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Global Financial Centres (GFC7)
March 2010
The seventh Global Financial Centres report, commissioned
and published by the City of London and produced by Z/Yen Group
Limited, combines survey responses from financial services
professionals around the world with external indices to produce
ratings and rankings of competitiveness for the world’s leading 75
financial centres. This edition adopts a new approach to profiling
different types of centres along new dimensions of competitiveness,
reflecting how well connected they are in the global financial
architecture, and how diversified their services are. The survey
covers the period from July to December 2009.
The City's Role in Providing for the Public Equity Financing
Needs of UK SMEs
March 2010
This report assesses the contribution made by the City
(UK financial services) in meeting the equity finance needs of
small and medium-size enterprises (SMEs) in the UK. The study seeks
to explore the role of public equity markets in the SME funding
ladder. While primarily equity focused, the research also considers
the provision of other forms of financing, such as business angels
and venture capitalist financing. The research is being carried out
by URS, Bourse Consult and Strathclyde University.
2009 Research Review
February 2010
An overview of the City of London's research publications
programme during 2009. This round up documentreviews all
publications under five key areas of activity: London and the
UK Economy, City Industries, Competitiveness, Financial
Regulation, and Employment & Regeneration
London's Place in the UK Economy 2009-10
October 2009
In the eighth edition of this annual flagship publication, the
London School of Economics evaluates and measures London's pivotal
importance to the health and success of the wider UK economy. As in
previous years, this report includes an estimate of the net
contribution of the London economy to the UK public finances, but
also analyses London's position as an economic gateway to other
regions in the UK. The special article in this edition of the
report focuses on outer London's place in the wider London economy,
looking particularly at its interlinkages with central London.
The Global Financial Centres Index (GFCI) 6
September 2009
The sixth edition of the Global Financial Centres Index,
commissioned and published by the City of London and produced by
Z/Yen Group Limited, combines survey responses from financial
services professionals around the world with external indices to
produce ratings and rankings of competitiveness for the world’s
leading 72 financial centres. The survey covers the period from
January to July 2009.
The Importance of Wholesale Financial Services to the EU
Economy 2009
September 2009
This is the fourth edition of this annual report,
produced by London Economics, which investigates the role,
structure and importance of wholesale financial services in the
European Union. The report takes a comprehensive look at the
sector, highlighting the scale and the range of activities
undertaken by wholesale financial institutions. It examines
the recent problems faced within the sector, and takes a realistic
view of its medium term prospects.
An Assessment of the City’s ICT Infrastructure
June 2009
The City of London have commissioned SAMI Consulting to provide
insight into the attractiveness to business of the City of London
and its fringes in terms of its provision of ICT infrastructure,
following on from "The City of London ICT Infrastructure Review”
published in 2001 (the last piece of research to be published on
the network infrastructure of the Square Mile). There have
been many changes in the IT & Telecoms industry since this
time, and a number of strategic issues need to be addressed
relating to new forms of technology by the City. This report will
study existing ICT infrastructure and the future ICT requirements
of businesses in the Square Mile and its immediate fringes.
Challenges & Opportunities for Financial Services in
Brazil
May 2009
The City of London has commissioned research into the
challenges and opportunities presented by Brazil, a major emerging
market and conduit for financial activity across Latin
America. Brazil has seen accelerated development and has
substantial and recognised potential for becoming a global economic
player. Over the past ten years it has demonstrated a significant
break with past instabilities – inflation has been controlled,
government has been stabilised and markets have broadened. This has
reinforced its role both as a primary resource exporter, especially
in the area of biofuel energy, but also in the rapid development of
a broad and balanced domestic market. Stability has allowed a
broadening of both product and service markets, with an opportunity
for considerable expansion of retail and wholesale financial
services markets. Trusted Sources, the City of London’s
commissioned consultants for this work, will investigate financial
services, project finance, agribusiness, competition in capital
markets, and economic and political vulnerabilities, identifying
opportunities for UK-based businesses in this exciting emerging
market.
Assessing the Effectiveness of Enforcement and Regulation
April 2009
The City of London Corporation, the London Investment Banking
Association (LIBA), the International Capital Market
Association (ICMA), the Securities Industry and Financial
Markets Association (SIFMA) and the Futures and Options
Association (FOA) have commissioned a piece of research with the
aim of contributing to the current debate on the effectiveness of
enforcement and capital market regulation in different
countries.
