Global Financial Centers Index: Vancouver among top 25 in world

[flight_from_kamakura]

thanks for bringing that to our attention, raggedy. interesting take on it all, though, personally, i can't see the different functions of such wildly different hubs as the caymans, nyc, shanghai and vancouver as being well represented in a simple number. it just doesn't seem to me that points of intersection are numerous enough for this sort of thinking to make sense.

that said: fuck seattle, atlanta should be on this list! and also, go vancouver!

[red-paladin]

No matter what the ranking, we are doing better than ever before. That article was right, back when the VSE was around, it was a total joke. Invest in imaginary companies and get imaginary dividends.

[Hourglass]

Interesting report, although I didn't realize that, for the purposes of this report, Seoul was in Europe... (p.12)

Candidly, I'm a bit surprised by Vancouver's ranking, but then again it is one of two designated international finance centers in Canada with incentives designed to attract international finance activity. Also as Yume mentioned, private banking is big. But remember that part of the results of this report are a survey sent out to a sample of 1690 financial professionals, which seems rather a small sample size...

In general, though, I would guess that ratings of US cities tend to suffer because of regulation and disclosure issues (eg Sarbanes-Oxley). I was exploring listing a company on the AIM board of the London Stock Exchange a few years ago when Sarbanes-Oxley was enacted in the US, and it was causing many foreign firms to consider moving their IPOs from the US to London.

Also, this survey measures global financial centers, and I would think most US financial centers are more focused on serving the domestic market. This would also explain Tokyo's ranking, which in absolute size is bigger than Hong Kong as a financial center, but ranks behind Hong Kong on this index since it primarily services the Japanese market.

[vansky]

vancouver has a lot of foreign stuff, i think that's why it's been ranked high among global cities, demographics, companies etc...

dont know much about seattle...

[NetMapel]

Originally Posted by dleung

1- Dubai is not a real city
2- Any report that places Vancouver above Seattle on anything economic-related can't be taken seriously
3- I will nonetheless post this on the national section on SSC just to rile the forumers there

Be careful there. I find a number of our Montreal forumers here get quite sensitive about this kind of issue.

[SpongeG]

remember its 'FINANCIAL' centre not 'BUSINESS' centre

seattle may have more business like microsoft starbucks amazon etc... but thats not financial

[LeftCoaster]

^Thankyou

There is a shocking ignorance of the difference between white collar industries and the financial services sector here. Office buildings ≠ financial centre. Though Vancouver does not have any of the big canadian bank HQs, most of them have large operations in Vancouver, mostly owing to mining financing activity. In addition Vancouver is the Canadian HQ of one of the world's biggest banks, HSBC, and is home to canada's largest independent investment bank, Cannacord (even stronger with its recent aquisition of Genuity capital). Vancouver is also home to a healthy venture capital industry and a very strong wealth management sector, anchored by Phillips Haggar and North.

Vancouver is certainly more of a financial centre than calgary, and I would not be surprised to hear it was larger than Seattle too. This being said it is highly doubtful that Vancouver is more of a financial centre than Frankfurt or San Francisco.

[LotusLand]

^ the above is all true, its missing the Credit unions. If I'm not mistaken most major credit unions in the country are headquartered here.

I'm not surprised most forumers will jump to the conclusion the report is wrong. We all aren't experts on everything

Vancouver is emerging as a financial centre and its importance will only grow as the Canadian, BC and local government continue its push to make Vancouver the gateway to Asia. As Asia grows in importance so do we.

Go Vancouver Go!

[trofirhen]

Although this study certainly has validity, I wouldn't take it too, too seriously.

For example Loughborough University in England did a ranking of "World Class Cities".

Auckland New Zealand ranked higher than we did, Sydney beat out Toronto, and Vancouver was lumped in with (as I recall) places like Tegucigalpa,
Bratislava, Quito, and the like.

I can't post it from here, but if you're interested, look up Loughborough University city rankings in Google.

Some seems quite valid, especially where the major world capitals are concerned, but others are questionable to say the least.

[LeftCoaster]

^ Relevance?

This is a discussion about financial centres, not a ranking of "world class" cities by some university no one has ever heard of.

[Yume-sama]

Yes, ranking cities as "World Class" is largely based on the persons own views, with no actual certifiable or real facts to go along with it.

They often go along the lines of, "Oh, well, Copenhagen has a really long pedestrian zone, and that is nifty, and World class to me!"

Or, "Vancouver is SOOOOOO pretty!!"

It's much easier to rank cities on things that actually have some substance... such as Financial institutions.

Which, are not the same thing as corporate headquarters for large multi-national corporations.

I really think Joe Public would be surprised to know about a lot of the corporations who ARE here, and how involved Vancouver is as a so-called "Financial center".

[Rusty Gull]

Originally Posted by red-paladin

No matter what the ranking, we are doing better than ever before. That article was right, back when the VSE was around, it was a total joke. Invest in imaginary companies and get imaginary dividends.

The end of the VSE hasn't changed anything. All of those same companies are still around... only now they list on the OTC, pink sheets, or the venture exchange.

[djh]

Originally Posted by LeftCoaster

^ Relevance?

This is a discussion about financial centres, not a ranking of "world class" cities by some university no one has ever heard of.

Loughborough is one of the best Unis in the UK.

[SpongeG]

maybe the time zone works in our favour - vancouver still has the whole afternoon once the markets in the east close and they have time to manage the wealth

[Hot Rod]

haha, yep I agree SpongE.

