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1、The oxford metrica SURVEY 2021 THE REPORTHONG KONG THE LEADING GLOBAL FINANCIAL CENTRE1contentsforeword 2The Ten Key Findings 3Hong Kongs Current Status as an IFC 4Hong Kongs Future as an IFC 6The Challenges 8The three themes 10Radar Diagrams 13Appendix A:Survey Method 15Appendix B:Participating Ins

2、titutions 17The oxford metrica SURVEY 2021 THE REPORTHONG KONG THE LEADING GLOBAL FINANCIAL CENTRE2The oxford metrica SURVEY 2021 THE REPORTForewordWe are delighted to present this report on the results of the Oxford Metrica independent survey on the financial future of Hong Kong.The report has been

3、 prepared for the Financial Services Development Council(FSDC)Board.Our terms of reference were to undertake a confidential survey of major financial services institutions in order to ascertain the views of their senior management,highlighting their key concerns regarding Hong Kongs current status a

4、nd its future challenges and opportunities and the sources on which they base their judgement.Oxford Metrica,which is well placed to design,conduct and report the results of such a sur-vey,given its international network of top-level financial and business contacts,set out to conduct in-depth interv

5、iews with over thirty leaders in the financial sector including the emergent fintech area.The core of the report presents a detailed assessment of these views,supported by a range of factor analyses.On a positive note,most of the participating institutions stated their intention to maintain or incre

6、ase their presence in Hong Kong,were confident that Hong Kongs position would hold steady,at least over the mid-term,and looked to a number of core financial strengths that would continue to play a valuable part in securing Hong Kongs future.Equally encouraging-ly,respondents had not been unduly inf

7、luenced by the negative political publicity surround-ing Hong Kong in the media.The citys vibrant social and cultural life was also welcomed as a vital ingredient in sustaining Hong Kongs position as a world-class financial centre.Most strikingly,respondents emphasised time and again that Hong Kongs

8、 continued role as a world-class financial centre would need to be deliberately nurtured and continually renewed.They welcomed a proactive approach being taken to safeguard the citys future as a financial centre,given the range of threats hanging over it and the other Asian and Chinese rivals snappi

9、ng at its heels.Data protection and the availability of talent were highlighted as other challenges.The survey has proved something of a contrarian roller-coaster,giving rise to a host of unex-pected findings.Surprisingly,whilst interviewees were in agreement with the three possible themes for Hong

10、Kong proposed in advance of the survey,namely,Hong Kong becoming a model for Asia in Environmental and Social Governance(ESG)reporting;forging a new role in fintech;and that of an enhanced role for the Greater Bay Area(GBA)in Hong Kongs future development,it was Hong Kongs leadership in Asia for the

11、 issuance of Green Bonds that was acknowledged.A very nuanced set of opinions were expressed which collectively suggest that Hong Kong should maintain international standards in ESG reporting,maintain a competitive position in fintech providing a conducive ecosystem is developed and create a niche r

12、ole in the GBA project.While all opinions expressed are those of the interviewees,we believe they provide a clear and definite platform on which to set the current and future agenda of the FSDC.They deserve to be given the most serious attention,given that they represent the distilled wis-dom of fin

13、ancial leaders in over thirty institutions world-wide.Finally,we would like to thank the staf and board of the FSDC who provided excellent support and advice throughout the course of the survey,in particular Dr Au King Lun and Dr Rocky Tung.Dr Rory Knight Chairman Oxford Metrica3HONG KONG THE LEADIN

14、G GLOBAL FINANCIAL CENTREThe Ten Key Findings1.Encouragingly,interviewees had not been unduly influenced by the negative political publicity surrounding Hong Kong in the media.Instead they relied on trusted sources on the ground.2.Currently,Hong Kong is ranked as the leading IFC in Asia by close to

15、65%of respondents.3.The future of Hong Kong as a world-class financial centre would need to be nurtured and positive intervention will be needed now to maintain it.4.Most of the participating institutions intend to maintain or increase their presence in Hong Kong in the mid-term.5.As data security i

