
3395:New York Federal Reserve Bank
3381:; and the monetary volume of
3324:with new regional powers and
3300:Financial District, Manhattan
3282:moved to Paris after Brexit.
2292:New York Federal Reserve Bank
2278:; and the monetary volume of
2219:with new regional powers and
1322:In July 2017, a study by the
1044:(such as banks and brokers),
649:Final consumption expenditure
6570:The New York Times: Magazine
5104:Michie, Ranald (July 2012).
4056:. 5 March 2018. p. 30.
3974:Jones, Huw (24 March 2022).
3238:, issuance of international
2981:during the Champaign Fairs.
2714:European Banking Supervision
2431:moved to Paris after Brexit.
2387:, issuance of international
1187:, tax–neutral vehicles, and
1185:corporate tax planning tools
7:
7198:. The London Metal Exchange
7014:The New York Times Magazine
6080:"The Zurich banking centre"
5393:. The London Metal Exchange
5209:The New York Times Magazine
4842:. p. 6. Archived from
4009:International Monetary Fund
3961:International Monetary Fund
3555:Financial Development Index
3533:
3074:exchange (organized market)
3052:Economic history of Belgium
2638:Chicago Mercantile Exchange
2174:financial crisis of 2007–08
2163:
1418:China Development Institute
1362:
1129:International Monetary Fund
32:List of financial districts
10:
7522:
4473:Jacobs, A.J., ed. (2013).
4112:10.1038/s41598-017-06322-9
3431:
3289:
3280:European Banking Authority
3175:
3113:
3063:
3049:
2998:Economic history of Venice
2991:
2962:
2958:
2812:European Banking Authority
2644:merged in 2007, under the
2475:
2429:European Banking Authority
2128:
2092:
2056:
2020:
1984:
1948:
1912:
1876:
1841:
1805:
1769:
1733:
1697:
1661:
1625:
1590:
1554:
1518:
1483:
1448:
1382:
1262:
1157:Offshore Financial Centres
1080:, for example relating to
881:Professional certification
479:Enterprise risk management
263:Offshore financial centres
29:
6639:The Sydney Morning Herald
6538:Dealbook (2 March 2010).
6512:Hong Liang (4 May 2009).
6392:. John Wiley & Sons.
6389:Making Competitive Cities
4054:Financial Stability Forum
3940:Financial Stability Forum
3782:Roberts, Richard (2008).
3722:"How Financial Hubs Work"
3434:Japanese economic miracle
3397:, the largest within the
2994:Economic history of Italy
2720:. It is also the seat of
2698:
2485:lists of major tax havens
2294:, the largest within the
1424:GFCI 36 (September 2024)
1265:Offshore financial centre
1218:Financial Stability Forum
826:Financial Stability Board
7471:Financial Centre Futures
6888:. MIT Press. p. 8.
5846:(Xinhua) (2 June 2009).
5057:. MIT Press. p. 8.
4809:. TheCityUK. 3 July 2014
4518:WĂłjcik, Dariusz (2011).
4362:Mercer (3 August 2012).
4162:Cassis, Youssef (2006).
3585:
3383:mergers and acquisitions
3308:Economy of New York City
3304:History of New York City
3232:foreign exchange markets
3036:double-entry bookkeeping
2686:Frankfurt Stock Exchange
2566:initial public offerings
2381:foreign exchange markets
2280:mergers and acquisitions
1412:in conjunction with the
1082:mergers and acquisitions
1042:financial intermediaries
515:Mergers and acquisitions
7506:Foreign exchange market
7331:"Total debt securities"
7196:"London Metal Exchange"
6882:Shubik, Martin (1999).
6866:Urban world/global city
6789:Michie, Ranald (2006).
6440:www.consilium.europa.eu
6032:The Wall Street Journal
5903:The Wall Street Journal
5877:The Wall Street Journal
5830:The Wall Street Journal
5391:"London Metal Exchange"
5051:Shubik, Martin (1999).
5035:Urban world/global city
4958:Michie, Ranald (2006).
4757:"Total debt securities"
4013:IMF Working Paper 07/87
3565:Global financial system
3506:was created in 1823 in
3442:Chinese economic reform
3371:largest stock exchanges
3202:was adopted widely for
2914:Canadian banking system
2845:Shanghai Stock Exchange
2598:China Construction Bank
2349:was adopted widely for
2268:largest stock exchanges
2197:New York Stock Exchange
1324:University of Amsterdam
1046:institutional investors
5579:"Japan-U.S. Symposium"
4559:Cite journal requires
4027:Cite journal requires
3455:
3410:credit rating agencies
3399:Federal Reserve System
3196:since the 19th century
2922:Toronto Stock Exchange
2886:
2878:
2851:
2777:
2746:
2689:
2674:National Bank of Dubai
2642:Chicago Board of Trade
2460:
2343:since the 19th century
2334:
2307:credit rating agencies
2296:Federal Reserve System
2200:
1397:
1292:
1251:
317:certificate of deposit
66:
7491:International finance
7457:– news articles from
6863:Clark, David (2003).
5032:Clark, David (2003).
3575:Conduit and Sink OFCs
3453:
3446:Conduit and Sink OFCs
3428:Rise of Asian centres
3355:financial development
3272:London Stock Exchange
3252:London Metal Exchange
3248:London bullion market
3204:international finance
3136:, such as Amsterdam,
2884:
2876:
2843:
2768:
2741:
2706:European Central Bank
2683:
2676:established in 1963).
2489:Conduit and Sink OFCs
2478:Conduit and Sink OFCs
2438:
2421:London Stock Exchange
2401:London Metal Exchange
2397:London bullion market
2351:international finance
2331:London Stock Exchange
2328:
2252:financial development
2194:
1392:
1328:Conduit and Sink OFCs
1309:regulatory compliance
1289:Conduit and Sink OFCs
1287:
1247:
1114:professional services
268:Conduit and sink OFCs
42:
7430:on 23 September 2015
6768:. World Scientific.
6661:"Financial Services"
6112:"Financial Services"
4936:on 23 September 2015
4528:10.2139/ssrn.1890644
4237:on 13 September 2015
3560:Geography of finance
3478:. The rapid rise of
3403:U.S. monetary policy
3254:, and international
3200:English contract law
3100:capital accumulation
3018:(such as Venice and
2910:late-2000s recession
2826:late-2000s recession
2800:Paris Stock Exchange
2658:United Arab Emirates
2441:Tokyo Stock Exchange
2403:, and international
2347:English contract law
2300:U.S. monetary policy
1159:(OFCs), such as the
494:Financial statements
474:Credit rating agency
399:Repurchase agreement
7496:Financial districts
6641:. 25 September 2014
6467:on 10 December 2017
6245:on 18 November 2015
6214:The Financial Times
6006:The Financial Times
4394:The Financial Times
4286:www.longfinance.net
4261:www.longfinance.net
4104:2017NatSR...7.6246G
3545:Corporate tax haven
3414:Standard and Poor's
3391:investment managers
3228:derivatives markets
3110:19th–21st centuries
3016:Italian city-states
2948:Indian subcontinent
2722:Deutsche Bundesbank
2546:Hong Kong Basic Law
2377:derivatives markets
2311:Standard and Poor's
2288:investment managers
2170:have long histories
1425:
1317:lists of tax havens
1271:legitimate purposes
1216:In April 2000, the
930:Accounting scandals
920:Stock market bubble
640:Government spending
597:Employment contract
549:Corporate tax haven
308:Credit default swap
65:centre in the world
7377:The New York Times
7309:The New York Times
7016:. 29 February 2012
6738:The Economic Times
6615:. 25 November 2014
6544:The New York Times
6139:The New York Times
6114:. Canton of Zurich
5905:. 21 February 2016
5702:. 24 January 2019.
5676:. 10 February 2021
5211:. 29 February 2012
4883:The New York Times
4705:The New York Times
4681:. City of New York
4616:The New York Times
4584:The New York Times
4188:See, for example,
4081:Scientific Reports
3914:10.1093/qje/qjt012
3905:10.1093/qje/qjt012
3849:"Treasure Islands"
3845:James R. Hines Jr.
3580:Financial district
3456:
3407:three major global
3318:Financial District
3060:History of Antwerp
2975:Kingdom of Germany
2971:Kingdom of England
2965:History of banking
2887:
2879:
2852:
2778:
2775:Palazzo Mezzanotte
2747:
2690:
2518:. Dublin (via its
2461:
2335:
2304:three major global
2213:Financial District
2201:
1423:
1416:-based think tank
1408:-based think tank
1398:
1293:
1259:Rationale for OFCs
1252:
1078:financial services
925:Stock market crash
775:Investment banking
765:Fractional-reserve
730:Warrant of payment
679:Government revenue
602:Financial planning
520:Structured finance
67:
48:Financial District
6740:. 3 November 2014
6340:on 18 August 2016
6302:. MĂĽnchen: Beck.
6008:. 16 October 2014
5720:. 19 August 2017.
