The Banker has published the results of its [International Financial Centres (IFC) Survey 2011](http://www.thebanker.com/Reports/Special-Reports/IFCs-2011).

Its rankings confirm that “*New York and London still firmly sit at the top.”* The other 8 IFCs making up the top ten are Singapore, Frankfurt, Hong Kong, Paris, Toronto, Dubai, Zurich and Luxembourg. Indications are, however, that there will be growth of certain emerging market hubs, as the traditionally dominant IFCs are having to cope with post-crisis regulation. This gives the smaller and newer jurisdictions an opportunity to *“steal a march on them”*.

The Report says, *“With a growing ability to invest in their financial centres, and the possibility of benefiting from regulatory arbitrage while New York and London adopt heavier financial markets rules, emerging markets the world over are jostling for position. If it is hard to imagine a shift of significant business away from established hubs in the short term, it is very plausible to at least expect the reallocation of some financial activities to smaller jurisdictions in the next few years. It will be interesting to see what effects this will bring to the global map of IFCs.”*

In addition to providing the overall rankings for IFCs as well as the regional rankings, the Banker report ranked:

* Financial Markets
* New Foreign Listings (2010)
* International Debt Securities
* Stock Market Capitalisation
* Outward FDI in the Financial Sector
* Foreign Listings (2010)
* Assets Under Management
* Foreign Exchange Turnover
* Inward FDI in the Financial Sector
* Stock Index Options
* Business Friendliness
* Cost Factors
* Specialised Financial Centres

The 2011 report also includes rankings on the “Factors Influencing Investors’ Decisions to Manage Funds within a Country or Region” and the “Most Attractive Financial Centres for Managing Emerging Market Investments”.

**Methodology**
The Banker’s ranking of international financial centres is based on data from a range of sources, including financial markets indicators, economic potential and business environment factors. The ranking focuses on the level of international business and the value offered to international institutions seeking to expand their international operations.

The Banker has surveyed each specialised IFC and compiled a separate table using data relevant to these locations. Publicly available data sources were used, as well as The Banker Database and fDi Intelligence.