According a report produced by chairman of think tank Z/Yen, Michael Mainelli, London has replaced New York as the world’s leading financial centre after the Conservative win in the general election and lack of uncertainty regarding taxation.
Alongside this, the Financial Times explains that immigration has not improved or worsened and in turn, has become a concern for all EU countries. Mainelli explains that “you can’t have an international financial centre without international people.” To combat this problem, a referendum will be held on EU membership in 2016 or 2017.
3,200 financial professionals were questioned about their cost of living, office space, quality of internet, transport infrastructure, measures of corruption and political stability.
The ranking is measured on the basis that a city is able to “be flexible and adapt”, according to lobby group, TheCityUK. With New York in second place, Hong Kong, Singapore and Tokyo remained three to five, but Mainelli highlighted that movements in the top five were due to small changes in data.
Toronto, San Francisco and Washington DC all made it into the top 10 but Riyadh fell 43 places to 57th.
The FT also explained that European countries did well as Frankfurt rose five places to move ahead of Luxembourg and Warsaw rose 26 places. Dublin also moved up six places, but Mainelli said that the city had had a difficult time bouncing back from the crisis. “There’s a lot of confidence that Dublin is out there to grab business in wholesale financial markets,” Mainelli said.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Due to the low interest rate environment and Basel III regulation many corporate treasurers, who may have in the past been very reliant on the banking sector to provide them with cash management solutions, have been forced to explore alternative options as banks have been refusing short dated cash deposits.
Apps are a critical part of treasury's shift into mobile banking as 67% of treasury and corporate finance professionals said mobile banking services are of particular interest to them in a recent survey.