City Week Forum Examines IFCs' Role In Global Economy
by Jason Gorringe, Lowtax.net, London
01 April, 2015
Jersey's positive role in connecting emerging and well-established finance centers and facilitating flows of capital across continental and domestic borders was highlighted at the major annual City Week International Financial Services Forum in London.
The event, titled "Competition and collaboration between global financial centers to create economic growth," was attended by around 600 policymakers and finance and business professionals from more than 50 countries.
During the session, panelists discussed financial regulation, corporate governance, and jurisdictional competition, and agreed that collaboration between international finance centers is highly desirable.
Discussing the role of regional centers such as Casablanca and Istanbul as access points to domestic markets, and global leaders such as London and New York as providers of depth and liquidity, Richard Corrigan, the Deputy CEO of Jersey Finance, highlighted Jersey's role as a "transnational center" that can help connect such centers together.
Speaking after the forum, Corrigan said: "Participating in this event proved a good way to demonstrate how Jersey is well placed to act not against other centers but in collaboration with them, as a facilitator in moving capital across continents and into and out of key domestic hubs – something that, given global macro trends for globalization and population growth, will prove increasingly important."
"At the same time, jurisdictional competition and diversity are important. Jersey, for instance, provides an attractive alternative route for European investor market access under AIFMD through its third-country private placement regime. Those centers, like Jersey, that can demonstrate a balanced and pragmatic approach to collaboration and competition, through regulation, international engagement and innovation, will be the ones that thrive in the future."
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