Transcript IFF2015-format 4-3

@europlace
Paris, Welcome to Europe!
Octobre 2016
1
European Financial Centers Index
Paris, n°1 in the Eurozone and n°2 in Europe
@europlace
RANKS
INDEX
1. EQUITY MARKETS
Equity market capitalisation (USD, dec 2015)
Number of listed companies (dec 2015)
Share of foreign listed companies (déc 2015)
2. BOND MARKETS
Financial issues (USD, outstanding dec 2015)
Non financial issues (USD, stock déc 2015)
Gouvernement (USD, stock déc 2015)
3. COMMODITIES MARKETS
Number of contracts traded (2015)
Value of contracts traded (USD, 2015)
Cumulative contracts on commodity markets (USD, déc 2015)
4. OTC INTEREST RATE AND FOREX MARKETS
Trading on Forex derivative markets (USD, 2013)
Trading on interest rate derivatve markets (USD, 2013)
5. BANKING ACTIVITY
Number of banks on the European Top 20
balance sheet size of financial and monetary institutions (EUR, mars 2016)
Resident Deposits/ GDP (mars 2016)
Loans to households and resident companies/ GDP (mars 2016)
6. LIFE INSURANCE PREMIUM (EUR, 2014)
7. PRIVATE EQUITY ACTIVITY
Invested amounts (2015)
Nunber of SMEs funded (2015)
8. ASSETS UNDER MANAGEMENT ACTIVITY (EUR, 2015)
9. JOBS IN FINANCIAL AND INSURANCE SECTOR
10. SIZE AND DYNAMISM OF THE ECONOMY
GDP per capita (USD, 2014)
GDP (USD, 2014)
GDP average growth (2007-2014)
11. RESEARCH AND TRAINING
R&D spending
Nombre of Field medals
Number of MBA on the Top 100 FT ranking (2016)
LONDON
1
0,92
1,00
1,00
1,00
1,00
0,96
1,00
0,87
1,00
1,00
1,00
1,00
1,00
1,00
1,00
1,00
0,90
0,80
1,00
0,79
1,00
1,00
0,77
1,00
0,54
1,00
1,00
0,87
0,97
0,77
0,88
0,60
0,41
0,38
1,00
PARIS
2
0,62
0,62
0,85
0,40
0,60
0,76
0,54
1,00
0,74
0,03
0,04
0,01
0,04
0,11
0,07
0,15
0,95
1,00
0,93
1,00
0,89
0,73
0,81
0,61
1,00
0,54
0,96
0,72
0,89
0,73
0,53
0,60
0,55
1,00
0,27
FRANKFURT
3
0,45
0,40
0,44
0,23
0,54
0,48
0,52
0,24
0,68
0,00
0,00
0,00
0,00
0,06
0,04
0,08
0,71
0,40
0,87
0,81
0,75
0,53
0,59
0,33
0,86
0,27
0,56
1,00
1,00
1,00
1,00
0,40
1,00
0,08
0,13
Source : Paris EUROPLACE
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The overall index elaborated by Paris
EUROPLACE ranks London, Paris and
Frankfurt according to various subindexes between 0 and 1. An index
close to zero for a financial center
represents a low attractiveness of
the considered dimension. A high
index indicates a favorable position.
Indicators confirm the pole position
of the Paris financial center as a
complete and diversified European
financial center, offering a wide
range of financial services in all
banking & financial markets :
- Equity markets,
- Euro-denominated bond markets,
- Derivatives markets,
- Asset management and private
equity,
- Banking activities,
- Green finance center,
- Digital finance and FinTechs.
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I. 2016 Paris Major Cards
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1. An International Business Center
with the Presence of Major Corporates
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31 French Companies are Among 500 World Leaders
in their Respective Industries
Compared to 29 for UK and 28 for Germany
SECTOR
AEROSPATIAL & DEFENCE
BANKS
BEVERAGES
CHEMICALS
CONSTRUCTION & MATERIALS
ENERGY
ELECTRONIC & ELECTRICAL EQUIPMENT
FIXED LINE TELECOMMUNICATIONS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
WATER & ENVIRONMENT
GENERAL RETAILERS
MAIL, PACKAGE AND RETAILERS
MEDIA
MOTORS VEHICLES AND PARTS
NONLIFE INSURANCE
OIL & GAS PRODUCERS
PERSONAL GOODS
PHARMACEUTICALS & BIOTECHNOLOGY
REAL ESTATE INVESTMENT TRUSTS
COMPANY
AirBus
BNP Paribas / Crédit Agricole
Société Générale / Groupe BPCE
Pernod Ricard
Air Liquide
Vinci
Saint Gobain
EDF / ENGIE
Schneider Electric