5718:Irish Independent
4733:. Thomson Reuters
4326:978-0-19-506271-7
4175:978-0-511-33522-8
3550:Financial capital
3438:Four Asian Tigers
3326:global capitalism
3208:Lloyd's of London
3190:Economy of London
3186:History of London
3056:History of Bruges
3046:The Low Countries
2355:Lloyd's of London
2221:global capitalism
2161:
2160:
1441:Change in rating
1090:corporate actions
1038:financial markets
1003:
1002:
893:
892:
843:
842:
831:Deposit insurance
737:
736:
571:
570:
469:Corporate finance
464:Capital structure
459:Capital budgeting
394:Performance bonds
275:
274:
258:Financial centres
218:Financial planner
118:Asset (economics)
18:Financial centres
16:(Redirected from
7513:
7501:Offshore finance
7443:
7442:
7437:
7435:
7416:
7410:
7409:
7407:
7405:
7390:
7385:
7383:
7368:
7362:
7359:"About the Fed."
7356:
7350:
7349:
7347:
7345:
7335:
7327:
7321:
7320:
7318:
7316:
7301:
7295:
7294:
7292:
7290:
7285:. 8 January 2018
7275:
7269:
7268:
7267:. 19 March 2019.
7261:
7255:
7254:
7252:
7250:
7239:
7233:
7232:
7230:
7228:
7222:
7214:
7208:
7207:
7205:
7203:
7192:
7191:
7189:
7183:
7175:
7174:
7172:
7167:. 18 August 2016
7157:
7151:
7150:
7148:
7146:
7140:
7132:
7126:
7125:
7123:
7121:
7115:
7107:
7101:
7100:
7098:
7096:
7090:
7082:
7076:
7075:
7073:
7071:
7065:
7057:
7051:
7050:
7048:
7046:
7040:
7032:
7026:
7025:
7023:
7021:
7006:
7000:
6999:
6997:
6995:
6984:
6983:
6981:
6970:
6964:
6963:
6961:
6959:
6954:on 27 April 2015
6943:
6942:
6940:
6925:
6919:
6918:
6916:
6914:
6898:
6879:
6860:
6854:
6853:
6851:
6849:
6843:
6835:
6830:
6828:
6813:
6807:
6806:
6786:
6780:
6779:
6759:
6750:
6749:
6747:
6745:
6730:
6724:
6723:
6721:
6719:
6713:
6705:
6699:
6698:
6696:
6694:
6683:
6677:
6676:
6674:
6672:
6657:
6651:
6650:
6648:
6646:
6631:
6625:
6624:
6622:
6620:
6605:
6599:
6598:
6597:. 22 March 2015.
6587:
6581:
6580:
6578:
6576:
6561:
6555:
6554:
6552:
6550:
6535:
6529:
6528:
6526:
6524:
6509:
6503:
6502:
6500:
6498:
6483:
6477:
6476:
6474:
6472:
6457:
6451:
6450:
6448:
6446:
6432:
6426:
6425:
6423:
6421:
6410:
6404:
6403:
6383:
6377:
6376:
6374:
6372:
6356:
6350:
6349:
6347:
6345:
6339:
6332:
6323:
6314:
6313:
6293:
6287:
6286:
6280:
6272:
6271:. pp. 1, 4.
6270:
6261:
6255:
6254:
6252:
6250:
6241:. Archived from
6231:
6225:
6224:
6222:
6220:
6206:
6200:
6199:
6197:
6195:
6190:. Deutsche Börse
6184:
6175:
6174:
6172:
6170:
6164:
6156:
6150:
6149:
6147:
6145:
6130:
6124:
6123:
6121:
6119:
6108:
6102:
6101:
6099:
6097:
6091:
6084:
6076:
6070:
6069:
6067:
6065:
6050:
6044:
6043:
6041:
6039:
6024:
6018:
6017:
6015:
6013:
5998:
5992:
5991:
5989:
5987:
5982:. 21 August 2017
5972:
5963:
5962:
5960:
5958:
5947:
5941:
5940:
5938:
5936:
5921:
5915:
5914:
5912:
5910:
5895:
5889:
5888:
5886:
5884:
5869:
5863:
5862:
5860:
5858:
5843:
5837:
5836:
5832:. 10 June 2018.
5822:
5816:
5815:
5811:. 13 June 2018.
5801:
5795:
5794:
5776:
5770:
5769:
5767:
5765:
5750:
5744:
5743:
5741:
5739:
5734:. Finance Dublin
5728:
5722:
5721:
5710:
5704:
5703:
5692:
5686:
5685:
5683:
5681:
5664:
5658:
5657:
5650:
5644:
5643:
5632:
5626:
5625:
5623:
5621:
5615:
5608:
5600:
5594:
5593:
5591:
5589:
5575:
5569:
5568:
5557:
5551:
5550:
5548:
5546:
5531:
5522:
5521:
5519:
5517:
5512:. 8 January 2018
5502:
5496:
5495:
5494:. 19 March 2019.
5488:
5482:
5481:
5479:
5477:
5471:
5463:
5450:
5449:
5447:
5445:
5434:
5428:
5427:
5425:
5423:
5417:
5409:
5403:
5402:
5400:
5398:
5387:
5386:
5384:
5378:
5370:
5369:
5367:
5362:. 18 August 2016
5352:
5346:
5345:
5343:
5341:
5335:
5327:
5321:
5320:
5318:
5316:
5310:
5302:
5296:
5295:
5293:
5291:
5285:
5277:
5271:
5270:
5268:
5266:
5260:
5252:
5246:
5245:
5243:
5241:
5235:
5227:
5221:
5220:
5218:
5216:
5201:
5195:
5194:
5192:
5190:
5179:
5178:
5176:
5165:
5159:
5158:
5156:
5154:
5149:on 27 April 2015
5138:
5137:
5135:
5120:
5114:
5113:
5108:. Archived from
5101:
5088:
5087:
5085:
5083:
5067:
5048:
5029:
5023:
5022:
5020:
5018:
5012:
5004:
4999:
4997:
4982:
4976:
4975:
4955:
4949:
4948:
4943:
4941:
4922:
4916:
4915:
4913:
4911:
4896:
4891:
4889:
4874:
4868:
4865:"About the Fed."
4862:
4856:
4855:
4853:
4851:
4834:(13 July 2009).
4828:
4819:
4818:
4816:
4814:
4803:
4802:
4800:
4789:
4776:
4775:
4773:
4771:
4761:
4753:
4747:
4746:
4740:
4738:
4726:
4717:
4716:
4714:
4712:
4697:
4691:
4690:
4688:
4686:
4680:
4671:
4654:
4653:
4651:
4649:
4634:
4628:
4627:
4625:
4623:
4606:
4595:
4594:
4592:
4590:
4575:
4569:
4568:
4562:
4557:
4555:
4547:
4515:
4500:
4499:
4497:
4495:
4470:
4459:
4458:
4456:
4454:
4438:
4432:
4431:
4429:
4427:
4412:
4406:
4405:
4403:
4401:
4396:. 1 October 2014
4386:
4380:
4379:
4377:
4375:
4359:
4353:
4352:
4350:
4348:
4337:
4331:
4330:
4310:
4297:
4296:
4294:
4292:
4278:
4272:
4271:
4269:
4267:
4253:
4247:
4246:
4244:
4242:
4227:
4221:
4220:
4214:
4206:
4204:
4202:
4186:
4180:
4179:
4159:
4134:
4133:
4123:
4097:
4071:
4062:
4061:
4051:
4043:
4037:
4036:
4030:
4025:
4023:
4015:
4006:
3997:
3991:
3990:
3988:
3986:
3971:
3965:
3964:
3953:
3944:
3943:
3937:
3929:
3923:
3922:
3916:
3899:(3): 1321–1364.
3888:
3876:
3867:
3866:
3841:
3832:
3831:
3825:
3823:
3808:
3802:
3801:
3779:
3762:
3761:
3759:
3757:
3751:
3743:
3737:
3736:
3734:
3732:
3717:
3711:
3710:
3708:
3706:
3691:
3685:
3684:
3682:
3680:
3669:
3650:
3643:
3637:
3622:
3616:
3605:
3599:
3596:
3500:Shanxi merchants
3474:, including for
3387:investment banks
3322:multipolar world
3286:Rise of New York
3242:, international
3002:History of Genoa
2924:is also located.
2804:Banque de France
2703:
2702:
2664:, including for
2580:and the largest
2391:, international
2284:investment banks
2217:multipolar world
2156:
2155:
2148:
2147:
2135:
2134:
2120:
2119:
2112:
2111:
2099:
2098:
2084:
2083:
2076:
2075:
2063:
2062:
2048:
2047:
2040:
2039:
2027:
2026:
2012:
2011:
2004:
2003:
1991:
1990:
1976:
1975:
1968:
1967:
1955:
1954:
1940:
1939:
1932:
1931:
1919:
1918:
1904:
1903:
1896:
1895:
1883:
1882:
1868:
1867:
1861:
1860:
1850:Washington, D.C.