16、s a key issue globally,a firewall to safeguard and provide transparent access to data is seen as vital.6.The ability to develop Hong Kongs future talent pool in finance,both local and expatriate,should be strengthened.7.Moreover,Hong Kongs vibrant social and cultural life was welcomed as a vital ing

17、redient in sustaining Hong Kongs position as a world-class financial centre.8.Respondents acknowledged Hong Kongs leadership in Asia for the issuance of Green Bonds.Hong Kong was encouraged to maintain international standards in ESG reporting.9.Similarly,given well-established Asian rivals,Hong Kong

18、 will only become a competitive fintech centre if the right ecosystem is developed.10.The Greater Bay Area(GBA)network could provide an important boost to Hong Kong while a diferentiated and nuanced sectoral approach is called for.4The oxford metrica SURVEY 2021 THE REPORTHong Kongs Current Status a

19、s an IFCHong Kong was judged by virtually all respondents to be the top international financial centre in Asia at present,ranking ahead of Singapore,the Chinese Mainland and Tokyo (see Figure 1).Most respondents(71%)also saw Hong Kong as their chief gateway currently to mainland China.The minority(2

20、9%)-particularly those in the insurance sector-that did not view Hong Kong in this way did so largely on the grounds that they already had a direct local pres-ence in mainland China or had engaged in joint ventures on the mainland.In addition,100%of asset managers interviewed rank Hong Kong the numb

21、er one IFC in Asia and close to 70%of Investment banks agree.Furthermore,there was a bias to large firms domiciled in the US and Europe toward seeing HK as the leading Asian IFC.The con-sensus among respondents was that,although business risks to Hong Kong are perceived to be present,these have not

22、damaged its status as the leading international financial centre.Encouragingly,respondents had not been unduly influenced by the negative political public-ity about Hong Kong in the media,relying instead on intelligence from private sources in situ.Hong Kongs key strengthsThe four basic strengths cu

23、rrently underpinning Hong Kongs position as a world-class financial centre were ranked by respondents in the following order of importance:1.Its large pool of capital2.Its regulatory and legal environment3.Its legacy infrastructure4.Its position as leading IPO and listing centre,able to mobilise dee

24、p resources of wealth and an outstanding pool of financial services talent.The legacy infrastructure for Hong Kong to remain a leading international financial centre in future were seen as the rule of law,a tax friendly regime,an independent judiciary,well-functioning and liquid capital markets,exce

25、llent standards of regulation and open-door access to China.Respondents hoped and widely expected that these features would continue to provide the basis for successful international participation in Hong Kong.OTHER TOKYOSINGAPOREHONG KONG63.3%26.7%6.7%3.3%figure 1.Ranking of Asian financial centres

26、5HONG KONG THE LEADING GLOBAL FINANCIAL CENTRE Few questioned Hong Kongs current status as a competitive financial centre or its ability to remain so,given the continuing existence of these essential ingredients.They were taken as axiomatic across the board and consequently did not emerge as diferen

27、tiators in any of the various sub-groups according to sector,size,domicile base,etc.At a more detailed level,respondents identified no specific issues in the following areas:Access to the Chinese market The Stock Connect Scheme Demands of the regulatory regime The solidity of the monetary authority

28、The pegged exchange rate system.All of these issues were examined in some detail in the interviews but no respondent expect-ed them to become major issues of concern in future.Three current issues of overriding concernHowever three aspects of the current situation troubled respondents:the high costs

29、 of oper-ating businesses in Hong Kong,competition for talent,and the obstructions to small busi-nesses,particularly in the fintech area.1.Operational costs It was widely agreed that a major drawback to a Hong Kong presence is the cost of establishing and maintaining business operations there,in par

30、ticular the high costs of real estate,both commercial and residential.However,on balance given the ben-efits of being based in Hong Kong,these costs are considered to be worth absorbing.Among those respondents without an existing presence in Hong Kong only one planned to enter the market there,while

31、 the rest cited operating costs as the prime reason for settling elsewhere.The two respondents who have recently,or are about to downsize,cited such costs as being the reason for reorganising.Significantly,political uncertainty was not identified as a critical factor in their decisions.2.Competition