Orange, Bouygues
Carrefour / Finatis / Groupe Auchan
Danone
SUEZ / Veolia
PPR
La Poste
Vivendi
Renault, Peugeot
Axa, CNP Assurances
Total
LVMH
L’Oréal
Christian Dior
Hermes International
Sanofi
Unibail-Rodamco
Paris financial markets are fueled by
major companies, global leaders
in their sectors
Paris
London
2
1
Frankfurt
3
Source: Paris EUROPLACE, 2016
Source: Fortune Global 500, 2015
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2. Vibrant Capital Markets
2.1 The Eurozone Equity Largest Stock Market
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Market Capitalisations in Europe
€10 328 billion of total market capitalisation
3550
3026
In €bn
Paris
1570
2004
1161
720
Amsterdam
960
London SE
Group
Euronext
Deutsche
Boerse
NASDAQ OMX BME Spanish
Nordic
Exchanges
Exchange
117
43
140
Irish Stock
Exchange
Luxembourg
Stock
Exchange
Others
Trading Volumes in Europe
Source: WFSE, dec. 2015
2403
1936
In €bn
1410
Paris
1250
905
684
Amsterdam
533
London SE Group
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Euronext
66
Deutsche Boerse BME Spanish NASDAQ OMX
Exchanges Nordic Exchange
Others
Source: WFSE, Stock Exchanges, dec 2015
2.1 The Eurozone Equity Largest Stock Market
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Eurozone Stock Markets
Market Capitalisation
Equity Trading
(€bn, Dec. 2015)
(€bn, Dec. 2015)
BME
Spanish
11%
EURONEXT
45%
BME
Spanish
18%
Paris is an access to the largest
Eurozone stock exchange, in terms of
market capitalization, equity trading,
and number of listed companies
Nasdaq
OMX
17%
Paris
Nasdaq
OMX
14%
Deutsche
Börse
23%
London
EURONEXT
38%
Others
4%
Deutsche
Börse
29%
Others
1%
Source: WFSE, dec. 2015
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2
1
Frankfurt
3
Source: Paris EUROPLACE, 2016
2.2 Euro-denominated Bond Markets in Europe
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Euro denominated bond Markets
(€17 427 billion of total market outstanding)
1935
General governments
Non-financial corporations
1779
Financial corporations
1985
380
606
88
147
998
137
141
1447
1547
1394
882
France
FRANCE
Germany
Italy
Netherlands
28
12
771
735
Spain
Ireland
7
32
494
826
Luxembourg
406
50
176
Belgium
82
343
Others
Source: BIS, and AFME, end 2015
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2.2 Euro-denominated Corporate Bond Markets in Europe
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France in 3 nd position worldwide for
International Corporate bonds issuance
France Leads European
International Corporate Bond Markets
(% total outstanding)
Countries
Amount Outstanding
($, bn)
US
5 518
Japan
623
France
606
UK
526
Canada
421
Others
903
TOTAL
8 597
GERMANY
10%
Italy
7%
Others
23%
FRANCE
UK
29%
33%
Source: BIS, end 2015
Source: BIS, and AFME, end 2015
With a 33% market share,
Paris ranks 1st in Europe in corporate bonds
Paris
London
2
1
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Frankfurt
3
Source: Paris EUROPLACE, 2016
A Liquid French Government Debt Market
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European Government
Debt Securities in 2015
Medium and Long-Term: Securities Issued
during the year and Total Issuance
(as % of GDP)
89.2
(in € billion)
96.1
71.2
UK
France
Germany
Source: Eurostat, Insee, 2016
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Source: Agence France Tresor, 31 May 2016
2.3 Leading OTC Derivatives Markets: 1st in the Eurozone for foreign
exchange and interest rate derivatives, and 3rd in the world
@europlace
OTC Interest Rate Derivative Markets Turnover (in €bn/day)
10 000
France
Germany
United Kingdom
1 000
100
The Paris OTC derivative market
is growing rapidly supported by the
global strength of the French banks
