Moscow is already the financial hub for the former Soviet territories, but formidable legislative and infrastructure hurdles stand in the way of its aspirations to become a global IFC. Now the city and the Russian state are striving very seriously to address these issues, says Yuri Roslyak.
The Banker's ranking of international financial centres is based not simply on the size of the financial services industry in each location, but focuses instead on the level of international business and the value offered to institutions seeking to expand their overseas operations.
As the fallout from the global financial crisis continues, competition between leading international financial centres has been given a new dimension by threats of tougher regulation in established markets and intense pressure from emerging centres striving hard to push their way into the top league. Writer Silvia Pavoni
Madrid's robust financial business model has enabled the city to survive the global recession relatively unscathed. Now the Spanish capital is looking to leverage its world-class business environment and transport facilities to strengthen its presence in Latin America, says Isabel Martin Castellá.
Vision to reality: Yeouido is earmarked to become Asia's leading financial hubBased on strong economic fundamentals and improving infrastructure, Seoul is gearing up to become a key player in the new global financial paradigm, says Paul Moon, director-general of Seoul's Investment Bureau.