June 9, 2023

Financial hat trick for top performing Cayman Islands

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Cayman Finance Chairman Mr. Richard Coles

Cayman Finance Chairman Mr. Richard Coles has congratulated the financial services industry for achieving yet another top ranking in the highly respected Banker’s ranking of international financial centers.

The 2011 Banker’s ranking revealed that the Cayman Islands is once again ranked number one in the Specialised Financial Centres category for the third year in a row, having topped the chart in 2009 and 2010.

“This is yet again excellent news and a testament to the hard work and efforts on the part of both the financial services industry for delivering excellence in service and to the regulatory authorities for maintaining high international standards” said Mr. Coles.

According to The Banker’s website, the ranking of international financial centres is based on data from a range of sources, including financial markets indicators, economic potential and business environment factors. The ranking focuses on the level of international business and the value offered to international institutions seeking to expand their international operations.

Interestingly the ranking revealed that the Cayman Islands dominated the category as its score of 42.59 is 8 points clear of the next highest ranking which went to Guernsey with a score of 34.48.

The Banker survey also revealed that Cayman’s score was lower than that of 2010, and it said that this might be due to the more in-depth questionnaire, which was used, and that this impacted other jurisdictions as well. Mr. Coles saw this as a sign of the jurisdiction’s strength.

“The fact that The Banker improved its assessment with a more detailed questionnaire in 2011 and the Cayman Islands remain at top with a wide margin is proof that this jurisdiction can hold its own against international standards relating to service or regulation, and I am confident that we will continue to do so,” said Mr. Coles.

The Cayman Finance Chair said that the survey results shows that there remains significant international confidence in the Cayman Islands financial services centre.

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