10
1
1998
2 004
2 010
London
2 016
Forex Market Turnover (in €bn/day)
Paris
10 000
1 000
France
Germany
2
United Kingdom
1
Frankfurt
3
100
Source: Paris EUROPLACE, 2016
10
1
1998
2 004
2 010
2 016
Source:
BIS, 2016, logarithmic scale
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2.3 Leading Derivatives Markets
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Stock options and Futures (in number of contracts)
Stock options
200 000 000
180 000 000
160 000 000
140 000 000
120 000 000
100 000 000
80 000 000
60 000 000
40 000 000
20 000 000
0
Athens
Derivatives
Exchange
BME Spanish
Exchanges
EUREX
Euronext
Stock futures
ICE Futures
Europe
OMX Nordic
Exchange
Stock Index options and Futures (in number of contracts)
Stock index options
Frankfurt
Stock index futures
450 000 000
400 000 000
350 000 000
300 000 000
250 000 000
200 000 000
150 000 000
100 000 000
50 000 000
0
Paris
2
Athens
Derivatives
Exchange
BME Spanish
Exchanges
EUREX
Euronext
ICE Futures
Europe
1
London
3
OMX Nordic
Exchange
Source: WFE, logarithmic scale
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Source: Paris EUROPLACE, 2016
3. A Growing Investment Pool
3.1 Paris, n°1 in continental Europe
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France Asset Management Industry (€ billion)
3591
French domiciled
funds
3120
2779
2800
2768
1683
2354
Mandates (inc.
Foreign funds)
1543
1594
1523
1387
1185
1381
1025
1277
2005
2007
2009
2011
1798
1473
1329
1050
888
585
2001
1908
748
2003
1577
2013
2015
France in the European Asset Management Industry
€19,000 bn of asset under management in Europe
Others 23%
The Paris asset management industry
is based on decisive assets, with
more 600 asset management companies,
among them 4 asset managers are in the
top 20 global ranking and 3 global
custodians
in the top 10 global ranking
London
London 37%
Austria 1%
Belgium 1%
Netherlands 3%
Paris
Italy 5%
2
Germany
10%
1
Frankfurt
3
FRANCE
20%
Source: EFAMA/ AFG/ CSSF, end 2015
Source: Paris EUROPLACE, 2016
3.2 Private Equity: Paris, a Growing Private Equity Industry
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Private Equity in Europe
Private Equity in Europe: Invested amounts
2012
United Kingdom :
€18 bn invested in
891 SME, in 2014
2013
2014
2015
FRANCE :
€11 bn invested in
1,645 SMEs
in 2015
GERMANY :
€6 bn invested in
1,407 SMEs
in 2015
The Paris private equity industry is involved in
all stages of a business’s life cycle, creation,
development and buy-out.
Source : AFIC, EVCA, end 2015
London
Early Stage Funds > 30 M€
Countries
Number
Paris
40
London
37
Frankfurt
23
Paris
2
1
Frankfurt
3
Source: Paris EUROPLACE, 2016
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3.2 A Leading Green Finance Center
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4. The Banking Industry
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Five French Banks in the European Top 20 Largest Banks
Rank
Bank
Country
Total Assets
(€billions)
1
HSBC Holdings
UK
2,173
2
BNP Paribas
France
1,994
3
Deutsche Bank
Germany
1,629
4
Barclays
UK
1,545
5
Crédit Agricole
France
1,529
6
Banco Santander SA
Spain
1,340
7
Société Générale
France
1,334
8
Groupe BPCE
France
1,166
9
Lloyds Banking Group
UK
1,113
10
UBS Group
Switzerland
881
11
Unicredit SpA
Italy
860
12
ING Groep NV
Netherlands
842
13
Credit Suisse Group AG
Switzerland
767
14
Banco Bilbao Vizcaya Argntina SA
Spain
750
15
Crédit Mutuel Group
France
707*
16
Intesa Sanpaolo SpA
Italy
676
17
Rabobank Group
Netherlands
670
18
Nordea Bank AB
Sweden
647
19
Commerzbank AG
Germany
533
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5 French banks in the European top 20 banks
representing a total assets of €6.3tn.