32、 for talent The existence and maintenance of a pool of top talent was identified as a key factor to Hong Kongs status as a world-class financial centre.While it was noted that Hong Kong has in the past been a very popular posting for expatriate executives,many of whom have gone on to become permanen

33、t residents.There are early signs that the international competition for talent has intensified,and that it is becoming more difcult to recruit from abroad.Therefore,the costs of expatri-ate employees are likely to increase significantly.3.Obstacles confronting small businesses Many respondents base

34、d in Hong Kong and throughout Asia and especially in the field of fintech identified the challenges that small firms faced in starting up and running their businesses in Hong Kong.It was felt that the process of incorporation was more complicated.For instance,the time taken to establish a bank accou

35、nt in Hong Kong is currently well in excess of six months-an issue about which considerable frustration was expressed by respond-ents.Furthermore,licensing and company formations was cited as a hurdle for small businesses.6The oxford metrica SURVEY 2021 THE REPORTHong Kongs Future as an IFCRisks to

36、Hong Kong are mounting.The predominant view of respondents was that Hong Kongs future as a world-class financial centre would need to be continually nurtured and renewed.They urged positive and active intervention be undertaken to strengthen the citys proposition as a leading financial centre,given

37、the range of challenges hanging over it,and the other Asian rivals snapping at its heels.As Hong Kong is a significant part of China,it was evident from all conversations that respondents felt Hong Kong has the ability to adapt and to forge a new role as a world-class financial centre.Nevertheless,s

38、ome challenges were needed to be overcome.How quickly and comprehensively Hong Kong policy adapts to a changing world would be of par-amount importance.Noteably,confidence in Hong Kong is still holding firm for now(see Figure 2).Hong Kong will continue to enjoy the status of leading international fi

39、nancial centre in Asia for the mid-term,most respondents agreed.Indeed the majority of financial institutions and firms interviewed were planning to maintain or even increase their presence in Hong Kong over the next five years.However this mid-term confidence was less certain.Hong Kong needed not t

40、o rest on its laurels.Other rival centres such as Singapore,Seoul and Tokyo,were seen as well placed and eager to compete for this leadership position.While it is clear that international institutions currently operating under Hong Kong juris-diction are not yet planning to leave en masse,they are e

41、agerly looking for policy responses that satisfy their questions about Hong Kongs ability to hold onto its position as a world-class financial centre.Illustrating that Hong Kongs future as an IFC is not considered to be dependent on political developments.The sensitivity of these views across respon

42、dents is analysed below.Breakdown by sector,size and domicileIn general,factors such as size and sector counted far more than place of domicile.There would appear to be a small firm efect.The Radar Diagrams B,C and D illustrate that,whereas US-domiciled large firms are the most optimistic,smaller an

43、d especially Asian-based fintech respondents are less so.1With respect to expanding their presence in future,European-based,mid-size asset manage-ment firms were significantly more positive in contrast to fintech firms.On the other hand,the expansionary intent of European asset managers may reflect

44、that as mid-sized firms they have greater capacity for growth.The mid-sized sector may therefore be worthwhile to focus on when promoting Hong Kong as a financial centre in future.Potential policies are presented in the final section below.1.See pages 13&14 for the Radar Diagrams7HONG KONG THE LEADI

45、NG GLOBAL FINANCIAL CENTREI believe Hong Kong will continue to be an area of potential growth and will adapt and survive.Chairman of a leading US insurerHong Kong will continue to remain attractive as an alternative venue for listings.US-based asset managerHong Kong has been above its expected glide

46、 path for the last decade but may now be below that trajectory for the next decadeAsian head of a European insurerFigure 2.Planned future exposure in Hong Kong%of respondents 10 20 30 40 50 0 Reduce Maintain Increase26%45%29%8The oxford metrica SURVEY 2021 THE REPORTThe Challenges Whilst many factor

47、s are intensifying the uncertainty surrounding Hong Kongs future as a world-class financial centre,and geopolitical issues in particular do not fall under the direct control of Hong Kong,most respondents believed that the city has scope to help mitigate these risks and maintain its competitiveness a

