The Cayman Islands is ranked top specialized financial center for the sixth consecutive year by financial magazine The Banker.
Cayman retained its lead among specialized financial centers ahead of Jersey, Guernsey and the Bahamas. Mauritius climbed one place to fifth position.
The ranking is based on financial market indicators and factors indicating the business environment and economic potential of the centers. It particularly focuses on the level of international business and the value for institutions seeking to expand their international operations.
Cayman Finance CEO Gonzalo Jalles said it is a survey of which Cayman’s financial services industry takes serious note.
In this way, the fact that the Cayman Islands has retained its top spot for six years running as the world’s top specialized financial center has far greater validity and importance for the industry as a whole, not just locally, but globally as well,” he said.
Wayne Panton, minister of Financial Services, Commerce & Environment, thanked Cayman Finance for coordinating the submission to the publication and said that the accolade is another testament to the strength of Cayman’s professional infrastructure and the quality of service provided.
“The Cayman Islands financial service industry prides itself on its ability to service its clients with the highest level of professionalism,” he said. “The industry, working in partnership with the Cayman Islands government, is nimble in its ability to service market needs, and this collaborative approach, coupled with service excellence, has fared the jurisdiction extremely well over the years,” he added.
Mr. Panton noted specifically that one of the criteria in compiling the data is the economic potential of the jurisdiction.
“Retrospectively, the honor of coming first in this survey in itself underscores the value the Cayman Islands financial services industry has for the global economy as a whole; but, even more importantly, the survey highlights the fact that this industry has even greater potential to continue to add value to this jurisdiction in the years to come.”
The Banker applies different rankings to onshore and specialized financial centers due to the difficulties of comparing data for centers that vary significantly in size.
London is once again the top international financial center followed by New York. Despite New York’s four times larger market capitalization, London performed well in financial market indicators such as the amount of international debt securities issued. London was also the best performer in terms of inward and outward foreign direct investment projects and benefited from the greater weighting of the size and potential of the financial services cluster in each center in this year’s ranking.
New York, in turn, outperformed London in stock market capitalization and banking profits.
Singapore and Hong Kong remained in third and fourth positions, respectively.