4 British banks in the top 20
with a total assets of €5.9tn.

2 German banks in the top 20
representing total assets of €2.2tn.
Paris is the European largest banking
center in Europe
Paris
London
2
Source: Balancesheet, end 2015 * Balance sheet 2014
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1
Frankfurt
3
Source: Paris EUROPLACE, 2016
Custody, Clearing and Settlement
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Post market activities:
French banks among the world leaders in Custody services
Société Générale Securities Services
Custody : €4 019 bn (2nd in Europe, 7th in the world)
Funds administration : € 574 bn in Europe
BNP Paribas Securities Services
Custody : €8,770 bn (1st Europe)
Funds administration : € 2,074 bn
CACEIS
Custody : €2,300 bn (9th in the world)
Depository : €880 bn (1st in Europe)
Funds administration : €1,500 bn
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5. Opening-up & Attractiveness
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Foreign Investors:
47% of French Listed Companies
47%
44%
44%
Paris is n°2 in Europe in terms of
foreign banks and financial institutions
(500 established foreign banks and
financial institutions)
42%
2009
2010
2011
London
2015
Source: AFT, Banque de France, dec.2015
Paris
2
1
Frankfurt
3
Source: Paris EUROPLACE, 2016
Page 17
Paris, a Leading Eurozone Center for Offshore RMB Business
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EUROPE
Luxembourg
United Kingdom
FRANCE
Germany
RMB deposits
n/a
¥35 bn
¥30 bn
¥12 bn
RMB loans
¥54 bn
¥45 bn
¥28 bn
¥15 bn
RQFII quota agreement
¥50 bn
¥80 bn
¥80 bn
¥80 bn
Number & Quota of approved RQFIIs (End 2015)
2 / ¥5 bn
13 / ¥25.8 bn
5 / ¥19.8 bn
1 / ¥6 bn
Number of listed RMB bonds (End 2015)*
59
35
13
5
Average daily trading volume
of RMB foreign exchange (End 2013)
$0,4 bn
$24.2 bn
$1.1 bn
$0.5 bn
Designated RMB clearing and settlement bank
ICBC
China Construction Bank
Bank of China
Bank of China
Currency swap with China (Jan. 2014)
¥350 bn**
¥200 bn
¥350 bn**
¥350 bn**
* According to the primary listing place
** Luxembourg, France and Germany benefit from the currency swap agreement between the People’s Bank of China and the European Central Bank
Source: Banque de France, Deutsche Bundesbank, Bank of England, Luxembourg for Finance
Page 18
6. High-Level Skills
@europlace
5 Business Schools in the top 20 in Europe
Country
1
London Business School
UK
2
HEC Paris
France
3
Insead
France
4
University of St Gallen
Switzerland
5
IE Business School
Spain
6
Esade Business School
Spain
7
Università Bocconi
Italy
8
Iese Business School
Spain
9
IMD
Switzerland
10
University of Oxford: Saïd
UK
11
ESCP Europe
France/UK/Germany/
Spain/Italy
12
Imperial College Business School
UK
13
Rotterdam School of Management,
Erasmus University
Netherlands
14
University of Cambridge: Judge
UK
15
Vierick Business School
Belgium
16
Essec Business School
France
17
European School of management and
technology
Germany
18
Manheim Business School
Germany
19
Warwick Business School
UK
20
Grenoble Ecole de management
France
360
Business School
65
145
Rank
Paris n°2 in Europe in terms of
banking and financial services jobs
PARIS
FRANKFURT
LONDON
Source: Helaba, 2016
The excellence of French schools and Research
– 6 French schools among the 12 best masters in finance (FT, 2016)
– Excellence in mathematics: the best Quants and Financial research in the world
 The “Quant Valley” initiative aims at increasing synergies between quantitative
management firms, academia and market authorities
 The “Institut Louis Bachelier Initiative” : 40 Financial Research Chairs and a worldwide
network of 400 financial researchers
– Tens of thousands French-trained working in financial services in London
London
Paris
Source: FT, 2016
2
1
Frankfurt
3
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Source: Paris EUROPLACE, 2016
7. 1,200 French FinTech
@europlace
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Predictive modelling
Cyber Security
Cloud Computing
Machine Learning
Digitalisation
Robot-advisor
eHealth
 Smartgrid
 Silver Economy
 Services to dependant
person
 Climate
 Smart city
 Clean tech
 Smart bulding
 Complementary
currencies
New financing
tools