1848:
1847:
1833:
1832:
1825:
1824:
1812:
1811:
1797:
1796:
1789:
1788:
1776:
1775:
1761:
1760:
1753:
1752:
1740:
1739:
1725:
1724:
1717:
1716:
1704:
1703:
1689:
1688:
1681:
1680:
1668:
1667:
1653:
1652:
1645:
1644:
1632:
1631:
1617:
1616:
1610:
1609:
1597:
1596:
1582:
1581:
1574:
1573:
1561:
1560:
1546:
1545:
1538:
1537:
1525:
1524:
1510:
1509:
1503:
1502:
1490:
1489:
1475:
1474:
1468:
1467:
1455:
1454:
1426:
1422:
1275:dubious purposes
1228:market liquidity
1212:FSF–IMF approach
1086:public offerings
1074:over-the-counter
1062:Trading activity
1052:, insurers, and
1030:asset management
1015:American English
1011:financial center
1007:financial centre
995:
988:
981:
967:Money portal
965:
964:
963:
953:
952:
903:Economic history
865:
864:
798:
797:
696:Deficit spending
670:Transfer payment
636:
635:
564:Transfer pricing
510:Leveraged buyout
484:Enterprise value
438:
437:
353:Letter of credit
338:Futures contract
171:
169:Over-the-counter
158:Foreign exchange
105:
104:
92:
69:
68:
30:For a list, see
21:
7521:
7520:
7516:
7515:
7514:
7512:
7511:
7510:
7481:
7480:
7451:
7446:
7433:
7431:
7418:
7417:
7413:
7403:
7401:
7392:
7381:
7379:
7369:
7365:
7357:
7353:
7343:
7341:
7333:
7329:
7328:
7324:
7314:
7312:
7303:
7302:
7298:
7288:
7286:
7277:
7276:
7272:
7263:
7262:
7258:
7248:
7246:
7241:
7240:
7236:
7226:
7224:
7220:
7216:
7215:
7211:
7201:
7199:
7194:
7187:
7185:
7181:
7177:
7170:
7168:
7165:Financial Times
7159:
7158:
7154:
7144:
7142:
7138:
7134:
7133:
7129:
7119:
7117:
7113:
7109:
7108:
7104:
7094:
7092:
7088:
7084:
7083:
7079:
7069:
7067:
7063:
7059:
7058:
7054:
7044:
7042:
7038:
7034:
7033:
7029:
7019:
7017:
7008:
7007:
7003:
6993:
6991:
6986:
6979:
6977:
6976:. Bloomberg L.P
6972:
6971:
6967:
6957:
6955:
6938:
6936:
6935:on 11 July 2014
6927:
6926:
6922:
6912:
6910:
6896:
6877:
6861:
6857:
6847:
6845:
6841:
6837:
6826:
6824:
6823:on 11 July 2015
6815:
6814:
6810:
6803:
6787:
6783:
6776:
6760:
6753:
6743:
6741:
6732:
6731:
6727:
6717:
6715:
6711:
6707:
6706:
6702:
6692:
6690:
6685:
6684:
6680:
6670:
6668:
6659:
6658:
6654:
6644:
6642:
6633:
6632:
6628:
6618:
6616:
6613:China Spectator
6607:
6606:
6602:
6595:Financial Times
6589:
6588:
6584:
6574:
6572:
6562:
6558:
6548:
6546:
6536:
6532:
6522:
6520:
6510:
6506:
6496:
6494:
6484:
6480:
6470:
6468:
6459:
6458:
6454:
6444:
6442:
6434:
6433:
6429:
6419:
6417:
6412:
6411:
6407:
6400:
6384:
6380:
6370:
6368:
6357:
6353:
6343:
6341:
6337:
6330:
6324:
6317:
6310:
6294:
6290:
6274:
6273:
6268:
6262:
6258:
6248:
6246:
6233:
6232:
6228:
6218:
6216:
6208:
6207:
6203:
6193:
6191:
6186:
6185:
6178:
6168:
6166:
6162:
6158:
6157:
6153:
6143:
6141:
6131:
6127:
6117:
6115:
6110:
6109:
6105:
6095:
6093:
6089:
6082:
6078:
6077:
6073:
6063:
6061:
6052:
6051:
6047:
6037:
6035:
6026:
6025:
6021:
6011:
6009:
6000:
5999:
5995:
5985:
5983:
5980:The Independent
5974:
5973:
5966:
5956:
5954:
5949:
5948:
5944:
5934:
5932:
5923:
5922:
5918:
5908:
5906:
5897:
5896:
5892:
5882:
5880:
5871:
5870:
5866:
5856:
5854:
5844:
5840:
5824:
5823:
5819:
5809:The Irish Times
5803:
5802:
5798:
5777:
5773:
5763:
5761:
5752:
5751:
5747:
5737:
5735:
5730:
5729:
5725:
5712:
5711:
5707:
5700:The Irish Times
5694:
5693:
5689:
5679:
5677:
5673:Financial Times
5666:
5665:
5661:
5652:
5651:
5647:
5642:. 25 July 2017.
5634:
5633:
5629:
5619:
5617:
5613:
5606:
5602:
5601:
5597:
5587:
5585:
5577:
5576:
5572:
5558:
5554:
5544:
5542:
5532:
5525:
5515:
5513:
5504:
5503:
5499:
5490:
5489:
5485:
5475:
5473:
5469:
5465:
5464:
5453:
5443:
5441:
5436:
5435:
5431:
5421:
5419:
5415:
5411:
5410:
5406:
5396:
5394:
5389:
5382:
5380:
5376:
5372:
5365:
5363:
5360:Financial Times
5354:
5353:
5349:
5339:
5337:
5333:
5329:
5328:
5324:
5314:
5312:
5308:
5304:
5303:
5299:
5289:
5287:
5283:
5279:
5278:
5274:
5264:
5262:
5258:
5254:
5253:
5249:
5239:
5237:
5233:
5229:
5228:
5224:
5214:
5212:
5203:
5202:
5198:
5188:
5186:
5181:
5174:
5172:
5171:. Bloomberg L.P
5167:
5166:
5162:
5152:
5150:
5133:
5131:
5130:on 11 July 2014
5122:
5121:
5117:
5112:on 7 July 2015.
5102:
5091:
5081:
5079:
5065:
5046:
5030:
5026:
5016:
5014:
5010:
5006:
4995:
4993:
4992:on 11 July 2015
4984:
4983:
4979:
4972:
4956:
4952:
4939:
4937:
4924:
4923:
4919:
4909:
4907:
4898:
4887:
4885:
4875:
4871:
4863:
4859:
4849:
4847:
4846:on 6 April 2010
4829:
4822:
4812:
4810:
4805:
4798:
4796:
4791:
4790:
4779:
4769:
4767:
4759:
4755:
4754:
4750:
4736:
4734:
4727:
4720:
4710:
4708:
4699:
4698:
4694:
4684:
4682:
4678:
4672:
4657:
4647:
4645:
4635:
4631:
4621:
4619:
4607:
4598:
4588:
4586:
4576:
4572:
4560:
4558:
4549:
4548:
4516:
4503:
4493:
4491:
4489:
4471:
4462:
4452:
4450:
4439:
4435:
4425:
4423:
4413:
4409:
4399:
4397:
4388:
4387:
4383:
4373:
4371:
4360:
4356:
4346:
4344:
4339:
4338:
4334:
4327:
4311:
4300:
4290:
4288:
4280:
4279:
4275:
4265:
4263:
4255:
4254:
4250:
4240:
4238:
4229:
4228:
4224:
4208:
4207:
4200:
4198:
4187:
4183:
4176:
4160:
4137:
4072:
4065:
4049:
4045:
4044:
4040:
4028:
4026:
4017:
4016:
4004:
3998:
3994:
3984:
3982:
3980:www.reuters.com
3972:
3968:
3963:. 23 June 2000.
3955:
3954:
3947:
3942:. 5 April 2000.
3935:
3931:
3930:
3926:
3886:
3882:(August 2013).
3877:
3870:
3861:(24): 103–125.