About Seattle, 'we' really lost big time with the failure of big banks that were once hq'd here. Washington Mutual being the latest, was one of the top 10 banks in North America - but failed miserably and forever black balled Seattle as a financial center. Before that, we had Seattle First National Bank (which build Columbia Center and a few other towers in Seattle) - Long Gone, absorbed into Bank of America (although BoA does have significant admin presence still in Seattle).

Those were two BIG hits that really knocked out all financing business out of Seattle. Really, the ONLY player left is Russell Investments - which Seattle recently 'stole' away from Tacoma; But even then, Russell mostly operates out of New York and Chicago.

Im not sure why there is so much penis envy by many Vancouverites when it comes to Seattle. Seattle is a high-tech center with a medium sized port, that's really it. Boeing is steadily on it's way out and it's hq left over 10 years ago - to Chicago.

Microsoft, Amazon, Real, and Nintendo-America (that you all envy) are all home grown high techs that will stay here as long as "local" people are running them. Once a Chicagoan gets on the board of directors or top executive post - say bye bye. Same for the other industries Costco, Nordstrom, and Starbucks/Tullys; These are all local Seattle area businesses that hit it big because they offered a Brand Image and/or product that wasnt being satisfied by NY and Chicago. But I don't think it will last once those companies really become multi-national, because Seattle really isn't a world power on the level of New York and Chicago (which is why almost every big name company is based there) or Dallas/Houston/Atlanta (for the weather/cost of living).

That said, Seattle's stock really in research and development of high tech, NOT financing. Those towers you see and envy downtown aren't even half full (as Seattle is seriously overbuilt on speculation), but the companies that are there support the r&d that is Seattle's Eastside and also the federal government. Financing, that what it was, left Seattle a long time ago, and it was never really a player along the lines of SF, and certainly not Ny and Chi - in the first place.

Vancouver on the other hand, is a world player. Like Yume, I travel worldwide and most professionals I deal with know about Vancouver (as Canada, mostly) when I have to explain where I am from - coincidentally, most DONT know about Seattle (nor that Starbucks come from there). And this was PRE-2010 Olympics. You must imagine NOW, that Vancouver should be able to capitalize even more on International Finance; I hope so - and that we soon will see the rise of our own IFC tower and a REAL WTC on the waterfront or financial district (reclamation).

Like was already said, most joe blow would be shocked about Vancouver but there is a reason why those buildings downtown are always full and dont have too much movement/attrition. and like I said, with the world exposure of the olympics people will be doing more research and I think Vancouver likely will see even more growth as long as the province and national government allow Vancouver to and keep the toronto heavy hand out of it.

I for one, am NOT surprised that Vancouver is ahead of Montreal (and am not surprised either not to see Calgary and Seattle) on the list. Again, we're talking International Finance and Business, which you MUST agree Vancouver would have a significant place.

Look for Van to rise another 6 spots next year.

[red-paladin]

I think a lot of people assume Seattle is a big-time bad-ass city simply because they have 3,344,813 people compared to our 2,116,581. I was surprised to see that the actual city of Seattle has 602,000 compared to our 578,041. I wonder if our population would ever grow larger than Seattle. (All numbers from Wikipedia.org)

[vansky]

studies r always biased, sometimes u got some american on the judge's board, u always see american cities near the top...true for others as well...business ppl who travel around the pacific likely favour vancouver..

anyways,look at the signs of world class, look at their hotels, their infrastructure, their companies, that's wat really matters...

i have to say cities like shanghai, by infrastructure, r no doubt world class in that category...

vancouver, there's some doubt, but also some signs as well...

[vansky]

Originally Posted by red-paladin

I think a lot of people assume Seattle is a big-time bad-ass city simply because they have 3,344,813 people compared to our 2,116,581. I was surprised to see that the actual city of Seattle has 602,000 compared to our 578,041. I wonder if our population would ever grow larger than Seattle. (All numbers from Wikipedia.org)

if highrises per capita was a factor in ranking, then vancouver got the upper hand...there should be some conditions van fulfilled, and seattle didn't...

i've been to both cities yrs ago, and i have to say they were similar...but over the past 5 yrs, van has developed its infrastructure with a faster pace

if world class meant u get a wi-fi system throughout the entire region, and let's say seattle got it, then its' world class...it's hard to rank cities without going into the parts...

and tokyo, a world class giant, has a "very conservative looking" international airport...if u just judge it with ur eyes, it's hard to believe...

[Hot Rod]

also keep in mind, Seattle's size considers the entire Puget Sound region. Canada separates the Fraser Valley suburbs and E Vancouver Island away from Metro Vancouver; despite very significant commuting patterns that otherwise suggest a coherent metropolitan region.

If the Lower Mainland were in the USA, by using Seattle/Tacoma as an example, all of the Lower Mainland and SE Vancouver Island would be considered the Vancouver Combined Statistical Area.

Even if you consider the city of Seattle, it is more than double the area of the city of Vancouver.

It's really apples and oranges, both cities are quite similar but entirely different at the same time; no matter the comparison. In fact, I think if you took Seattle's narrow skyscraper corridor and put it in Vancouver, it would look different and not as big as it does in Seattle (on those big hills). ...

also, I thought Vancouver was over 620K and Seattle was just under 600K in city pops for 2009. I also thought the "Metro Vancouver" was over 2.5M in 2008. I agree with Metro Seattle/Tacoma (actually) being 3.3M in 2009, as I have seen that before.

Who is manipulating wikipedia?....

[Prometheus]

Originally Posted by Hot Rod

we soon will see the rise of our own IFC tower and a REAL WTC on the waterfront or financial district (reclamation).

I will believe it when I see it.