Scoring
Crowdfunding
Financing tools and platforms
Reverse Factoring
Big Data
Social and
Sustainable
Economy
FRENCH
FINTECH
EXPERTISE
Payment
Risk
Management
Financial
analysis &
assessment
New Usage
Product Service
 Personal Financial
Management
 Connected objects
 Prevention
 Wealth Management
 Blockchain
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Money transfers
Contactless payment
M-Payment
Flow and traceability
management
 Operational risk
 Asset Allocation /
Portfolio Management
 Asset/Liability
Management
 HR Risk
Disintermediated financing tools
Data processing
Cash management
Financial performance
Immaterial assets evaluation
FINANCE INNOVATION
The Paris Financial Services Cluster
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1000 innovative financial SMEs identified
SMEs &
Innovation
Financing SMEs and innovative projects
Business Incubator dedicated to Financial SMEs
FINANCE
INNOVATION
Financial
Research &
Innovation
40 Research Chairs
Innovation
in Financial
Services
Banking, Insurance, Asset Management,
Real Estate, Social and Solidarity Economy
(SSE), Data and Consulting Jobs
A network of more than 200 researchers
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@europlace
II. Welcoming International
Investors & Businesses
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Measures Announced by the French Government
@europlace
1. Attracting Financial Institutions and activities
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Reducing the corporation tax from 33.33% currently to 28%.
Establishing, a one-stop administrative point for foreign firms seeking a foothold in France.
2. Welcoming Foreign Executives and their Employees


Improving the Expatriate tax regime across the lengthening of benefit from 5 to 10 years and the
exemption from payroll tax compensation paid to impatriates.
Developing international secondary schools
3. Enhancing infrastructures and international links


Rolling-out the Charles de Gaulle Express train.
Accelerating the development of the Grand Paris Express, the Eole urban line and all of the Grand Paris
projects, while modernising the existing network.
4. Developing Fintechs and incubators



Support FINANCE INNOVATION, the Paris financial services cluster.
Set up new incubators and growth accelerators dedicated to the financial sector.
Support Paris EUROPLACE innovation promoting French fintechs abroad.
5. Intensifying international promotion of the Great Paris and the Paris financial marketplace
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Task force to identify the needs of International financial players.
Strategy featuring public bodies and private players to promote Paris.
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Paris in the Heart of Europe
and Highly Connected to the World
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Paris, Real Estate Strong Capacities,
Offices Spaces and Housing
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Main Office Space Operations By 2020
in the Paris Region (surface area exceeding 30,000 m²)
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Paris, the Most Attractive Office Spaces in Europe
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Paris, the 3rd largest office market after Tokyo and New York and the 1st in Europe

Paris, the second market in Europe in terms of real estate investment activity after London (average
of € 11 billion invested every year)

According to JLL, premium office rents, including additional costs, in Paris are more than twice
cheaper than in London
Top10 Office Space Occupancy Costs
Available office space in the Eurozone
3.70
1.92
1.84
1.36
1.18
0.33
Great Paris Region
Paris Business
District
Madrid
Frankfurt
Amsterdam
Paris
Dublin
Source:
CBRE, 2015
Sydney
Beijing
Tokyo
Moscow
New Delhi
Rio de
Janeiro
New York Hong Kong
London
Source:
Office Space Across the World 2015, Cushman and Wakefield
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Paris, One of the Most Business
Friendly Location in Europe
@europlace
With reforms to
support investment
An attractive location

Highly developed
infrastructure

Highly qualified workforce

Innovation support

Lower business creation
& operating costs


A lot of investment projects
& opportunities
Support for investment:
investment projects for the
future


