The diversity of roles within the financial sector is matched only by the wide range of expertise in countries across the globe. We examine the key strengths of each region.

Europe, Middle East & Africa (EMEA)

It’s easy to see why, despite recent wobbles, London remains the top global financial centre. It has the largest slice of the biggest financial pie in the world: London accounted for 36.7% of the average $4 trillion traded daily on the foreign exchange markets. London also has a 45.8% share of the $1.2 trillion traded daily on the over the counter (OTC) derivatives market, and the London Metal Exchange accounts for 90% of all non-ferrous metals traded in the commodities sector.

Both Zurich and Geneva are in the top 10 of global financial centres, primarily because of large commodities and wealth management sectors. Switzerland has $6 trillion in assets within wealth management, and is number one for trading numerous physical commodities.

France is Europe’s largest fund management hub, with $3.7 trillion in assets under management (AUM).

Germany has the Continent’s biggest debt capital markets sector – $378.5bn worth of deals were completed in 2010 – and a sizable fund management industry, with $2.6 trillion in AUM.

Ireland and Luxembourg are major centres for global custody, administering assets of $2.7 trillion and $3.2 trillion respectively.

Scotland is gaining a reputation for investment banking operations expertise, and the Middle East has numerous large sovereign wealth funds, and is attracting more global private banks.

The Nordic region and the Netherlands are big institutional investors, while Belgium is home to post-trade services firm Euroclear, which clears $721 trillion of securities annually.

United States and Canada

Wall Street has long been a magnet for financial professionals but the United States and Canada are also home to six of the world’s top 20 financial hubs: New York, Chicago, Toronto, Boston, San Francisco and Washington DC.

The US leads the world in debt capital markets, with more than $2.5 trillion worth of deals in 2010. There were also $913bn of mergers and acquisitions (M&A) and $210.5bn of equity capital market deals last year. Although New York remains the financial epicentre of North America, the migration of financial jobs to other cities such as Seattle and Salt Lake City continues unabated.

Wall Street today is more a ‘state of mind’ than a location, since most financial sector firms have moved elsewhere and it is no longer necessary to work in New York to have a financial career. Chicago is one of the world’s leading centres for commodities and for the $600 trillion OTC derivatives market, while Boston is known for its fund management firms such as Fidelity and State Street, which together account for $3.7 trillion of the total $13.4 trillion the US has in AUM.

Elsewhere, Connecticut has become synonymous with hedge funds, while financial giants such as Schwab and Wells Fargo are headquartered in San Francisco.

Asia-Pacific

Asia’s key banking cities, supported by economic growth in China and India, have rebounded quickly from the crisis, and financial institutions are expanding across the region. Hong Kong, Singapore, Tokyo, Shanghai and Sydney are all top 10 global financial centres.

The wealth held by high-net-worth individuals in Asia-Pacific rose 30.9% to $9.7 trillion between 2008 and 2009, helping Singapore cement its strong position in global private banking. The country is an operations and IT centre for several investment banks. It is also Asia’s top energy trading hub and increasingly a location of choice for other commodities, including agricultural products, metals and minerals.

Singapore fund managers looked after a record $1.1 trillion in assets in 2010, representing a rise of 13% on the year before but still no match for Hong Kong’s $1.6 trillion in AUM. One of Hong Kong’s main strengths is its securities market. Funds raised by initial public offerings (IPOs) hit a record high of $57.1bn on the Hong Kong Stock Exchange in 2010.

Despite Japan’s recent natural disasters, Tokyo remains one of the world’s top financial centres. It is Asia’s main foreign exchange market and has the largest asset management industry in the region.

Although Shanghai, Beijing and Shenzhen cannot yet match the product sophistication of more mature centres, China is flexing its financial muscles in terms of equity capital markets volume, ranking second globally in the second quarter of 2011.

Australia’s financial sector has a comparatively domestic focus and is dominated by its ‘Big Four’ commercial banks. Within investment banking, the booming resources sector is driving M&A and capital markets activity.