ASEAN KEY DESTINATIONS
Singapore is #4 financial centre
Hong Kong was third behind New York and first-placed London in the Global Financial Centres Index, which ranks 75 financial hubs based on surveys of professionals and criteria including business environment, market access and infrastructure.
'There remains no significant difference between London and New York (in the ratings).
Respondents continue to believe that these centres work together for mutual benefit,' according to the twice-annual report produced by London-based think tank Z/Yen Group.
'Hong Kong has joined London and New York as a genuinely global financial centre. Singapore may well join this trio soon.' Singapore placed fourth in the top 10 followed by Tokyo, Shanghai, Chicago, Zurich, Geneva and Sydney.
'The top four centres control a large proportion of financial transactions (more than 70 per cent of equity trading)...(and) are likely to remain powerful financial centres for the foreseeable future,' the report said.
Asia 'continues to exhibit enhanced competitiveness' with Shanghai breaking into the top 10 and Seoul cracking the top 25, the report said. The survey polled 1,876 finance industry professionals.
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