Development support
accelerated for startups
Reform of the markets
of goods & services
An economy for startups
& innovation

Reform of the labor market

Paris major financial center


A recognized quality of life
Lower taxes
& social charges

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A welcoming foreign
investors environment

Tax support for investors

Tax4Business - Dedicated tax
regimes

Welcome package for foreign
executives and employees

French Tech Ticket

Specific education system –
international sections
Fiscal support for foreign companies,
their executives & employees
@europlace

Commitment to tax and social stability: efficient answers, non-retroactivity charter

Tax treaties with over 120 countries (non-double taxation)

Dedicated tax regimes: headquarters, impatriates

Dedicated tax contact: [email protected]

Tax for free shares (Macron Act) closer to the practice in Germany or in the UK
Average tax wedge * (in %)
One-earner married couple
with 2 children at 100% of average earnings
Trend in Labor Compensation per employee (in %)
Single person without Children
at 100% of average earnings
1.5
60
2010-2012
2012-2014
2014
1
50
0.5
40
0
30
Netherlands
20
-0.5
10
-1
0
Ireland
United Netherlands
Kingdom
Spain
Italy
France
Germany
Ausria
Belgium
Source: OECD, 2014
* The ‘tax wedge’ on labor is equal to the difference between gross labor costs for employers and
employees’ take-home pay..Above, it is equal to the sum of income tax plus employee and employer
social security contributions, less social protection benefits, as a percentage of total labor costs.
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Spain
Belgium
United
Kingdom
Austria
France
Germany
Ireland
-1.5
-2
-2.5
Source: OECD, Business France calculation
French Labor market: Toward More flexibility
@europlace

Specific resident permits: Talents passport created in 2015, successor to the various
already existing permits,
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Acceleration of the visas issuance and appropriate procedures for businesses,

Welcome service dedicated for investors personalised, high level apppointments
(+private museums tours, shows, sporting events),

Specific education system for expatriates, schools’ international sections : 130 international
sections in 16 different languages, with the opportunity to take the international option of the
baccalaureate (OIB)

“French Tech Tocket” Pac for international entrepreneurs.
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Welcoming Foreign Executives and their Employees
@europlace
The contractual terminations
The contractual termination (« ruptures conventionnelles ») is an original and more flexible
way of termination of employment contract
 Much used in financial services as a flexibility tool: 43% of breaches of permanent contracts
(excluding resignations) are mutually agreed in financial services in 2014
 Scheme comparable to the « compensated no fault dismissal », once proposed in the UK but
not implemented

