NYU Abu Dhabi's Stern School Launches Its Inaugural Financial Center Competitiveness Index
The Stern School of Business at New York University (NYU) Abu Dhabi has recently published the inaugural Financial Center Competitiveness Index (FCCI). This new index arrives on the scene as a pivotal tool for evaluating the performance of international financial hubs during the Global Markets Summit at Abu Dhabi's Finance Week. The rankings place New York, London, and Singapore at the top of the list, underscoring their continued dominance in the global financial landscape. Following this trio, the GCC cities are also making remarkable strides, with Abu Dhabi ranked 12th, Dubai 14th, Riyadh 26th, and Doha 29th, emphasizing the growing importance of the Gulf region in the financial sector.
As the global economic environment becomes increasingly intricate, traditional indices often fail to provide an extensive explanation for their rankings. The FCCI addresses this gap by integrating data science methodologies with strategic analysis, enabling policymakers to gain a clearer understanding of the competitive positioning of financial centers. Moreover, it assists emerging centers in strategically planning their development while also serving as a guide for stakeholders navigating the complexities of the global economy.
Rob Salomon, Dean of Stern at NYUAD, highlighted the value of international financial centers in reflecting changes in the global economy. "The FCCI and the Institute for Global Financial Competitiveness serve to enhance our understanding of how cities can boost their financial capabilities. The impressive standings of cities in the Gulf region illustrate how swiftly new centers can advance when their regulatory frameworks, innovation, and talent alignment come into play."
The index is built on a dual-pillar framework that evaluates both current circumstances and future preparedness. The 'Footprint' pillar tracks existing scales of activity and institutional strengths, while the 'Dynamics' pillar assesses growth potential and future readiness, emphasizing innovation and tech adoption. This dual approach offers a comprehensive view of where financial centers stand now and their capacity for future adaptation.
Bruno Lanvin, a leading researcher and President of the Descartes Institute, along with Anisa Shyti, an associate clinical professor of Accounting at Stern, led the index's research initiative. Lanvin remarked, "In a world defined by changing growth engines, emerging technologies, and rising geopolitical risks, financial centers require insights that enable long-term strategic planning rather than short-term tactics."
Through the FCCI's interactive platform, policymakers and financial center management can assess their strategies in real time, enabling them to test assumptions and adapt to an unpredictable marketplace. This adaptability is essential, considering the fast-paced nature of financial environments today. The FCCI is more than just a passive reading; it serves as an active tool for decision-making, allowing stakeholders to focus on aspects like regulation, technology, or talent and observe immediate implications on future rankings.
The launch of the FCCI marks the beginning of a series of initiatives from the Institute for Global Financial Competitiveness at NYUAD, which is supported by the influential investor Ray Dalio and comprises a cadre of top researchers and advisors dedicated to advancing the understanding of international financial landscapes.
As the GCC strengthens its regulatory frameworks and fosters innovation through targeted investments, the region is experiencing a financial renaissance, further accentuating the need for tools like the FCCI. The Institute seeks to explain how financial centers have evolved over time and how they adapt in dynamic environments.
The complete FCCI report can be accessed for further insights into this important publication, reflecting the shifting tides of the financial sector on a global scale.
As the global economic environment becomes increasingly intricate, traditional indices often fail to provide an extensive explanation for their rankings. The FCCI addresses this gap by integrating data science methodologies with strategic analysis, enabling policymakers to gain a clearer understanding of the competitive positioning of financial centers. Moreover, it assists emerging centers in strategically planning their development while also serving as a guide for stakeholders navigating the complexities of the global economy.
Rob Salomon, Dean of Stern at NYUAD, highlighted the value of international financial centers in reflecting changes in the global economy. "The FCCI and the Institute for Global Financial Competitiveness serve to enhance our understanding of how cities can boost their financial capabilities. The impressive standings of cities in the Gulf region illustrate how swiftly new centers can advance when their regulatory frameworks, innovation, and talent alignment come into play."
The index is built on a dual-pillar framework that evaluates both current circumstances and future preparedness. The 'Footprint' pillar tracks existing scales of activity and institutional strengths, while the 'Dynamics' pillar assesses growth potential and future readiness, emphasizing innovation and tech adoption. This dual approach offers a comprehensive view of where financial centers stand now and their capacity for future adaptation.
Bruno Lanvin, a leading researcher and President of the Descartes Institute, along with Anisa Shyti, an associate clinical professor of Accounting at Stern, led the index's research initiative. Lanvin remarked, "In a world defined by changing growth engines, emerging technologies, and rising geopolitical risks, financial centers require insights that enable long-term strategic planning rather than short-term tactics."
Through the FCCI's interactive platform, policymakers and financial center management can assess their strategies in real time, enabling them to test assumptions and adapt to an unpredictable marketplace. This adaptability is essential, considering the fast-paced nature of financial environments today. The FCCI is more than just a passive reading; it serves as an active tool for decision-making, allowing stakeholders to focus on aspects like regulation, technology, or talent and observe immediate implications on future rankings.
The launch of the FCCI marks the beginning of a series of initiatives from the Institute for Global Financial Competitiveness at NYUAD, which is supported by the influential investor Ray Dalio and comprises a cadre of top researchers and advisors dedicated to advancing the understanding of international financial landscapes.
As the GCC strengthens its regulatory frameworks and fosters innovation through targeted investments, the region is experiencing a financial renaissance, further accentuating the need for tools like the FCCI. The Institute seeks to explain how financial centers have evolved over time and how they adapt in dynamic environments.
The complete FCCI report can be accessed for further insights into this important publication, reflecting the shifting tides of the financial sector on a global scale.
Topics Business Technology）
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