Established financial centres still lead global rankings but their supremacy is under threat from a growing number of competitors from all over the world. By Silvia Pavoni Investment Editor.

Turbulent times bring with them new opportunities and heightened competition. Ultimately, there will be those International Financial Centres that feel the squeeze, yet there will be others that increase their market share and profit from the credit crunch. By Vince Colvin & John Culliane Deloitte.

Despite infrastructure issues and a lack of scenery, São Paulo has seen off local rivals and is emerging as the region’s pre-eminent financial centre. John Rumsey explains.

Hong Kong has emerged as the clear global financial centre in Asia, standing alongside London and New York. Mark Michelson examines the drivers behind the city’s success.

Professor Joe Bannister, chairman of Malta Financial Services Authority, talks to The Banker about the role of the regulator and its vision for the industry in Malta.

Thierry Gigant, managing director at BNP Paribas in Cyprus, tells The Banker what Cyprus has to offer financial institutions and how regulations, EU accession and joining the euro affect business.

Michael Sarris, Cyprus’s minister of finance, outlines the ambitious plans his ministry has for the country’s future and emphasises Cyprus’s regulatory alignment with the EU.

Gilles Denoyel, deputy CEO of HSBC France, details the advantages Paris offers over other locations including an internationally renowned school of maths and finance and its access to the Eurosystem.

Given the Euronext/NYSE merger, Paris now has massive economies of scale to add to its world-renowned expertise in areas including derivatives and risk-based modelling. Arnaud de Bresson explains.

It is not just London that is taking business from New York, Asian markets are also rapidly growing in stature. Jules Stewart explains.