Both recent and ongoing developments in capital markets stemming
from the current crisis, and moves by some regulatory
authorities to consider mutual recognition of comparable regulatory
regimes form the background to this project. The former
brings to light market and regulatory failures that have
engendered a fundamental review of the approach taken to the
regulation of capital markets; the latter brings the challenge that
regulatory authorities, interested in reaching mutual recognition
agreements, need to assess other regimes on the basis that they
deliver broad equivalence in terms of outcomes, and to avoid
defaulting to measures of regulatory inputs. The purpose of this
study is to help to shape the debate on these two issues.
Global Financial Centres Index (GFCI)
5
March 2009
The fifth edition of the Global Financial Centres Index,
commissioned and published by the City of London and produced by
Z/Yen Group Limited, combines survey responses from financial
services professionals around the world with external indices to
produce ratings and rankings of competitiveness for the world’s
leading 62 financial centres. The survey covers the period from
July to the end of December 2008.
2008 Research Review
February 2009
An overview of the activities of the City of London's research
programme during 2008. This document reviews all publications under
five key areas: London and the UK Economy, City Industries,
Competitiveness, Financial Regulation, and Employment &
Regeneration.
London's Place in the UK Economy, 2008-09
October 2008
In the seventh edition of this annual flagship publication, the
London School of Economics evaluates and measures London's pivotal
importance to the health and success of the wider UK economy. As in
previous years, this report includes an estimate of the net
contribution of the London economy to the UK public finances, but
also analyses London's position as an economic gateway to other
regions in the UK. A special topic included in this edition is an
analysis of the variations in economic performance between the
London boroughs.
The Future of Asian Financial Centres – Challenges and
Opportunities for the City of London
October 2008
The City of London commissioned Research Republic to investigate
the challenges and opportunities from Asian financial centres for
the UK-based international financial services sector. The
most recent
Global Financial Centres Index (GFCI) research report,
GFCI 4, confirmed that London and New York are currently
the only two truly global financial centres whilst highlighting
Singapore, Hong Kong and Tokyo as the leading Asian financial
centres. As the centre of gravity in the international
economy increasingly shifts towards Asia, Asian financial centres
will increase in importance. This report examines whether they will
be able to challenge global financial centres and explores the
opportunities they may offer.
The Global Financial Centres Index (GFCI) 4
September 2008
The fourth edition of the
GFCI, produced by Z/Yen Group Limited, again produces a
ranking of competitiveness for the leading financial centres in the
world. Rating scores are produced by combining data from external
indices of competitiveness with the results of an online survey
completed by financial services professionals from around the
world. This edition features the latest survey responses (collected
between February and July 2008), new centres and updated
external data.
The City of London's Supply Chain and its Relationship with
the City Fringes
September 2008
This report, carried out by the centre for economic and business
research (cebr), was commissioned with City Fringe
Partnership. The research examines which sectors in the City
fringes are trading with City businesses, ascertains what barriers
exist that may discourage trading and makes recommendations on
business support measures to help facilitate local purchasing.
The Importance of Wholesale Financial Services to the EU
Economy 2008
July 2008
This report, produced by London Economics, builds upon the
The Importance of Wholesale Financial
Services to the EU Economy 2007 and investigates
the role, structure and importance of wholesale financial
services in the European Union. The specific topic for
this year’s report is the EU’s wholesale finance market and its
various competitors under a range of differing scenarios, such
as changing demographics, the rise of Asia and emerging market
economies, the impact of regulation and the consequences of
recent market turbulence. The impact of these forecasts for the
EU growth rate, its country constituents and its key competitors
is also considered.
Aviation Services and the City
July 2008
Recent research commissioned by the City of London has shown
that the choices made by international financial services firms and
the staff they employ are being influenced increasingly by
non-market factors such as transport infrastructure. York Aviation
was commissioned to provide up-to-date evidence of the City’s
requirements for air travel, taking into account the various
changes that have affected the aviation sector in the period
since previous research on aviation was
produced in 2002. The findings of this report reinforce
the view that good access to air services is critical in
supporting London’s role as the world’s leading international
financial and business centre.