48、mong rival financial centres.The talent poolMaintaining and expanding the talent pool,both local and expatriate,in financial services emerged as a key to success.Respondents reported early signs that recruiting the most quali-fied candidates was becoming increasingly difcult.Given the additional imp

49、act of the pan-demic,financial firms indicated that talent availability is a challenge needing to be urgently addressed for Hong Kong to continue to enjoy its position as a world-class interntional finan-cial centre.Most international firms indicated that they were moving away from the traditional e

50、xpa-triate employment model,as many expatriates have become permanent residents for long periods,and were now integrating a larger proportion of local staf.Despite this,expatri-ates could ofer an international perspective and are expected to continue to play an impor-tant role in Hong Kong retaining

51、 its world-class status.The challenge will be to find ways to ensure that Hong Kong continues to be a popular posting for expatriates while at the same time attracting the best and brightest young graduates locally to join the financial services industry.culture will countMost respondents identified

52、 Hong Kongs vibrant social and cultural life as an essen-tial ingredient in its position as an international financial centre.Such vibrancy plays a key role in attracting and retaining talent,whether international or local,and needs to be actively nourished.Indeed the future health of Hong Kongs cul

53、tural life was consid-ered a key index of Hong Kongs standing as a world-class financial centre.Important cultural elements were sports,arts and leisure activities.Although firm size did not influence this view,it emerged more strongly among European firms than others.Respondents views on future key

54、 challenges are summarised in Figure 3.The threat of US sanctionsAs the war of words between the US and China lingers,many respondents,especially those in US firms,expressed concerns about the impact on their business.They particularly high-lighted the threat of the delisting of Chinese companies in

55、 US markets.Although in the short term this might benefit Hong Kong in so far as many of these firms might migrate to the HKEX,it could impact damagingly on Hong Kong financial services sector in the long term if the tension escalates.The uncertainty about this threat is seen as still manageable at

56、the moment but may intensify in the longer-term.Data security concernsData security has emerged as a primary concern for business globally and was another major concern of respondents.There has been a growing perception that private data are exposed to discernably more risk,and providing assurances

57、to alleviate these concerns will be key if Hong Kong is to maintain its position as a world financial centre.Radar Diagram B(page 15)shows this concern to be more prevalent among Western firms than Asian ones and pertains mainly to client data.Interestingly,however,this data issue was seen as slight

58、ly less signifi-cant in the asset management sector.9HONG KONG THE LEADING GLOBAL FINANCIAL CENTREHigher education and cultural appeal will be key.Asian head of a leading Australian investment bankThe two biggest risks confronting Hong Kong are talent and data security.A London-based board member of

59、 a leading US investment bankThere is a risk surrounding the uncertainty of regulation.Chairman,European insurer0246810Regulatory uncertainty CoS of operationsData/IP securityUS FINANCIAL SANCIONSloss of Talent96644NUMBER OF CITATIONS AS THE MOS SIGNIFCANT CHALLENGEFigure 3.Key future challenges10Th

60、e oxford metrica SURVEY 2021 THE REPORTThe three themesPrior to the survey three specific themes were identified that could be pursued to enhance Hong Kongs standing as an international financial centre.These were,respectively,the rise of responsible investing and of environmental,social and governa

61、nce(ESG)movement;carv-ing out a new role in fintech services;and the contribution of the Greater Bay Area(GBA)net-work.The exercise engaged in extensive discussions with respondents on all of these issues,the results of which are summarised below:1.A Beacon for ESGParticipants acknowledged the globa

62、l emergence of ESG is of increasing importance.The question of its relevance to Hong Kong as a global IFC was frequently cited among partici-pants and exhibited the least variation between sectors and domiciles(although Europe was slightly ahead of the other regions).They expressed broad-ranging sup

63、port for Hong Kong promoting ESG and for keeping up with international standards,and there was much praise for the work the Hong Kong Exchanges(HKEX)is already undertaking in the area of ESG reporting and encouraged it to continue its eforts to improve ESG reporting standards.However,while many endo