3842:
3835:
3821:
3819:
3809:
3805:
3798:
3780:
3765:
3755:
3753:
3749:
3745:
3744:
3740:
3730:
3728:
3718:
3714:
3704:
3702:
3692:
3688:
3678:
3676:
3671:
3670:
3663:
3659:
3654:
3653:
3647:central bankers
3644:
3640:
3623:
3619:
3606:
3602:
3597:
3593:
3588:
3536:
3476:Islamic finance
3448:
3430:
3418:Moody's Ratings
3351:capital markets
3316:in Manhattan's
3310:
3288:
3276:Bank of England
3240:debt securities
3212:Baltic Exchange
3192:
3174:
3118:
3112:
3094:which acted as
3086:, and later to
3076:
3062:
3048:
3004:
2990:
2979:medieval France
2967:
2961:
2755:Bolsa de Madrid
2743:Bolsa de Madrid
2666:Islamic finance
2623:
2480:
2474:
2425:Bank of England
2389:debt securities
2359:Baltic Exchange
2315:Moody's Ratings
2248:capital markets
2211:in Manhattan's
2186:
2166:
2129:
2093:
2057:
2021:
1985:
1949:
1913:
1877:
1842:
1806:
1770:
1734:
1698:
1662:
1626:
1591:
1555:
1519:
1484:
1449:
1387:
1381:
1365:
1346:
1267:
1261:
1242:
1214:
1209:
1116:, particularly
1110:rating agencies
1070:clearing houses
999:
961:
959:
947:
935:
934:
905:
895:
894:
886:Fund governance
862:
845:
844:
811:Banking license
802:Bank regulation
789:
760:Deposit account
749:
739:
738:
725:Non-tax revenue
721:
700:
666:
633:
623:
622:
619:
583:
573:
572:
525:Venture capital
489:Risk management
435:
425:
424:
423:
414:Syndicated loan
390:
287:
277:
276:
167:
102:
35:
28:
23:
22:
15:
12:
11:
5:
7519:
7509:
7508:
7503:
7498:
7493:
7479:
7478:
7468:
7462:
7450:
7449:External links
7447:
7445:
7444:
7411:
7363:
7351:
7322:
7311:. 12 July 2007
7296:
7283:Financial News
7270:
7256:
7234:
7209:
7152:
7127:
7102:
7077:
7052:
7027:
7001:
6965:
6920:
6909:on 25 May 2015
6895:978-0262693110
6894:
6876:978-0415320979
6875:
6855:
6808:
6802:978-0191608599
6801:
6795:. OUP Oxford.
6781:
6774:
6751:
6725:
6700:
6678:
6667:on 25 May 2015
6652:
6626:
6600:
6582:
6556:
6530:
6504:
6478:
6452:
6427:
6405:
6399:978-1444390421
6398:
6378:
6367:on 25 May 2015
6351:
6315:
6308:
6288:
6256:
6226:
6201:
6176:
6151:
6125:
6103:
6092:on 25 May 2015
6071:
6045:
6034:. 25 July 2016
6019:
5993:
5964:
5942:
5931:on 26 May 2015
5916:
5890:
5879:. 23 June 2016
5864:
5838:
5817:
5796:
5780:Gabriel Zucman
5771:
5760:on 16 May 2015
5745:
5723:
5705:
5687:
5659:
5645:
5627:
5616:on 5 July 2015
5595:
5570:
5561:Sassen, Saskia
5552:
5523:
5510:Financial News
5497:
5483:
5451:
5429:
5404:
5347:
5322:
5297:
5272:
5247:
5222:
5196:
5160:
5115:
5089:
5078:on 25 May 2015
5064:978-0262693110
5063:
5045:978-0415320979
5044:
5024:
4977:
4971:978-0191608599
4970:
4964:. OUP Oxford.
4950:
4917:
4869:
4857:
4820:
4777:
4748:
4718:
4707:. 12 July 2007
4692:
4655:
4629:
4596:
4570:
4561:|journal=
4501:
4487:
4460:
4449:on 25 May 2015
4433:
4407:
4381:
4370:on 25 May 2015
4354:
4332:
4325:
4298:
4273:
4248:
4222:
4181:
4174:
4135:
4088:(6246): 6246.
4063:
4038:
4029:|journal=
3992:
3966:
3945:
3924:
3880:Gabriel Zucman
3868:
3833:
3803:
3796:
3763:
3738:
3720:Kenton, Will.
3712:
3686:
3660:
3658:
3655:
3652:
3651:
3638:
3617:
3600:
3590:
3589:
3587:
3584:
3583:
3582:
3577:
3572:
3567:
3562:
3557:
3552:
3547:
3542:
3535:
3532:
3429:
3426:
3379:private equity
3287:
3284:
3264:European Union
3182:City of London
3173:
3172:Rise of London
3170:
3111:
3108:
3066:stock exchange
3047:
3044:
3030:periods while
3022:) of the late
2989:
2983:
2960:
2957:
2956:
2955:
2925:
2903:
2871:
2870:
2838:
2837:
2815:
2793:
2786:Borsa Italiana
2771:Borsa Italiana
2763:
2762:
2736:
2735:
2730:
2729:
2700:Deutsche Börse
2678:
2677:
2650:
2649:
2622:
2621:Major IMF RFCs
2619:
2618:
2617:
2614:European Union
2607:
2601:
2570:
2569:
2548:, is based on
2539:
2536:Gabriel Zucman
2513:
2491:in the world.
2473:
2472:Major IMF OFCs
2470:
2469:
2468:
2433:
2432:
2413:European Union
2371:
2370:
2323:
2322:
2276:private equity
2236:
2235:
2185:
2184:Major IMF IFCs
2182:
2165:
2162:
2159:
2158:
2150:
2142:
2139:
2127:
2123:
2122:
2114:
2106:
2103:
2091:
2087:
2086:
2078:
2070:
2067:
2055:
2051:
2050:
2042:
2034:
2031:
2019:
2015:
2014:
2006:
1998:
1995:
1983:
1979:
1978:
1970:
1962:
1959:
1947:
1943:
1942:
1934:
1926:
1923:
1911:
1907:
1906:
1898:
1890:
1887:
1875:
1871:
1870:
1862:
1855:
1852:
1840:
1836:
1835:
1827:
1819:
1816:
1804:
1800:
1799:
1791:
1783:
1780:
1768:
1764:
1763:
1755:
1747:
1744:
1732:
1728:
1727:
1719:
1711:
1708:
1696:
1692:
1691:
1683:
1675:
1672:
1660:
1656:
1655:
1647:
1639:
1636:
1624:
1620:
1619:
1611:
1604:
1601:
1589:
1585:
1584:
1576:
1568:
1565:
1553:
1549:
1548:
1540:
1532:
1529:
1517:
1513:
1512:
1504:
1497:
1494:
1482:
1478:
1477:
1469:
1462:
1459:
1447:
1443:
1442:
1439:
1438:Change in rank
1436:
1433:
1430:
1383:Main article:
1380:
1377:
1364:
1361:
1349:
1348:
1339:
1260:
1257:
1241:
1240:
1236:
1232:
1222:
1213:
1210:
1208:
1205:
1193:securitisation
1189:shadow banking
1161:Cayman Islands
1098:private equity
1001:
1000:
998:
997:
990:
983:
975:
972:
971:
970:
969:
957:
945:
937:
936:
933:
932:
927:
922:
917:
912:
906:
901:
900:
897:
896:
891:
890:
889:
888:
883:
878:
873:
863:
851:
850:
847:
846:
841:
840:
839:
838:
833:
828:
823:
818:
813:
805:
804:
796:
795:
793:Lists of banks
788:
787:
782:
777:
772:
767:
762:
757:
751:
750:
745:
744:
741:
740:
735:
734:
733:
732:
727:
722:
720:
719:
714:
703:
701:
699:
698:
693:
687:
682:
681:
675:
674:
673:
672:
667:
665:
664:
662:Redistribution
659:
653:
651:
643:
642:
634:
629:
628:
625:
624:
621:
620:
618:
617:
612:
606:
604:
599:
594:
584:
579:
578:
575:
574:
569:
568:
567:
566:
561:
556:
551:
546:
537:
536:
530:
529:
528:
527:
522:
517:
512:
504:
503:
499:
498:
497:
496:
491:
486:
481:
476:
471:
466:
461:
456:
451:
443:
442:
436:
431:
430:
427:
426:
422:
421:
416:
411:
406:
401:
396:
389:
388:
382:
377:
367:
366:
365:
360:
355:
350:
345:
340:
335:
330:
325:
320:
310:
305:
300:
295:
289:
288:
283:
282:
279:
278:
273:
272:
271:
270:
265:
260:
252:
251:
245:
244:
243:
242:
237:
232:
231:
230:
220:
215:
210:
208:Angel investor
202:
201:
195:
194:
193:
192:
187:
182:
177:
175:Private equity
172:
165:
160:
155:
150:
145:
140:
135:
130:
125:
120:
112:
111:
103:
98:
97:
94:
93:
85:
84:
78:
77:
26:
9:
6:
4:
3:
2:
7518:
7507:
7504:
7502:
7499:
7497:
7494:
7492:
7489:
7488:
7486:
7476:
7472:
7469:
7466:
7463:
7460:
7456:
7453:
7452:
7441:
7429:
7425:
7421:
7415:
7400:. 6 June 2019
7399:
7395:
7389:
7378:
7374:
7367:
7360:
7355:
7339:
7332:
7326:
7310:
7306:
7300:
