Cayman moves up GFCI rankings
(CNS Business): The Cayman Islands has taken a big leap in the most recent rating of financial centres, the Global Financial Centres Index 17 (GFCI 17). In the March 2015 report, Cayman moved up 15 spots in the global listings since last year, surpassing competing jurisdictions like the Channel Islands, Bermuda and the Bahamas.
“The Cayman Islands was ranked at 54 in the last report published in September and it is indeed very pleasing to see the significant move upwards to 39 in the rankings,” Jude Scott, CEO of Cayman Finance said.
The index also revealed that the Cayman Islands is the second highest ranked jurisdiction in the Latin America and Caribbean region.
“The index is partly based on perception and we therefore think that this is a positive reflection of how representatives of the world’s financial services industry views the Cayman Islands,” added Scott.
In the seventeenth edition of GFCI, published twice a year in March and September, the report states that Cayman showed strong improvements following falls in the GFCI 16. In September 2014, the Cayman Islands dropped 11 ranks from the report conducted earlier that year when they held the 43rd spot in the GFCI 14.
However, the Cayman Islands global average score of 633 is down slightly from 635 last year.
New York, London, Hong Kong and Singapore remain the four leading global financial centres in the report. New York held its top spot by only a one-point difference on the 1,000-point scale. The report shows overall GFCI ratings are slightly up and volatility in ratings remains low.
The Global Financial Centres Index provides profiles, ratings and rankings for 82 financial centres, drawing on two separate sources of data, instrumental factors and responses to an online survey. The GFCI is compiled of responses of an online questionnaire completed by international financial services professionals. In the GFCI 17 over 2,000 respondents participated in the survey.
Category: Finance, Financial Services
A troubled financial industry gets a top ranking…Imagine that? CIMA barely even have a grasp on the banking system they are charged with governing, yet Cayman officials can purport to have a high-ranking, global presence. I guess 15th place isn’t a bad for being entrenched in global fraud.