64、rsed ESG initiatives as valuable,necessary and indeed unavoid-able,the almost unanimous view of respondents is that it was crucial that Hong Kong main-tained international standards in ESG reporting instead of creating a standard of its own.The question whether Hong Kong should mount a campaign to b

65、ecome one of the leading centres in ESG reporting standards attracted one of the lowest levels of support among the respondents,and again there is little variation among sub-groups.Indeed many felt that there could be a risk of deterring listings by applying standards that were too onerous.The overa

66、ll message therefore is:Hong Kong should keep in line with international standards but not run too precipitately in advance of them.Respondents acknowledged Hong Kongs leadership in Asia for the issuance of Green Bonds.However,they were of the view that Hong Kong is unlikely to be a global standard

67、setter in ESG reporting.Several arguments were adduced in support of this view.Firstly,Hong Kong may not have a prominent protagonist in this field to wield the necessary influence.Examples of where such leadership have emerged all involved impetus from an investing institution;Norges Bank Investmen

68、t Management(NBIM),the investment management arm of Norways central bank,CalPers in the US and the Korean National Pension Scheme(NPS)were cited as exam-ples.It was suggested that Hong Kong asset owners and institutions should be encouraged to become more active proponents of ESG.Secondly,although a

69、 number of respondents were ESG enthusiasts and pointed to the issue of Green Bonds as an indication of future potential,the majority felt ESG has some way to go before achieving full international acceptance,and that it is unlikely to be pioneered by Hong Kong alone.Currently,some in business still

70、 see ESG as a fad or a form of virtue signalling,which has the capacity to develop into a widely accepted practice and set of standards,but has not yet done so despite its attendant hype.Thirdly,widely perceived transparency issues were identified with regard to ESG in Asia,which is by no means lead

71、ing the world in this field-although of course this may change over time.ESG status is hard to achieve without significant asset owner backing.Asian head of one of the largest US financial services firms11HONG KONG THE LEADING GLOBAL FINANCIAL CENTRE2.Hong Kong as a leading hub for fintech?The conse

72、nsus view of respondents is that although Hong Kong may not easily become the leading global centre in fintech,it should strive to develop this sector.This emerged as the clearest answers given to all the questions in the survey(see FIGURE 4).Tellingly,respondents in the fintech sector themselves ar

73、e the most pessimistic in this regard,and,as shown in the Radar Diagrams,there is little variation in this view among other sub-groups.Many reasons were adduced in support of this view,ranging from the lack of a large local consumer market and talent pool in this field to competition from Shenzhen,o

74、ther technol-ogy hubs in Mainland China and other centres in Asia.The fact that Hong Kong has been encouraging DeFi and digital currencies at an institutional level was seen as positive there is however a perceived need to also focus at the small firm and start-up level.The Cyberport and the Science

75、 Park whilst having carried out worthwhile initiatives,there needed to be a greater efort to develop a nurturing ecosystem for fintech.It is emphasised however that many respondents did not have first-hand experience of these initiatives and their views are entirely perception based.Many respondents

76、 suggested that with an established ecosystem in fintech,Hong Kong could become more competitive.Suggestions were made for Hong Kong to pursue a niche strategy for fintech and develop the conditions for specific aspects of fintech to flourish.However such a targeted approach is unlikely to be sponta

77、neously generated in the current business climate.Shenzhen currently is ahead of Hong Kong in their fintech ofering.CEO of the largest Korean digital currency exchangeFintech in Hong Kong requires the backing of large institutions in order to succeed.Head of International Operations at a leading US

78、Bank01020304050Highly likely%of respondentsLikelyUnsureunlikelyHighly unlikely6%42%42%10%Figure 4.Hong Kong a future fintech hub without a new ecosystem?12The oxford metrica SURVEY 2021 THE REPORT3.An enhanced role for hong kong in the Greater Bay Area(GBA)network?The GBA development was unanimously

79、 welcomed by respondents as being a source of great economic potential.They see it as ofering a significant boost to Hong Kong and recommend strongly backing this initiative.Apart from the fintech firms,which showed themselves somewhat less confident in the status quo,this strategy is one of the mos

