For the fourth consecutive year, the Cayman Islands has received the accolade as top jurisdiction as a “specialised finance centre” in The Banker magazine’s 2012 survey of international financial centres, beating all other financial centres globally in this category.
Cayman Finance Chairman Richard Coles said achieving such a high ranking underscores the superlative level of excellence offered by Cayman’s financial service providers.
“The Cayman Islands has once again proved itself globally as a leader in the field of specialised finance,” he said. “Being awarded the highest ranking by The Banker once is an achievement in itself; four times in a row means Cayman has set the bar extremely high for all other jurisdictions to follow and Cayman sets itself far above its competitors at the same time.”
The 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.
In the 2012 survey Cayman achieved a score of 49.909, followed by second place Guernsey with 37.056 and the Bahamas in close third, receiving 36.332. Cayman has extended its lead this year, considerably widening the gap between first and second place compared to 2011 when Cayman also led Guernsey and Cyprus in third place.
Mr. Coles said that over the years the Cayman Islands has built a solid reputation for high quality professionalism.
“This high level of expertise coupled with an excellent relationship with the regulator translates into a nimble and innovative jurisdiction that is quickly able to meet market needs and is backed up by a solid regulatory framework,” he noted. “There are few jurisdictions globally that can match the Cayman Islands in these two important fields. It is indeed great news that Cayman’s achievements have been recognised by The Banker in this way.”
The Banker’s survey ranks all international financial centres annually, with New York taking the top spot as the overall IFC for 2012. London took second place and Singapore third in this year’s survey, reflecting the same positioning as in last year’s survey. The Banker Magazine is part of the Financial Times Group, a globally recognised and respected finance publication.