The Competitive Position of the Gulf as a Global Financial
Centre
May 2008
The City of London Corporation appointed the ICMA Centre at the
University of Reading to examine the relationships between the
UK-based international financial services sector and the Arabian
Gulf states in the Gulf Co-operation Council (GCC). As Gulf states
use their oil wealth to fund economic diversification, transactions
flows between the City of London and the GCC have increased
considerably in recent years. Of particular interest is the
development of emerging international financial centres in the GCC
and the extent to which these centres interact with and offer
opportunities and challenges to the City.
The Impact of City Businesses in addressing Social
Disadvantage
March 2008
This report, by Oxford Economics, has been commissioned by the
City of London Corporation in collaboration with Heart of the City
to investigate the social and economic impact of Corporate
Community Investment programmes of the Financial and Professional
Business Services sector. The report considers different
approaches to impact measurement, uses existing datasets to
estimate the financial contribution (inputs) that these companies
make, investigates direct outputs, and uses a number of case
studies to illustrate the effect these programmes have had within
the wider community (the social return on investment).
Sustainability Assessment of Global Financial Centres
March 2008
This report, by URS Corporation Ltd., examines the
sustainability practices of four major global financial centres:
London, New York, Sydney and Tokyo. The sustainability challenges
facing these cities are explored and their policies and responses
are described in detail, including examples of best practice. One
chapter focuses on environmental finance approaches in these
centres, and the report also presents a model for assessing the
sustainability attributes of cities, rating London against these
indices.
The Global Financial Centres Index (GFCI) 3
March 2008
The GFCI evaluates the competitiveness of financial centres
worldwide by bringing together the results of online surveys
completed by financial services leaders and separate indices of
competitiveness. The third edition of the GFCI, produced by
Z/Yen Group Limited, includes a special feature on the role of
skills in a financial centre's competitiveness.
The Impact of Taxation on Financial Services Business Location
Decisions
February 2008
This report, by CRA International, examines recent
trends in UK taxation and their effect on City firms. It
examines all aspects of the UK tax regime and reflects a number of
interviews with senior decision-makers in the City. It concludes
that the UK corporate and personal tax regimes, and the manner of
their implementation, are impacting detrimentally on the
competitiveness of the UK financial services sector and beginning
to affect business location decisions.
The Development of India’s Corporate Debt Market
February 2008
This report, by the ICMA Centre at the University of Reading,
examines the potential for development of the corporate debt market
in India, and the conditions that might promote this. The analysis
combines desk research of India-specific literature and work in
related markets, in conjunction with interviews with senior
industry figures in India. Both market-specific issues and
economy-wide factors are examined, and the report makes a number of
practicable recommendations which have the potential for swift
implementation.
2007 Research Review
January 2008
An overview of the activities of the City of London's research
programme during 2007. This document reviews all publications under
five key areas: London and the UK Economy, City Industries,
Competitiveness, Financial Regulation, and Employment &
Regeneration. The review also includes an additional section on the
contribution of financial and professional business services to the
City of London, Greater London and UK economies.
The impact of churn and migration on population estimates for
Central London
December 2007
This research was commissioned from the London School of
Economics by Central London Forward (CLF), a new cross sector
alliance led by six Central London boroughs. The report shows that
Central London is absorbing a disproportionate concentration of
international migrants and has a transient population of visitors,
migrants and commuters much larger and more rapidly growing that in
any other urban area within the UK.
The Role of the Commercial Sector in Economic
Development
November 2007
A group of academics and consultants affiliated with London
South Bank University was appointed to identify and evaluate
different models for private sector delivery of economic
development services in the areas of: i) Business enterprise and
support; ii) Training and skills; iii) Property portfolio and asset
management; iv) Public realm and urban space management. The
research examines a range of delivery models, evaluating their
efficacy and cost-effectiveness and assesses the scope for a
greater involvement of the commercial sector in this work.
London's Place in the UK Economy, 2007 - 08
October 2007
In the sixth edition of this annual report, Oxford Economics
evaluates and measures London's pivotal importance to the health
and success of the wider UK economy. Special topics in this edition
include the future of manufacturing in London; the role of tourism;
and the threats and opportunities for London from emerging market
economies.
The Global Financial Centres Index (GFCI) 2
September 2007
This is the second edition of the GFCI, produced by Z/Yen Group
Limited. The GFCI evaluates the competitiveness of 50 financial
centres worldwide by bringing together the results of online
surveys completed by financial services leaders and 54 separate
indices of competitiveness.
