Daily FX transactions average US$12bn
A London report has listed the International Financial Services Centre (IFSC) third among 15 that is poised to become more significant in the next few years.
IFSC, a part of Gujarat International Finance Tec-City (GIFT IFSC), also made a new entry in the main index of the latest edition of Global Financial Centres Index 24 (GFCI), ranking 77 in list of 100 global financial centres.
The rank takes into consideration five major factors namely Business Environment, Human Capital, Reputation, Infrastructure & Financial Sector Development.
Mark Yeandle, Director of Z/Yen Partners and the author of the London-based Global Financial Centres Index series, said: “It is a great achievement for GIFT IFSC to join the GFCI so early in its development as a financial centre and is very encouraging that so many respondents see GIFT as becoming more significant in the future.”
Speaking on this achievement, Ajay Pandey, MD & Group CEO, GIFT City, said: “The recognition of GIFT IFSC in list of most significant emerging financial centres and entry into main index of global financial centres by GFCI is the testimony of the contribution GIFT IFSC is making in the International Financial Services business.
“In a short span of three years, GIFT IFSC has been instrumental in unleashing and enhancing the international financial services potential of the country.
“We at GIFT IFSC feel great pride to be featured in the same league as established centres like London, New York, Hong Kong, Singapore and Shanghai,” said Pandey.
GIFT IFSC is operational with approximately 12 leading Indian banks clocking foreign currency business transactions worth US$12 billion.
While IFSC Insurance sum insured business of 14 insurance companies and insurance brokers has crossed US$30 billion, the daily average trading volume of two International Exchanges (India INX and NSE IFSC) has crossed US$1.5 billion.
Produced bi-annually by The China Development Institute (CDI) in Shenzhen and Z/Yen Partners in London a leading commercial think-tank, the GFCI report covers around 100 centers and 10 associate centers globally.
The report presents parameter for measuring the attractiveness of financial centres apart from providing a strategic understanding into the growth and competitiveness of financial centres.
The report states that while well-established centers such as New York, London, Singapore, Hong Kong and Tokyo have maintained their lead, emerging centers including GIFT IFSC have made tremendous progress as new economic and Financial Center.
Gujarat International Finance Tec-City (GIFT) a Government of Gujarat Project in partnership with IL&FS is developing India’s First Global Financial Hub.fiinews.com