7284:
7280:
7274:
7266:
7260:
7244:
7238:
7219:
7213:
7197:
7180:
7166:
7162:
7156:
7137:
7131:
7112:
7106:
7087:
7081:
7062:
7056:
7037:
7031:
7015:
7011:
7005:
6989:
6975:
6969:
6953:
6949:
6934:
6930:
6924:
6908:
6904:
6897:
6891:
6887:
6886:
6878:
6872:
6868:
6867:
6859:
6840:
6834:
6822:
6818:
6812:
6804:
6798:
6794:
6793:
6785:
6777:
6775:9789813108844
6771:
6767:
6766:
6758:
6756:
6739:
6735:
6729:
6710:
6704:
6688:
6682:
6666:
6662:
6656:
6640:
6636:
6630:
6614:
6610:
6604:
6596:
6592:
6586:
6571:
6567:
6560:
6545:
6541:
6534:
6519:
6515:
6508:
6493:
6489:
6482:
6466:
6462:
6456:
6441:
6437:
6431:
6415:
6409:
6401:
6395:
6391:
6390:
6382:
6366:
6362:
6355:
6336:
6329:
6322:
6320:
6311:
6309:9783406456718
6305:
6301:
6300:
6292:
6284:
6278:
6267:
6260:
6244:
6240:
6236:
6230:
6215:
6211:
6205:
6189:
6183:
6181:
6161:
6155:
6140:
6136:
6129:
6113:
6107:
6088:
6081:
6075:
6060:on 8 May 2015
6059:
6055:
6049:
6033:
6029:
6023:
6007:
6003:
5997:
5981:
5977:
5971:
5969:
5952:
5946:
5930:
5926:
5920:
5904:
5900:
5894:
5878:
5874:
5868:
5853:
5849:
5842:
5835:
5831:
5827:
5821:
5814:
5810:
5806:
5800:
5793:
5789:
5785:
5781:
5775:
5759:
5755:
5749:
5733:
5727:
5719:
5715:
5709:
5701:
5697:
5691:
5675:
5674:
5669:
5663:
5655:
5649:
5641:
5637:
5631:
5612:
5605:
5599:
5584:
5580:
5574:
5566:
5562:
5556:
5541:
5537:
5530:
5528:
5511:
5507:
5501:
5493:
5487:
5468:
5462:
5460:
5458:
5456:
5439:
5433:
5414:
5408:
5392:
5375:
5361:
5357:
5351:
5332:
5326:
5307:
5301:
5282:
5276:
5257:
5251:
5232:
5226:
5210:
5206:
5200:
5184:
5170:
5164:
5148:
5144:
5129:
5125:
5119:
5111:
5107:
5100:
5098:
5096:
5094:
5077:
5073:
5066:
5060:
5056:
5055:
5047:
5041:
5037:
5036:
5028:
5009:
5003:
4991:
4987:
4981:
4973:
4967:
4963:
4962:
4954:
4947:
4935:
4931:
4927:
4921:
4906:. 6 June 2019
4905:
4901:
4895:
4884:
4880:
4873:
4866:
4861:
4845:
4841:
4840:Rolling Stone
4837:
4833:
4827:
4825:
4808:
4794:
4788:
4786:
4784:
4782:
4765:
4758:
4752:
4745:
4732:
4725:
4723:
4706:
4702:
4696:
4677:
4670:
4668:
4666:
4664:
4662:
4660:
4644:
4640:
4633:
4618:
4617:
4612:
4605:
4603:
4601:
4585:
4581:
4574:
4566:
4553:
4545:
4541:
4537:
4533:
4529:
4525:
4521:
4514:
4512:
4510:
4508:
4506:
4490:
4488:9780415894852
4484:
4480:
4476:
4469:
4467:
4465:
4448:
4444:
4437:
4422:
4418:
4411:
4395:
4391:
4385:
4369:
4365:
4358:
4342:
4336:
4328:
4322:
4318:
4317:
4309:
4307:
4305:
4303:
4287:
4283:
4277:
4262:
4258:
4252:
4236:
4232:
4226:
4218:
4212:
4197:
4193:
4185:
4177:
4171:
4167:
4166:
4158:
4156:
4154:
4152:
4150:
4148:
4146:
4144:
4142:
4140:
4131:
4127:
4122:
4117:
4113:
4109:
4105:
4101:
4096:
4091:
4087:
4083:
4082:
4077:
4070:
4068:
4060:
4055:
4048:
4042:
4034:
4021:
4014:
4010:
4003:
3996:
3981:
3977:
3970:
3962:
3958:
3952:
3950:
3941:
3934:
3928:
3921:
3915:
3910:
3906:
3902:
3898:
3894:
3893:
3885:
3881:
3875:
3873:
3865:
3860:
3856:
3855:
3850:
3846:
3840:
3838:
3830:
3818:
3814:
3807:
3799:
3797:9781861978585
3793:
3789:
3788:The Economist
3785:
3778:
3776:
3774:
3772:
3770:
3768:
3748:
3742:
3727:
3723:
3716:
3701:
3697:
3690:
3674:
3668:
3666:
3661:
3648:
3642:
3635:
3631:
3627:
3621:
3614:
3609:
3604:
3595:
3591:
3581:
3578:
3576:
3573:
3571:
3568:
3566:
3563:
3561:
3558:
3556:
3553:
3551:
3548:
3546:
3543:
3541:
3538:
3537:
3531:
3529:
3525:
3521:
3517:
3516:Yangtze River
3513:
3509:
3505:
3501:
3496:
3494:
3490:
3485:
3481:
3477:
3473:
3469:
3465:
3461:
3452:
3447:
3443:
3439:
3435:
3425:
3423:
3422:Fitch Ratings
3419:
3415:
3411:
3408:
3404:
3400:
3396:
3392:
3388:
3384:
3380:
3376:
3372:
3368:
3364:
3360:
3356:
3352:
3349:
3345:
3344:public equity
3340:
3338:
3337:New Financial
3335:
3331:
3327:
3323:
3319:
3315:
3309:
3305:
3301:
3297:
3293:
3283:
3281:
3277:
3273:
3269:
3265:
3261:
3257:
3253:
3249:
3245:
3241:
3237:
3236:money markets
3233:
3229:
3223:
3221:
3217:
3213:
3209:
3205:
3201:
3197:
3191:
3187:
3183:
3179:
3169:
3167:
3163:
3159:
3155:
3151:
3147:
3143:
3139:
3135:
3134:market niches
3131:
3127:
3123:
3117:
3107:
3105:
3101:
3097:
3093:
3089:
3085:
3081:
3080:Low Countries
3075:
3071:
3067:
3061:
3057:
3053:
3043:
3041:
3037:
3033:
3029:
3025:
3021:
3017:
3013:
3009:
3003:
2999:
2995:
2988:
2982:
2980:
2976:
2972:
2966:
2953:
2949:
2945:
2941:
2937:
2933:
2929:
2926:
2923:
2919:
2915:
2911:
2907:
2904:
2901:
2896:
2892:
2889:
2888:
2883:
2875:
2868:
2867:
2861:
2857:
2854:
2853:
2850:
2846:
2842:
2835:
2831:
2827:
2823:
2819:
2816:
2813:
2809:
2805:
2801:
2797:
2794:
2791:
2787:
2783:
2780:
2779:
2776:
2772:
2767:
2760:
2759:Latin America
2756:
2752:
2749:
2748:
2744:
2740:
2732:
2731:
2727:
2723:
2719:
2715:
2711:
2707:
2701:
2695:
2692:
2691:
2687:
2682:
2675:
2671:
2667:
2663:
2659:
2655:
2652:
2651:
2647:
2643:
2639:
2635:
2631:
2628:
2627:
2626:
2615:
2611:
2608:
2605:
2602:
2599:
2595:
2594:Bank of China
2591:
2587:
2583:
2579:
2575:
2572:
2571:
2567:
2563:
2559:
2555:
2551:
2547:
2543:
2540:
2537:
2533:
2529:
2525:
2521:
2517:
2514:
2511:
2507:
2506:
2501:
2497:
2494:
2493:
2492:
2490:
2486:
2479:
2466:
2463:
2462:
2458:
2454:
2450:
2446:
2443:, located in
2442:
2437:
2430:
2426:
2422:
2418:
2414:
2410:
2406:
2402:
2398:
2394:
2390:
2386:
2385:money markets
2382:
2378:
2373:
2372:
2368:
2364:
2360:
2356:
2352:
2348:
2344:
2340:
2337:
2336:
2332:
2327:
2320:
2319:Fitch Ratings
2316:
2312:
2308:
2305:
2301:
2297:
2293:
2289:
2285:
2281:
2277:
2273:
2269:
2265:
2261:
2257:
2253:
2249:
2246:
2242:
2241:public equity
2238:
2237:
2233:
2232:New Financial
2230:
2226:
2222:
2218:
2214:
2210:
2206:
2205:New York City
2203:
2202:
2198:
2193:
2189:
2181:
2177:
2175:
2171:
2151:
2143:
2140:
2138:
2133:
2125:
2124:
2115:
2107:
2104:
2102:
2097:
2089:
2088:
2079:
2071:
2068:
2066:
2061:
2053:
2052:
2043:
2035:
2032:
2030:
2025:
2017:
2016:
2007:
1999:
1996:
1994:
1989:
1981:
1980:
1971:
1963:
1960:
1958:
1953:
1945:
1944:
1935:
1927:
1924:
1922:
1917:
1909:
1908:
1899:
1891:
1888:
1886:
1881:
1873:
1872:
1863:
1856:
1853:
1851:
1846:
1838:
1837:
1828:
1820:
1817:
1815:
1810:
1802:
1801:
1792:
1784:
1781:
1779:
1774:
1766:
1765:
1756:
1748:
1745:
1743:
1738:
1730:
1729:
1720:
1712:
1709:
1707:
1702:
1694:
1693:
1684:
1676:
1673:
1671:
1666:
1658:
1657:
1648:
1640:
1637:
1635:
1630:
1622:
1621:
1612:
1605:
1602:
1600:
1599:San Francisco
1595:
1587:
1586:
1577:
1569:
1566:
1564:
1559:
1551:
1550:
1541:
1533:
1530:
1528:
1523:
1515:
1514:
1505:
1498:
1495:
1493:
1488:
1480:
1479:
1470:
1463:
1460:
1458:
1457:New York City
1453:
1445:
1444:
1440:
1437:
1434:
1431:
1428:
1427:
1421:
1419:
1415:
1411:
1407:
1403:
1395:
1391:
1386:
1376:
1374:
1370:
1360:
1358:
1354:
1344:
1340:
1337:
1333:
1332:
1331:
1329:
1325:
1320:
1318:
1314:
1310:
1306:
1302:
1298:
1290:
1286:
1282:
1280:
1276:
1272:
1266:
1256:
1250:
1246:
1237:
1233:
1229:
1224:
1223:
1221:
1219:
1204:
1202:
1198:
1194:
1190:
1186:
1182:
1181:global cities
1176:
1174:
1170:
1166:
1162:
1158:
1154:
1150:
1146:
1142:
1138:
1134:
1133:New York City
1130:
1125:
1123:
1119:
1115:
1111:
1107:
1103:
1099:
1095:
1091:
1087:
1083:
1079:
1075:
1071:
1067:
1063:
1059:
1055:
1051:
1050:pension funds
1047:
1043:
1039:
1035:
1031:
1028:
1024:
1020:
1019:financial hub
1016:
1012:
1008:
996:
991:
989:
984:
982:
977:
976:
974:
973:
968:
958:
956:
951:
946:
944:
941:
940:
939:
938:
931:
928:
926:
923:
921:
918:
916:
913:
911:
908:
907:
904:
899:
898:
887:
884:
882:
879:
877:
874:
872:
869:
868:
867:
866:
861:
860:Financial law
858:
854:
849:
848:
837:
834:
832:
829:
827:
824:
822:
819:
817:
816:Basel Accords
814:
812:
809:
808:
807:
806:
803:
800:
799:
794:
791:
790:
786:
783:
781:
778:
776:
773:
771:
768:
766:
763:
761:
758:
756:
753:
752:
748:
743:
742:
731:
728:
726:
723:
718:
715:
712:
708:
705:
704:
702:
697:
694:
692:
689:
688:
686:
685:
684:
683:
680:
677:
676:
671:
668:
663:
660:
658:
655:
654:
652:
650:
647:
646:
645:
644:
641:
638:
637:
632:
627:
626:
616:
613:
611:
608:
607:
605:
603:
600:
598:
595:
593:
589:
586:
585:
582:
577:
576:
565:
562:
560:
557:
555:
554:Tax inversion
552:
550:
547:
544:
541:
540:
539:
538:
535:
532:
531:
526:
523:
521:
518:
516:
513:
511:
508:
507:
506:
505:
501:
500:
495:
492:
490:
487:
485:
482:
480:
477:
475:
472:
470:
467:
465:
462:
460:
457:
455:
452:
450:
447:
446:
445:
444:
440:
439:
434:
429:
428:
420:
419:Synthetic CDO
417:
415:
412:
410:
407:
405:
402:
400:
397:
395:
392:
391:
386:
383:
381:
378:
376:
372:
369:
368:
364:
361:
359:
356:
354:
351:
349:
346:
344:
341:
339:
336:
334:
331:
329:
326:
324:
321:
318:
314:
311:
309:
306:
304:
301:
299:
296:
294:
291:
290:
286:
281:
280:
269:
266:
264:
261:
259:
256:
255:
254:
253:
250:
247:
246:
241:
238:
236:
233:
229:
228:institutional
226:
225:
224:
221:
219:
216:
214:
211:
209:
206:
205:
204:
203:
200:
197:
196:
191:
188:
186:
183:
181:
178:
176:
173:
170:
166:
164:
161:
159:
156:
154:
151:
149:
146:
144:
141:
139:
136:
134:
133:Capital asset
131:
129:
126:
124:
121:
119:
116:
115:
114:
113:
110:
107:
106:
101:
96:
95:
91:
87:
86:
83:
80:
79:
75:
71:
70:
64:
60:
56:
53:
49:
45:
44:New York City
41:
37:
33:
19:
7474:
7458:
7439:
7434:23 September
7432:. Retrieved
7428:the original
7424:Fox Business
7423:
7414:
7402:. Retrieved
7397:
7387:
7380:. Retrieved
7376:
7366:
7354:
7342:. Retrieved
7325:
7313:. Retrieved
7308:
7299:
7287:. Retrieved
7282:
7273:
7259:
7247:. Retrieved
7237:
7225:. Retrieved
7212:
7200:. Retrieved
7186:. Retrieved
7169:. Retrieved
7164:
7155:
7143:. Retrieved
7130:
7118:. Retrieved
7105:
7093:. Retrieved
7080:
7068:. Retrieved
7055:
7043:. Retrieved
7030:
7018:. Retrieved
7013:
7004:
6992:. Retrieved
6978:. Retrieved
6968:
6956:. Retrieved
6952:the original
6937:. Retrieved
6933:the original
6923:
6911:. Retrieved
6907:the original
6884:
6865:
6858:
6846:. Retrieved
6832:
6825:. Retrieved
6821:the original
6811:
6791:
6784:
6764:
6742:. Retrieved
6737:
6728:
6716:. Retrieved
6703:
6691:. Retrieved
6681:
6669:. Retrieved
6665:the original
6655:
6643:. Retrieved
6638:
6629:
6617:. Retrieved
6612:
6603:
6594:
6585:
6573:. Retrieved
6569:
6559:
6547:. Retrieved
6543:
6533:
6521:. Retrieved
6517:
6507:
6495:. Retrieved
6491:
6481:
6469:. Retrieved
6465:the original
6455:
6443:. Retrieved
6439:
6430:
6418:. Retrieved
6408:
6388:
6381:
6369:. Retrieved
6365:the original
6354:
6342:. Retrieved
6335:the original
6298:
6291:
6259:
6247:. Retrieved
6243:the original
6238:
6229:
6217:. Retrieved
6213:
6204:
6192:. Retrieved
6167:. Retrieved
6154:
6142:. Retrieved
6138:
6128:
6116:. Retrieved
6106:
6094:. Retrieved
6087:the original
6074:
6062:. Retrieved
6058:the original
6048:
6036:. Retrieved
6031:
6022:
6010:. Retrieved
6005:
5996:
5984:. Retrieved
5979:
5955:. Retrieved
5945:
5933:. Retrieved
5929:the original
5919:
5907:. Retrieved
5902:
5893:
5881:. Retrieved
5876:
5867:
5855:. Retrieved
5851:
5841:
5833:
5829:
5820:
5812:
5808:
5799:
5791:
5774:
5762:. Retrieved
5758:the original
5748:
5736:. Retrieved
5726:
5717:
5708:
5699:
5690:
5678:. Retrieved
5671:
5662:
5648:
5640:The Guardian
5639:
5630:
5618:. Retrieved
5611:the original
5598:
5586:. Retrieved
5582:
5573:
5564:
5555:
5543:. Retrieved
5539:
5514:. Retrieved
5509:
5500:
5486:
5474:. Retrieved
5442:. Retrieved
5432:
5420:. Retrieved
5407:
5395:. Retrieved
5381:. Retrieved
5364:. Retrieved
5359:
5350:
5338:. Retrieved
5325:
5313:. Retrieved
5300:
5288:. Retrieved
5275:
5263:. Retrieved
5250:
5238:. Retrieved
5225:
5213:. Retrieved
5208:
5199:
5187:. Retrieved
5173:. Retrieved
5163:
5151:. Retrieved
5147:the original
5132:. Retrieved
5128:the original
5118:
5110:the original
5080:. Retrieved
5076:the original
5053:
5034:
5027:
5015:. Retrieved
5001:
4994:. Retrieved
4990:the original
4980:
4960:
4953:
4945:
4940:23 September
4938:. Retrieved
4934:the original
4930:Fox Business
4929:
4920:
4908:. Retrieved
4903:
4893:
4886:. Retrieved
4882:
4872:
4860:
4848:. Retrieved
4844:the original
4839:
4811:. Retrieved
4797:. Retrieved
4768:. Retrieved
4751:
4742:
4735:. Retrieved
4709:. Retrieved
4704:
4695:
4683:. Retrieved
4646:. Retrieved
4642:
4632:
4620:. Retrieved
4614:
4587:. Retrieved
4583:
4573:
4552:cite journal
4492:. Retrieved
4478:
4451:. Retrieved
4447:the original
4436:
4424:. Retrieved
4420:
4410:
4398:. Retrieved
4393:
4384:
4372:. Retrieved
4368:the original
4357:
4345:. Retrieved
4335:
4315:
4291:24 September
4289:. Retrieved
4285:
4276:
4266:24 September
4264:. Retrieved
4260:
4251:
4239:. Retrieved
4235:the original
4225:
4199:. Retrieved
4195:
4184:
4164:
4085:
4079:
4057:
4041:
4020:cite journal
4012:
3995:
3983:. Retrieved
3979:
3969:
3927:
3918:
3896:
3890:
3862:
3858:
3852:
3827:
3820:. Retrieved
3816:
3806:
3787:
3754:. Retrieved
3741:
3729:. Retrieved
3726:Investopedia
3725:
3715:
3705:27 September
3703:. Retrieved
3699:
3694:Jones, Huw.