The Impact of Recent Immigration on the London Economy
July 2007
This report, by the London School of Economics and Political
Science, examines the impact of recent, current and projected waves
of international migration both on the competitiveness of the
London economy and on the economic welfare of residents and
workers. The report finds that years of unprecedented
migration to London have strongly boosted the London economy and
had a neutral effect on housing rental – but boroughs need a change
in Government policy to adapt to increasing pressures on public
services.
Comparative Implementation of EU Directives (lll) - Insurance
Mediation
May 2007
This report, by CRA International, surveys the implementation of
the Insurance Mediation Directive (IMD) across the EU15 and
provides a detailed comparative analysis of the process in four
countries: France, Germany, the Netherlands and the UK. The report
analyses the manner and impact of implementation of IMD upon
insurance intermediaries throughout the EU.
The Importance of Wholesale Financial Services to the EU Economy
2007
May 2007
The centre for economic and business research (cebr)
investigates the role, structure and importance of wholesale
financial services in the European Union. The report
contributes to the debate on how to evaluate the economic impact of
the Financial Services Action Plan (FSAP) and on the timeliness of
the exercise. It also investigates the importance of
wholesale financial services to the EU economy within the context
of globalisation; analyses the degree of integration within
European wholesale financial services; and analyses the impact and
importance of clusters within the industry.
Stamp duty: its impact and the benefits of its abolition
May 2007
This report, written by Oxera and commissioned by the City of
London Corporation, the London Stock Exchange, the Association of
British Insurers and the Investment Management Association,
assesses the impacts of abolishing stamp duty. The report looks at
the impacts of stamp duty on the cost of capital of UK listed
companies; savers with particular reference to pensions; trading
behaviour and investment decisions; and government expenditure and
tax revenues.
City of London Resident Population Analysis
April 2007
This is the first time the City has published a comprehensive
document presenting all the demographic, health and education
information and statistics for its residents in the Square
Mile.
The report is a planned response, in partnership with the City
& Hackney Primary Care Trust, to the Government White Papers
Every Child Matters, Our Health, Our Care Our Say and
Commissioning framework for health and well-being.
The Competitive Impact of London’s Financial Market
Infrastructure
April 2007
This report, written by Bourse Consult, analyses the development
of London’s financial market infrastructure, assesses its impact on
the City’s performance, and identifies the policy imperatives that
should be addressed to sustain competition and international
competitiveness in the future.
The Global Financial Centres Index (GFCI) 1
March 2007
The GFCI, produced by Z/Yen Group Ltd, evaluates the
competitiveness of 46 financial centres worldwide. This
edition is the first of what will be a biannual index, charting how
financial centres rate relative to each other on an ongoing
basis.
The European Post-Trading Industry: Assessing the Impact of Market
and Regulatory Changes
February 2007
NERA Economic Consulting examines the European Commission's
recent Working Document on the post-trading industry and analyses
the potential strengths and weaknesses of this approach. The report
aims to assist both the Commission and the industry in moving
towards the shared goal of more efficient and cost-effective
financial market infrastructure.
2006 Research Review
January 2007
An overview of the activities of the City of London's research
programme during 2006. This document reviews all publications under
four broad topics: London and the UK Economy, City Industries,
Financial Regulation and Employment. An additional section features
a digest of statistics relating to the City.
Comparative Implementation of EU Directives (ll) - Money
Laundering
December 2006
The British Institute of International and Comparative Law
(BIICL) examines the comparative implementation of the EU Second
Money Laundering Directive. The report examines the way in which
the Directive has been implemented in the United Kingdom, Spain,
Italy, Greece, Poland and Lithuania and the arrangements for
monitoring and enforcing compliance with the legislation. It is
hoped that the findings of the report will help to identify the
changes that will be required to implement the Third Money
Laundering Directive by December 2007.
London's Place in the UK Economy, 2006-07
November 2006
In the fifth edition of this annual report, Oxford Economic
Forecasting highlight the increased importance of London’s wealth
and tax generating capabilities at a time when the overall UK
budget balance is continuing to deteriorate. The report gives a
clear message to policy makers that London’s continued growth and
high productivity are critical for the future health of the
nation.