The city has been ranked tenth among the world’s biggest centres of commerce in terms of the financial flow volumes by a Mastercard Worldwide survey.
MUMBAI: Driven by high trading volumes for equities and good presence of global banking and financial services firms, Mumbai has grabbed a place in the world’s top ten financial flow hubs list, beating Hong Kong and Beijing in China.
The city has been ranked tenth among the world’s biggest centres of commerce in terms of the financial flow volumes by a Mastercard Worldwide survey, which took into consideration the size of financial services network, besides equity, bond, derivatives and commodity contract transactions.
“The Asia Pacific, Middle East and Africa (APMEA) region boasts of three cities which got included in the premier league – Tokyo, Seoul and Mumbai due to their high trading volumes in bonds and equities,” Mastercard Worldwide said in its first Worldwide Centres of Commerce Index study. The list, lead by London and New York on the first two slots, include two other Asian cities – Tokyo at fifth and Seoul at sixth position.
The study also ranked the world's top cities in terms of their performance as overall centres of commerce in the global economy, where Mumbai was at 45th position, while London, New York and Tokyo stood at the top three positions.
China got represented by three cities in the top-50 list, with Hong Kong grabbing the fifth position, Shanghai at 32nd and Beijing at 46th position. However, Mumbai was the only Indian city on the list.
This index consisted of six dimensions - legal and political framework, economic stability, ease of doing business, financial flow, business centre and knowledge creation and information flow.
Earlier last year, a committee was set up to draw an outline to turn Mumbai into a global finance centre. The committee submitted its report in April this year and suggested fixing a 2007-2020 timeframe for the city's
evolution from the country's financial hub to an International Financial Centre.
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