80、t highly supported among all sub-sectors and the one displaying the lowest variation of opinion.One frequently cited benefit of participating in the GBA is the lower housing costs elsewhere in the region which could reduce staf costs overall.The expansion of the GBA will further the link between mai

81、nland and Hong Kong goods and services exports,and as a consequence Hong Kong as an IFC will benefit.Despite this almost universal optimism about the GBA,only half actually predicted an immediate expansion in their business with this initiative.While asset and wealth man-agers,including some family-

82、ofces,indicated they looked to expansion of their mainland business through the GBA,the insurance sector saw little marginal benefit through it largely because they are already well established on the mainland.A small minority(4%)actually expected their business to reduce as Hong Kong integrates int

83、o the region.The growth in economic output from the GBA will enhance Hong Kong as an IFC Chairman,Financial Services Association,Europe The GBA could allow Hong Kong to become a greater capital hub.President of a US-based securities firmHong Kong will facilitate mainland wealth going international P

84、artner,International real estate firm,London See Appendix A for a description of how to read a Radar diagram13HONG KONG THE LEADING GLOBAL FINANCIAL CENTRE1,02,03,04,0HONG KONG to lose its uniqueness as an ifc?WILL THE GBA PROMOTE Hong Kong AS AN IFC?Will your firm increase its exposure to Hong Kong

85、?Data security WILL BE a major challenge?Hong Kong will becomea Fintech leader?Would a data firewall benefit Hong Kong AS AN IFC?HONG KONG will become an ESG global leader?AttraCing talent WILL BE a major challenge?culture WILL BE KEYfor Hong Kong AS AN IFC?WILL ESG BE NECESSARY to Hong Kong as an I

86、FC?ABAggregate factorsDomicile effect Asia Europe US all4,01,02,03,0HONG KONG to lose its uniqueness as an ifc?WILL THE GBA PROMOTE Hong Kong AS AN IFC?Will your firm increase its exposure to Hong Kong?Data security WILL BE a major challenge?Hong Kong will becomea Fintech leader?Would a data firewal

87、l benefit Hong Kong AS AN IFC?HONG KONG will become an ESG global leader?AttraCing talent WILL BE a major challenge?culture WILL BE KEYfor Hong Kong AS AN IFC?WILL ESG BE NECESSARY to Hong Kong as an IFC?14The oxford metrica SURVEY 2021 THE REPORT4,01,02,03,0HONG KONG to lose its uniqueness as an if

88、c?WILL THE GBA PROMOTE Hong Kong AS AN IFC?Will your firm increase its exposure to Hong Kong?Data security WILL BE a major challenge?Hong Kong will becomea Fintech leader?Would a data firewall benefit Hong Kong AS AN IFC?HONG KONG will become an ESG global leader?AttraCing talent WILL BE a major cha

89、llenge?culture WILL BE KEYfor Hong Kong AS AN IFC?WILL ESG BE NECESSARY to Hong Kong as an IFC?4,01,02,03,0HONG KONG to lose its uniqueness as an ifc?WILL THE GBA PROMOTE Hong Kong AS AN IFC?Will your firm increase its exposure to Hong kong?Data security WILL BE a major challenge?Hong Kong will beco

90、mea Fintech leader?Would a data firewall benefit Hong Kong AS AN IFC?HONG KONG will become an ESG global leader?AttraCing talent WILL BE a major challenge?culture WILL BE KEYfor Hong Kong AS AN IFC?WILL ESG BE NECESSARY to Hong Kong as an IFC?CDSector effectSize effectLarge Medium Small Asset Manage

91、rs Investment Banks FINTECH 15HONG KONG THE LEADING GLOBAL FINANCIAL CENTREAppendix A:Survey MethodThis paper reports the results of an extensive and intensive interview-based survey of sen-ior decision makers across the global financial services sector.Fifty key decision makers were targeted in the

92、 major sectors of the financial services industry with the aim of interviewing between thirty and thirty-five of these.The selection was designed to develop an interview population which was balanced across geographies and sectors.The additional fifteen were considered to be a reserve for a subseque

