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TheGlobalFinancialCentresIndex26September2019FinancialCentreFutures2|TheGlobalFinancialCentresIndex26InMarch2007,Z/YenandtheCityOfLondonreleasedthefirsteditionoftheGFCI,whichcontinuestoprovideevaluationsofcompetitivenessandrankingsforthemajorfinancialcentresaroundtheworld.Wearepleasedtopresentthetwenty-sixtheditionoftheGlobalFinancialCentresIndex(GFCI26).InJuly2016,Z/YenandtheChinaDevelopmentInstitute(CDI)inShenzhenestablishedastrategicpartnershipforresearchintofinancialcentres.WecontinueourcollaborationinproducingtheGFCI.TheGFCIisupdatedeveryMarchandSeptemberandreceivesconsiderableattentionfromtheglobalfinancialcommunity.Theindexservesasavaluablereferenceforpolicyandinvestmentdecisions.Z/YenistheCityofLondon'sleadingcommercialthink-tank.Z/Yenwasfoundedin1994topromotesocietaladvancethroughbetterfinanceandtechnology.Z/Yenhasbuiltitspracticearoundacoreofhigh-poweredprojectmanagers,supportedbyexperiencedtechnicalspecialistssothatclientsgetexpertisetheyneed,ratherthanjustresourcesavailable.ThefirmisheadquarteredinLondon,butZ/Yeniscommittedtothe‘virtualoffice’conceptandisanintenseuseroftechnologyinordertoimproveflexibilityandbenefitstaff.TheCDIisaleadingnationalthink-tankthatdevelopssolutionstopublicpolicychallengesthroughbroad-scopeandin-depthresearchtohelpadvanceChina’sreformandopening-uptoworldmarkets.TheCDIhasbeenworkingonthepromotionanddevelopmentofChina’sfinancialsystemsinceitsestablishment30yearsago.Basedonrigorousresearchandobjectiveanalysis,CDIiscommittedtoprovidinginnovativeandpragmaticreportsforgovernmentsatdifferentlevelsinChinaandcorporationsathomeandabroad.Theauthorsofthisreport,MarkYeandleandMikeWardle,wouldliketothankBikashKharel,MichaelMainelli,CarolFeng,PengYu,andtherestoftheGFCIteamfortheircontributionswithresearch,modelling,andideas.TheGlobalFinancialCentresIndex26|1ForewordFinancialcentresarekeytosustaineconomicgrowth,astheyprovidetheinfrastructureforinvestmentandsavingsthatdrivesentrepreneurialendeavours.Theirprimepurposeistomeetgrowingglobalfundingneeds,andtheseareexpectedtobeparticularlyhighforthenexttentotwentyyears.Inaworldconfrontedwithcomplexissues-includingtechnologicaldisruption,climatechange,ageingpopulationsandsocialissues-accesstomarketfinancing,acceleratedmarketopeningandthecompetitivenessofthefinancialcentreshavebecomemajornewchallenges,forthesatisfactionofeconomicandsocialneeds.Thecollectionofdataonthedifferentfinancialcentresisthereforeofutmostimportanceandshouldprovideasobjectiveananalysisaspossible.Inthiscontext,theParisFinancialCentrestrivestodevelopafinancialindustrythatservessocietyandcontributestoarealandsustainableeconomy.Tothisaim,itintendstocapitaliseonitsstrongassets,whichalloweditsmovinguptenplacesintheGFCISeptemberedition.Indeed,Parisistheonly‘globalcity’intheEU,onaparwithLondon,andtheleadingfinancialcentreintheEU27.Italsobenefitsfromacompleteecosystem,includingclients,talentsandqualityinfrastructures,aswellasfromaregulationrecognisedatinternationallevelandaqualitydialoguebetweenregulatorsandmarketparticipants.Inaddition,theParisFinancialCentrehasbenefitted,sincetheelectionofPresidentMacron,fromastronginvolvementoftheFrenchpublicauthoritiestoconsolidateitspositionasaleadingfinancialcentre.Andwhathasbeenannouncedhasbeenimplemented.Theflexibilityoflabourlaw,taxation-inparticularinrelationtoimpatriates-thecostoflabourandinfrastructures-e.g.theinternationalschoolingoffer-haveallbeensignificantlyimproved.Today,theParisFinancialCentreisunfoldinganewstrategytoconsolidateitspositionasfinancialcentreofthefutureinEurope,basedonthreemainpriorities:•afully-fledgedfintechecosystem-withstrivingcompanies,alargetalentpool,asignificantnumberofincubators,andthesupportofFrenchauthoritiesandregulators;•sustainableandenvironmentalfinance-Parisistheworldleaderingreenbondissuesandadrivingforceinthetransformationtowardsalow-carboneconomy;•infrastructurefinancing.ItalsointendstoincreaseitscontributionatEuropeanandinternationallevel.AugustinRomanetChairmanParisEUROPLACE2|TheGlobalFinancialCentresIndex26GFCI26SummaryAndHeadlinesOverview•Weresearched114centresforthiseditionoftheGlobalFinancialCentresIndex(GFCI26).Thenumberoffinancialcentresinthemainindexhasincreasedfrom102to104withtheadditionofSantiagoandNanjing.Therearetenassociatecentresawaitingpotentialinclusioninthemainindex.•Performanceacrosstheindexshowedslightlyreducedconfidence,withtheoverallratingsfallingaround2.5%fromGFCI25.Thirty-oneofthe104centresfellintheratings,includingallofthetopfivecentres.Twelvecentresrose10ormoreplacesintherankingsandtenfell10ormoreplaces.•SevenofthetoptenplacesintheindexarenowtakenbyAsia/Pacificcentres,continuingtheregion’sstrongperformanceoverrecentyears.•Overall,tradewars,geopoliticalunrest,andBrexitareintroducingsignificantadjustmentstomedium-termperceptions.FinTechIndex•Forthefirsttime,wehavedevelopedaseparateindexrankingfinancialcentresascompetitiveplacesforFinTech.•BeijingandShanghaileadtheFinTechrankings,andfiveofthetopsevencentresforFinTechareChinese.•NewYork,London,Singapore,SanFrancisco,andChica