Recent structural reforms of the labor market

Reform of collective dismissal rules (2013)
•
•

Faster consultation process in case of a large collective dismissal
New litigation rules designed to reduce litigiousness and accelerate potential legal remedies
A labor law reform passed in August 2016
•
•
•
Greater leeway for company-level negotiation
Enhanced legal certainty thanks to a clarification of when employers are allowed to use declining
economic performance as a justifiable reason for dismissal
Non-binding guidelines on severance package for labour courts in case of unfair dismissal
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Impatriates Tax Regime
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The most favourable tax regime
for returning expatriates and foreign employees
The already attractive tax regime for expatriates living in France…
One main condition: having lived abroad for the past five years. Hefty tax breaks:
 Income tax exemption from 30% to 50% of the global remuneration
 Partial exemption (50%) for income from foreign financial investment (interests, dividends,
capital gains, etc.)
 Exclusion of foreign properties and assets from the calculation of wealth tax
… will be expanded to become the most favourable in the EU
Public commitment of the Prime Minister to improve this regime.
 Applicable for 8 years instead of 5
 Exemption from the payroll tax on inpatriation bonuses
The most attractive regime in the EU
 No equivalent in Germany
 Stricter conditions on the previous residence in Spain
 Restrictions on the eligible persons in the Netherlands
« We want the tax regime for impatriates to become the most favourable in Europe »
Manuel Valls, French Prime Minister, July 6th 2016
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ANNEXE : sources and methodology used to calculate indicators
@europlace
1. Sources
Indicateurs
1. Marché actions
Capitalisation boursière sur le marché des actions (USD, déc 2015)
Nombre de sociétés listées (déc 2015)
Part des sociétés étrangères dans le nombre total de sociétés listées (déc 2015)
2. Marché obligations
Obligations émises par les sociétés financières (USD, stock déc 2015)
Obligations émises des sociétés non financières (USD, stock déc 2015)
Obligations émises par le gouvernement (USD, stock déc 2015)
3. Marché des matières premières
Nombre de contrats échangés sur les marchés de matières premières (2015)
Volume de contrats échangés sur les marchés de matières premières (USD, 2015)
Montant cumulé des contrats sur les marchés de matières premières (USD, déc 2015)
4. Marché des dérives de change et de taux
Transactions sur les marchés de dérivés de change (USD, 2013)
Transactions sur les dérivés de taux d'intérêt (USD, 2013)
5. Activité des banques
Nombre de banques dans le Top 20 européen
Taille de bilan des institutions financières et monétaires (EUR, mars 2016)
Dépôts des résidents /PIB (mars 2016)
Crédits aux ménages et entreprises résidentes / PIB (mars 2016)
6. Primes d'assurance-vie (EUR, 2014)
7. Activité des sociétés de capital-investissement
Montants investis (2015)
Nombre de PME financées (2015)
8. Marché de la gestion d'actifs (EUR, 2015)
9. Emplois dans le secteur de la finance et de l'assurance
10. Taille et dynamisme de l'économie
PIB par habitant (USD, 2014)
PIB (USD, 2014)
Croissance moyenne du PIB (2007-2014)
11. Recherche et développement et éducation
Dépenses en R&D
Nombre de médailles Fields
Nombre de MBA dans le Top 100 du classement du FT (2016)
2. Normalisation
Source
Indicators are normalised in order to score between 0 and 1 thanks to the following
equation :
World Federation of
Exchanges
𝑖𝑛𝑑𝑒𝑥 𝑛𝑜𝑟𝑚𝑎𝑙𝑖𝑠𝑒𝑑
Banque des réglements
internationaux (via
Europlace)
𝑖
=
𝑖𝑛𝑑𝑒𝑥
𝑖𝑛𝑑𝑒𝑥 𝑚𝑎𝑥
Like every ranked-based approach, this methodology gives for each indicator a score
of 1 to the financial market place that ranks first place. However, when a score of 0,5
is given to the financial marketplace that ranks 2nd place, and 0 to the financial
marketplace that ranks last, the methodology used here can give slightly nuanced
grades. This better reflects the financial marketplace’s position in comparison with
the leading financial marketplace.
World Federation of
Exchanges
Banque des réglements
internationaux
(Europlace)
Système européen de
banques centrales /
EUROSTAT
Insurance Europe (via
Europlace)
3. Aggregation of indicators
AFIC, EVCA (via Europlace)
EFAMA, AFG, CSSF (via
Europlace)
City UK, Insee, et German
Finance Association (via
Europlace)
OCDE
OCDE
(Europlace)
Financial Times
Indicators calculated on a national basis are allocated to the financial market of the concerned
country.
Indicators that measure trading volume, capitalisation or the number of listed companies on
the stock market, as well as indicators related to commodities are determined by aggregating
data from financial operators of the financial marketplace.
At this stage it is not possible to disaggregate financial operators’ data for each financial
marketplace. Therefore all data reported by Euronext corresponds to data of the Paris financial
marketplace, even though part of their activity is carried ou on Benelux and Portugual’s
financial marketplaces.
Normalised indicators are aggregated into 11 sub-indicators thanks to simple
arithmetic mean average.
The 11 sub-indicators evaluate the attractiveness of each financial marketplace in the
following areas :
 Stock markets;
 Bond markets;
 Commodities market
 Forex, interest rate and currency derivatives
 Banking activity
 Private equity activity
 Asset management market
 Employment in the banking sector and financial sector
 Size and drive of the economy
 Research and development as well as education.
If a financial market did not report any activity on a specific market, the nit will be
give a score of 0 for the corresponding sub-indicator. This penalizes financial markets
that are not present on a given segment.
The global indicator is obtained by averaging each of the 11 sub-indicators.
Page 32
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