Jersey has retained its position as the highest rated offshore international finance centre and is close to achieving ‘global specialist’ status, according to the latest Global Financial Centres Index (GFCI).
Overall Jersey is placed 22nd in the competitive rankings, ahead of Guernsey in 26th, the Isle of Man (32nd) and Cayman (34th).
Whilst the ratings of all offshore centres have declined in the latest rankings with both Jersey and Guernsey falling four places, in comparison to other offshore centres Jersey has fared well. This decline can largely be attributed to the increased regulatory pressure that offshore centres have experienced recently, that the onshore jurisdictions surrounding Jersey in the rankings, such as Taipei, Paris and Vancouver, have not necessarily been subject to. The report noted that both Channel Islands are the only offshore centres to achieve a rating over 600.
In addition, the index indicates that Jersey, as well as Guernsey, are ‘working to change perceptions’ and ‘rise above the status of offshore specialist centres’ to be the only offshore centres close to achieving wider recognition as ‘global specialists’. Amongst the feedback from the research was the comment that the Channel Islands ‘continue to lead the way and are now pointing to the fact that they are not just 'offshore' centres’’.
London is named as the number one centre in the rankings, marginally ahead of New York with Hong Kong swiftly closing the gap on the top two.
Geoff Cook, chief executive of Jersey Finance Limited, commented:
‘Jersey has performed well relative to its offshore competitors to retain its position as the leading offshore centre. Moreover, the report highlights that Jersey is taking a lead in demonstrating it is more than just an ‘offshore centre’ but rather a centre of excellence for financial services on the global stage, which is very positive for us.
‘Also worthy of note is the continued solid performance of Asian centres, such as Hong Kong and Shanghai. This is further evidence of the importance of these jurisdictions in the global financial community and of the need for Jersey to maintain its promotional efforts in those markets.’
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Notes to editor:
The report, published on Monday 20th September 2010, is produced every six months by the Z/Yen Group and is supported for the first time by the Qatar Financial Centre Authority, having previously been produced in conjunction with the City of London. The rankings examine major financial centres globally in terms of competitiveness by calculating a set of ratings for each jurisdiction, using data available from each centre and responses to a global survey.