Cayman Welcomes Report's Recognition Of Excellence
Thursday, October 13, 2011

Richard Coles, the Chairman of Cayman Finance, the promotional agency for the territory's financial services industry, has congratulated the sector for achieving yet another top ranking in the league table of international financial centres compiled by the highly-respected Banker magazine.

The 2011 rankings from The Banker once again places the Cayman Islands as number one in the Specialised Financial Centres category for the third year in a row, having topped the chart in 2009 and 2010.

The publication's 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.

“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 Coles.

In 2011, the Cayman Islands continued to lead the field by some margin, scoring 42.59; 8 points clear of the next highest ranking territory, Guernsey with a score of 34.48.

The Cayman Islands ranking fell in 2011 on that received last year, although this may be due to the more in-depth questionnaire which was used this year, a factor that has also impacted other jurisdictions' ratings.

“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, and I am confident that we will continue to do so,” said Coles.