93、nt follow-up survey.Distribution by sector and region is provided in Appendix B.The survey population is thirty-four of which five are anonymous.The survey was conducted in three phases:Phase 1:Developing&testing the surveyAn instrument with ninety-one questions and data points was developed divided

94、 into nine sections,each of which had a section of discussion points and a set of pro-forma questions.The structure was designed to ensure consistency across the sample,although some sub-sector diferentiation was necessary to capture the specificity of sectors such as insurance and fintech.The nine

95、sections were:1.Interview information2.Current perspectives on Hong Kong3.Business approaches in Hong Kong4.Current challenges facing Hong Kong5.Future business development plans in Hong Kong6.Theme one,ESG7.Theme two,fintech8.Theme three,the Greater Bay Area project9.Media sourcesPhase 2:Interviews

96、 via video conferenceOxford Metrica informed the participants that it had been commissioned to conduct an independent survey.The interviews were conducted under the assurance of anonymity although all interviewees stated that they looked forward to receiving a copy of the final pub-lic domain report

97、.There is ample scope to put the results into the public domain as a white paper without necessarily referring to any policy issues.A pilot set of five interviews were conducted to refine the instrument,these participants were then re-interviewed using the final format.All interviews were conducted

98、by the same two Oxford Metrica principals to ensure consistency,with duplicate note-taking to accurate-ly capture information.Calls typically lasted between 50 and 70 minutes.In most cases there was a follow-up call which typically involved a senior executive inviting their Asia head to join the cal

99、l.The data and information were subsequently transcribed onto a survey data worksheet for further analysis.16The oxford metrica SURVEY 2021 THE REPORTPhase 3:Analysis of resultsA cross-sectional analysis was carried out to establish the major factors emerging from the sample.Ten such factors were id

100、entified,and a standardised series of Radar Diagrams(see PAGES 13&14 and the section below)were created as a way of displaying the major independ-ent factors in summary.It was necessary to scale and standardise the data to present the results on the same diagram,and it should not be assumed that all

101、 factors presented have equal importance as no attempt was made to rank them.In addition,a qualitative analysis of the material was made to provide the basis for the write-up of this report.Reading Radar diagramsThe Radar Diagrams present 10 key factors of Hong Kongs role as an IFC and highlights th

102、e importance of each factor.Each factor is scaled from 1 to 5,where 5 implies a high likelihood of occurring&1 a low likelihood.There are four Radar Diagrams presented on the Radar Diagrams in PAGES 13&14:Radar DiagramEffectCohortsAAggregateAll BHQ DomicileAsiaEuropeNorth AmericaCSectorAsset Manager

103、s/OwnersInvestment BanksFintechDSizeLarge Market capitalisation more than 5bn USDMedium Multinational&publicly traded companies with a market capitalisation of less than 5bn USDSmall Privately held firms with only one global office.17HONG KONG THE LEADING GLOBAL FINANCIAL CENTREAppendix B:Participat

104、ing InSitutionsFigure B1.Participating institutions by sectorWealth Management3%VC/IB3%Regulatory body3%Real ESate3%PRIVATE EQUITY3%Asset Owner6%Insurance10%Fintech16%Asset Management23%Brokers/Securities/IB29%Figure B2.Participating institutions by HQ domicileEU3%Japan3%Italy3%Germany3%Canada3%AuSr

105、alia3%Korea6%Hong Kong6%United KingdoM13%Switzerland13%United States42%Oxford Metrica is a strategic advisory firm,ofering informed counsel to boards.Our advisory services are anchored on evidence-based research in risk and financial performance.Our work includes statistical analysis and index const

106、ruction for banks and insurers,risk and performance analytics for asset managers,due diligence support in mergers and highly customised services for corporate boards.Dr Rory Knight,is Chairman of Oxford Metrica and of Investments at the John Templeton Foundation.He was formerly Dean of Templeton,Oxford Universitys business college.Prior to that Dr Knight was the vize-direktor at the Schweizerische Nationalbank(SNB)the Swiss central Copyright 2022 Oxford Metrica