3689:
3679:27 September
3677:. Retrieved
3641:
3620:
3607:
3603:
3594:
3504:Rishengchang
3497:
3457:
3377:management;
3369:are the two
3359:U.S. economy
3341:
3336:
3311:
3256:bank lending
3224:
3193:
3119:
3077:
3070:stock market
3040:Luca Pacioli
3005:
2986:
2968:
2944:Johannesburg
2927:
2920:, where the
2905:
2895:Asia-Pacific
2890:
2864:
2855:
2847:building at
2817:
2795:
2781:
2769:The seat of
2750:
2693:
2653:
2629:
2624:
2609:
2603:
2573:
2541:
2524:double Irish
2515:
2503:
2495:
2481:
2464:
2405:bank lending
2338:
2274:management;
2266:are the two
2256:U.S. economy
2231:
2204:
2187:
2178:
2167:
1399:
1372:
1368:
1366:
1357:tax treaties
1350:
1321:
1294:
1278:
1274:
1270:
1268:
1253:
1215:
1177:
1126:
1118:legal advice
1068:and involve
1023:participants
1018:
1010:
1006:
1004:
856:
785:Money supply
770:Full-reserve
755:Central bank
615:Student loan
590: /
502:Transactions
313:Time deposit
257:
248:
199:Participants
128:Asset growth
57:, including
36:
7475:Z/Yen Group
7340:. June 2013
7249:13 December
6994:22 December
6980:22 December
6848:16 December
6518:China Daily
6249:17 November
5852:China Daily
5754:"Key Facts"
5444:13 December
5189:22 December
5175:22 December
5017:16 December
4832:Matt Taibbi
4766:. June 2013
4737:5 September
3608:Tax–neutral
3540:Global city
3472:Middle East
3314:Wall Street
3296:Wall Street
3260:hedge funds
3150:World War I
3120:London and
3082:, first to
3028:Renaissance
2987:city-states
2940:Mexico City
2866:China Daily
2822:South Korea
2662:Middle East
2550:English law
2528:single malt
2510:Conduit OFC
2409:hedge funds
2209:Wall Street
1670:Los Angeles
1235:Luxembourg.
1207:Definitions
1106:reinsurance
1102:hedge funds
1054:hedge funds
323:Credit line
285:Instruments
180:Real estate
143:Derivatives
59:Wall Street
7485:Categories
7459:The Banker
7265:"Contacts"
6575:15 January
6549:15 January
6523:15 January
6497:15 January
6235:"Contacts"
6144:15 January
5857:15 January
5545:15 January
5492:"Contacts"
4622:15 January
4589:15 January
4426:15 January
4095:1703.03016
3822:27 January
3657:References
3432:See also:
3385:. Several
3375:hedge fund
3334:think-tank
3290:See also:
3216:Eurodollar
3176:See also:
3114:See also:
3050:See also:
3026:and early
2992:See also:
2963:See also:
2918:Bay Street
2574:Luxembourg
2530:, and the
2476:See also:
2445:Nihonbashi
2363:Eurodollar
2282:. Several
2272:hedge fund
2229:think-tank
2101:Luxembourg
1343:tax havens
1336:tax havens
1313:tax havens
1263:See also:
1201:tax havens
1197:Luxembourg
1173:Luxembourg
1124:services.
1122:accounting
1096:, such as
853:Regulation
657:Operations
610:Retirement
449:Accounting
333:Derivative
240:Speculator
72:Part of a
7461:magazine.
7382:27 August
7202:9 October
7188:9 October
7171:9 October
7145:9 October
6038:9 October
5986:21 August
5909:9 October
5883:9 October
5680:9 October
5397:9 October
5383:9 October
5366:9 October
5340:9 October
4888:27 August
4850:27 August
4536:219348433
4241:12 August
3731:2 October
3570:Nylonkong
3484:GIFT City
3244:insurance
3220:Eurobonds
3162:Singapore
3158:Hong Kong
3092:Amsterdam
2936:SĂŁo Paulo
2694:Frankfurt
2646:CME Group
2604:Singapore
2542:Hong Kong
2496:Amsterdam
2449:Kabutocho
2393:insurance
2367:Eurobonds
1778:Frankfurt
1563:Singapore
1527:Hong Kong
1153:Frankfurt
1145:Hong Kong
1141:Singapore
1066:exchanges
1034:insurance
915:Recession
876:ISO 31000
559:Tax haven
433:Corporate
348:Insurance
343:Indemnity
249:Locations
138:Commodity
55:Manhattan
6445:16 April
6277:cite web
5563:(2001).
4211:cite web
4130:28740120
3847:(2010).
3534:See also
3528:Shenzhen
3524:Shanghai
3512:Shanghai
3493:Sink OFC
3489:Sink OFC
3166:Shanghai
3138:Brussels
3130:New York
3096:EntrepĂ´t
3032:Florence
3024:medieval
2985:Italian
2952:Malaysia
2856:Shanghai
2806:and the
2790:Euronext
2718:Eurozone
2640:and the
2634:Illinois
2586:renminbi
2578:Eurozone
2164:Examples
1742:Shenzhen
1706:Shanghai
1414:Shenzhen
1371:and the
1363:Rankings
1149:Shanghai
691:Taxation
581:Personal
534:Taxation
409:Security
363:Mortgage
223:Investor
7398:Reuters
7289:5 April
6344:11 July
6194:11 July
5516:5 April
5476:2 March
4904:Reuters
4744:center.
4648:24 July
4544:1890644
4121:5524793
4100:Bibcode
3985:25 June
3829:Monday.
3817:Reuters
3700:Reuters
3520:Beijing
3508:Pingyao
3357:of the
3330:Reuters
3088:Antwerp
3072:), see
2959:History
2906:Toronto
2630:Chicago
2582:captive
2254:of the
2225:Reuters
2065:Beijing
1634:Chicago
1094:finance
1058:issuers
1056:), and
1027:banking
943:Outline
747:Banking
711:balance
709: (
441:General
373: (
328:Deposit
148:Domains
100:Markets
82:Finance
63:fintech
7404:8 June
7344:23 May
7315:25 May
7227:23 May
7120:23 May
7095:23 May
7070:23 May
7045:20 May
7020:24 May
6990:. KPMG
6958:24 May
6939:5 June
6913:23 May
6892:
6873:
6827:5 June
6799:
6772:
6744:24 May
6718:24 May
6693:24 May
6671:25 May
6645:25 May
6619:25 May
6471:25 May
6420:24 May
6396:
6371:23 May
6306:
6219:25 May
6169:2 June
6118:24 May
6096:24 May
6064:24 May
6012:25 May
5957:25 May
5935:25 May
5764:23 May
5738:23 May
5620:23 May
5588:30 May
5422:23 May
5315:23 May
5290:23 May
5265:23 May
5240:20 May
5215:24 May
5185:. KPMG
5153:24 May
5134:5 June
5082:23 May
5061:
5042:
4996:5 June
4968:
4910:8 June
4813:5 June
4799:24 May
4770:23 May
4711:25 May
4643:Forbes
4542:
4534:
4494:29 May
4485:
4453:24 May
4400:24 May
4374:23 May
4347:24 May
4323:
4201:30 May
4172:
4128:
4118:
3864:havens
3794:
3756:24 May
3526:, and
3464:Astana
3444:, and
3420:, and
3367:NASDAQ
3361:. The
3332:, the
3306:; and
3274:, the
3268:Brexit
3188:, and
3146:Geneva
3144:, and
3142:Zurich
3126:Berlin
3104:London
3084:Bruges
3058:, and
3008:Venice
3000:, and
2932:Mumbai
2928:Others
2891:Sydney
2860:Pudong
2849:Pudong
2751:Madrid
2632:. The
2610:Zurich
2526:, the
2516:Dublin
2505:Nature
2423:, the
2417:Brexit
2339:London
2317:, and
2264:NASDAQ
2258:. The
2227:, the
2029:ZĂĽrich
1921:Dublin
1885:Geneva
1492:London
1435:Rating
1432:Centre
1406:London
1394:London
1171:, and
1169:Cyprus
1165:Dublin
1155:; and
1151:, and
1139:, and
1137:London
1104:, and
1036:, and
855:
707:Budget
631:Public
588:Credit
545:(BEPS)
380:exotic
371:Option
235:Retail
153:Equity
109:Assets
74:series
7334:(PDF)
7221:(PDF)
7182:(PDF)
7139:(PDF)
7114:(PDF)
7089:(PDF)
7064:(PDF)
7039:(PDF)
6842:(PDF)
6712:(PDF)
6338:(PDF)
6331:(PDF)
6269:(PDF)
6163:(PDF)
6090:(PDF)
6083:(PDF)
5614:(PDF)
5607:(PDF)
5470:(PDF)
5416:(PDF)
5377:(PDF)
5334:(PDF)
5309:(PDF)
5284:(PDF)
5259:(PDF)
5234:(PDF)
5011:(PDF)
4760:(PDF)
4685:2 May
4679:(PDF)
4532:S2CID
4090:arXiv
4059:(58%)
4050:(PDF)
4005:(PDF)
3936:(PDF)
3887:(PDF)
3750:(PDF)
3586:Notes
3480:India
3154:Tokyo
3122:Paris
3020:Genoa
3012:bonds
2818:Seoul
2796:Paris
2782:Milan
2734:Asia.
