Financial center

Financial center - area with a high intensity of institutions associated with finances. Depending on the area occupied they may be districts, cities, countries or larger areas. An important part which underlines the importance of financial centers is the accumulation of various related institutions associated with finances. The infrastructure connecting individual units allows to develop and increase the importance of individual centers.

Definition

Financial centers brings together banking institutions, financial marketers and insurance, asset management and all services supporting these activities. Among professions employed in financial centers units there are brokers, bankers, insurers or state officials. Employees are the most important people employed in world finances. Actions taken by financial centers focus on broadly defined financial services. The most important of them:

• accepting deposits
• loans and loan plans
• insurance
• sale of bonds and shares
• currency exchange
• trade in natural resources

Examples of institutions appearing in the financial center

There are several types of institutions that can be located in the financial centum:

• banks
• stock exchanges
• brokerage companies
• insurance companies
• public institutions

Financial centers in the world

There are many globally and regionally key vines in the world. Among the most important are :

• New York

one of the most important places on the financial map of the world. The key part is Wall Street in the South Manhattan. This street brings together the main US financial institution; New York Stock Exchange, American Stock Exchange, New York Trade Commission.

• London

Until the Brexit, the most important and the largest financial center in the world. It is still the seat for powerful companies, banks and financial institutions have their headquarters in the city, such as Lloyd's of London, Prudential plc, Unilever or the European Bank for Reconstruction and Development. Here you can find, among others Stock Exchange in London - the largest stock exchange in Europe and a leader in the world, ICE Futures Europe - the world's largest metals exchange and the London Stock Exchange - the world's largest metal exchange

• Hong Kong

Hong Kong belongs to the financial and commercial centers in the world. It is the leading trade center in the world. To a large extent, this is the result used by China as a trading agent - a window to the world - in foreign trade. Hong Kong is one of many investment recipients in the world. It is also one of this category. Thanks to the fact that we have such devices as: favorable geographical location, stable political and socio-economic system, developed infrastructure and telecommunications, and financial market, efficient supervision system, low taxes and availability are more advanced in the big international city center. The enclave is one of the best-known tax havens in the world. There is one of the simplest tax systems.

• Singapore

The biggest financial center in Asia. The most developed fields are currency exchange, trading and growing property management.

Footnotes

Financial center — recommended articles

Development bank — World Bank — World insurance — Globalization — Non-profit organization — Global bank — Emerging market economy — Capital flow — Home market

References

• Financial Centres: What, Where and Why?, (2019), The University of Western Ontario
• Cassis, Youssef (2006), Capitals of Capital: A History of International Financial Centres, Cambridge, UK: Cambridge University Press.
• Sassen S.(2018), Cities in a World Economy, SAGE Publications

Author: Mikołaj Kuśnierz