Hong Kong has been the world's biggest initial public offering market for the past two years. Is this a sign of a structural shift in the equity markets, in which companies' capital-raising strategy must include a Hong Kong/China element? And just how much are world leaders London and New York losing out to their Asian rivals?

São Paulo's rise to become the leading international financial centre of Latin America over the past decade has been impressive, but this has not stopped other cities in the region carving out their own financial niches. 

The rich promise held by emerging economies may have would-be investors salivating, but without sufficient technology or regulatory capabilities it is difficult for Western companies to take advantages of these opportunities.

As the US and the EU focus on regulating different areas of the financial services industry, there is a temptation among financial institutions to relocate certain operations in order to evade strict new rules coming into play in certain jurisdictions. So is over-regulation posing a threat to the traditionally dominant international financial centres?

Despite all the talk of emerging economies overtaking the traditional international financial centre powerhouses of New York and London, the big two remain in the top positions in The Banker's ranking. However, the challengers to this crown are still making ground.

With Europe and North America paralysed by sovereign debt crises, the majority of respondents to The Banker magazine’s global asset management survey are focused on Asia, with more than 50% expecting to increase investment in the region. Investment funds are expanding their operations in centres such as Hong Kong and Singapore, as the eastwards transfer of economic power gathers pace. 

The traditionally dominant international financial centres are struggling to cope with a glut of post-crisis regulation, giving smaller, newer jurisdictions an opportunity to steal a march on them. The Banker's survey shows that the traditional powerhouses still hold the top spots, but their grip is not as firm as it once was.

As Western markets continue to falter, more and more asset managers are looking to Asia for growth opportunities. This is where Hong Kong – offering a Western business culture within the heart of China – has a significant advantage.