2726:EIOPA
2654:Dubai
2465:Tokyo
2457:Japan
2453:Tokyo
2137:Tokyo
1993:Dubai
1957:Paris
1814:Seoul
1410:Z/Yen
1088:, or
1017:) or
454:Audit
404:Stock
190:Stock
163:Money
52:Lower
7436:2015
7406:2019
7384:2015
7346:2015
7317:2015
7291:2018
7251:2014
7229:2015
7204:2016
7190:2016
7173:2016
7147:2016
7122:2015
7097:2015
7072:2015
7047:2015
7022:2015
6996:2013
6982:2013
6960:2015
6941:2015
6915:2015
6890:ISBN
6871:ISBN
6850:2013
6829:2015
6797:ISBN
6770:ISBN
6746:2015
6720:2015
6695:2015
6673:2015
6647:2015
6621:2015
6577:2011
6551:2011
6525:2011
6499:2011
6473:2015
6447:2018
6422:2015
6394:ISBN
6373:2015
6346:2016
6304:ISBN
6283:link
6251:2015
6221:2015
6196:2015
6171:2015
6146:2011
6120:2015
6098:2015
6066:2015
6040:2016
6014:2015
5988:2017
5959:2015
5937:2015
5911:2016
5885:2016
5859:2011
5766:2015
5740:2015
5682:2016
5622:2015
5590:2015
5547:2011
5518:2018
5478:2018
5446:2014
5424:2015
5399:2016
5385:2016
5368:2016
5342:2016
5317:2015
5292:2015
5267:2015
5242:2015
5217:2015
5191:2013
5177:2013
5155:2015
5136:2015
5084:2015
5059:ISBN
5040:ISBN
5019:2013
4998:2015
4966:ISBN
4942:2015
4912:2019
4890:2015
4852:2015
4815:2015
4801:2015
4772:2015
4739:2018
4713:2015
4687:2015
4650:2022
4624:2011
4591:2011
4565:help
4540:SSRN
4496:2015
4483:ISBN
4455:2015
4428:2011
4402:2015
4376:2015
4349:2015
4321:ISBN
4293:2024
4268:2024
4243:2017
4217:link
4203:2015
4170:ISBN
4126:PMID
4033:help
3987:2022
3824:2020
3792:ISBN
3758:2015
3733:2020
3707:2024
3681:2024
3634:FATF
3630:OECD
3460:Asia
3389:and
3365:and
3363:NYSE
3348:debt
3346:and
3250:and
3218:and
3164:and
3128:and
3090:and
3068:and
2950:and
2942:and
2710:euro
2684:The
2590:ICBC
2560:and
2439:The
2399:and
2365:and
2329:The
2286:and
2262:and
2260:NYSE
2245:debt
2243:and
2195:The
1429:Rank
1400:The
1305:FATF
1301:OECD
1127:The
1120:and
780:Loan
717:Debt
592:Debt
375:call
358:Loan
298:Cash
293:Bond
185:Spot
123:Bond
4524:doi
4116:PMC
4108:doi
3909:hdl
3901:doi
3897:128
3626:IMF
3458:In
2141:719
2105:720
2069:721
2033:722
1997:723
1961:724
1925:725
1905:12
1889:726
1854:728
1818:729
1782:730
1746:732
1710:738
1674:739
1638:740
1603:742
1567:747
1531:749
1496:750
1461:763
1297:IMF
1025:in
1013:in
385:put
50:in
46:'s
7487::
7438:.
7422:.
7396:.
7391:;
7386:.
7375:.
7336:.
7307:.
7281:.
7193:;
7176:;
7163:.
7012:.
6985:;
6944:;
6899:;
6880:;
6836:;
6831:.
6754:^
6736:.
6637:.
6611:.
6593:.
6568:.
6542:.
6516:.
6490:.
6438:.
6318:^
6279:}}
6275:{{
6237:.
6212:.
6179:^
6137:.
6030:.
6004:.
5978:.
5967:^
5901:.
5875:.
5850:.
5828:.
5807:.
5786:.
5716:.
5698:.
5670:.
5638:.
5581:.
5538:.
5526:^
5508:.
5454:^
5388:;
5371:;
5358:.
5207:.
5180:;
5139:;
5092:^
5068:;
5049:;
5005:;
5000:.
4944:.
4928:.
4902:.
4897:;
4892:.
4881:.
4838:.
4823:^
4804:;
4780:^
4762:.
4741:.
4721:^
4703:.
4658:^
4641:.
4613:.
4599:^
4582:.
4556::
4554:}}
4550:{{
4538:.
4530:.
4504:^
4477:.
4463:^
4419:.
4392:.
4301:^
4284:.
4259:.
4213:}}
4209:{{
4194:.
4138:^
4124:.
4114:.
4106:.
4098:.
4084:.
4078:.
4066:^
4052:.
4024::
4022:}}
4018:{{
4011:.
4007:.
3978:.
3959:.
3948:^
3938:.
3917:.
3907:.
3895:.
3889:.
3871:^
3857:.
3851:.
3836:^
3826:.
3815:.
3790:.
3786:.
3766:^
3724:.
3698:.
3664:^
3530:.
3522:,
3466:.
3440:,
3436:,
3416:,
3412:–
3302:;
3298:;
3294:;
3234:,
3230:,
3184:,
3180:,
3168:.
3160:,
3156:,
3140:,
3054:,
3042:.
2996:,
2938:,
2930:.
2820:.
2773:,
2600:).
2596:,
2592:,
2455:,
2451:,
2383:,
2379:,
2313:,
2309:–
2176:.
2157:6
2126:20
2121:8
2090:19
2085:9
2054:18
2049:7
2018:17
2013:1
1982:16
1977:7
1946:15
1941:6
1933:11
1910:14
1874:13
1869:5
1839:12
1834:6
1803:11
1798:2
1767:10
1762:2
1726:1
1690:2
1654:4
1618:2
1583:5
1547:8
1511:3
1476:1
1375:.
1338:).
1330::
1203:.
1167:,
1163:,
1147:,
1135:,
1100:,
1084:,
1032:,
1005:A
76:on
7477:.
7408:.
7348:.
7319:.
7293:.
7253:.
7231:.
7206:.
7149:.
7124:.
7099:.
7074:.
7049:.
7024:.
6998:.
6962:.
6917:.
6852:.
6805:.
6778:.
6748:.
6722:.
6697:.
6675:.
6649:.
6623:.
6579:.
6553:.
6527:.
6501:.
6475:.
6449:.
6424:.
6402:.
6375:.
6348:.
6312:.
6285:)
6253:.
6223:.
6198:.
6173:.
6148:.
6122:.
6100:.
6068:.
6042:.
6016:.
5990:.
5961:.
5939:.
5913:.
5887:.
5861:.
5768:.
5742:.
5684:.
5624:.
5592:.
5549:.
5520:.
5480:.
5448:.
5426:.
5401:.
5344:.
5319:.
5294:.
5269:.
5244:.
5219:.
5193:.
5157:.
5086:.
5021:.
4974:.
4914:.
4854:.
4817:.
4774:.
4715:.
4689:.
4652:.
4626:.
4593:.
4567:)
4563:(
4546:.
4526::
4498:.
4457:.
4430:.
4404:.
4378:.
4351:.
4329:.
4295:.
4270:.
4245:.
4219:)
4205:.
4178:.
4132:.
4110::
4102::
4092::
4086:7
4035:)
4031:(
3989:.
3911::
3903::
3859:4
3800:.
3760:.
3735:.
3709:.
3683:.
3632:–
3628:–
2792:.
2648:.
2447:-
2149:1
2113:2
2077:3
2041:1
2005:4
1969:1
1897:6
1826:1
1790:3
1754:2
1731:9
1718:2
1695:8
1682:1
1659:7
1646:3
1623:6
1588:5
1575:1
1552:4
1539:1
1516:3
1481:2
1446:1
1345:)
1303:–
1299:–
1191:/
1009:(
994:e
987:t
980:v
857:·
713:)
387:)
319:)
315:(
34:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
