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Contents Executive Summary xi 1. International Financial Services (IFS) and Centres (IFCs) in Perspective, xi.¿2. Implications for India and Mumbai, xii.¿3. The difference between BPO and IFS, xiii.¿4. What are International Financial Centres (IFCs) and Services (IFS)?, xiv.¿5. Growth and globalisation drive India¿s demand for IFS, xvi.¿6. India¿s competitive advantages in creating an IFC, xvii.¿7. Financial regime governance: policy and regulation, xviii.¿8. Reorienting the financial system towards IFS provision: A temporal roadmap for reform, xxii.¿9. Urban infrastructure and governance in Mumbai, xxvi.¿10. The choice, xxviii. 1. The Emergence of IFCs: A brief history 1 1. Meeting cross-border trade, investment and other needs, 1.¿2. Evolution of international financial services (IFS) and centres (IFCs), 1.¿3. The first round of globalisation: circa 1860¿1914, 2.¿4. An interregnum, the second round of globalisation (1945¿71), and beyond, 3.¿5. The ¿take-off¿ of second round globalisation after 1980, 5.¿6. Classification of IFCs, 6.¿7. Why did Tokyo and Frankfurt not emerge as credible GFCs?, 8.¿8. The Race to establish more IFCs around the world, 10.¿9. Implications for India and need for Mumbai to emerge as an IFC, 11. 2. 21st Century IFS provided by IFCs 17 1. Fund Raising in IFCs: What is involved? Who does it and how?, 17.¿2. Asset management and global portfolio diversification, 21.¿3. Personal wealth management, 21.¿4. Global transfer pricing, 23.¿5. Global tax management and cross-border tax optimization, 24.¿6. Global/regional corporate treasury management, 25.¿7. Global and regional risk management and insurance/reinsurance operations, 26.¿8. Global/Regional exchange trading of securities, commodities and derivatives in financial instruments and indices in commodities, 27.¿9. Financial egineering and architecture for large complex projects, 30.¿10. Cross-border mergers and acquisitions (M&A), 30.¿11. Financing for public-private partnerships (PPP), 30. 3. Case studies: London, New York, Singapore, Dubai 33 1. Summary overview, 33.¿2. A closer look at the City of London, 35.¿3. New York/Chicago as the GFC for the Americas and theWorld, 40.¿4. Singapore as the ASEAN/Asian GFC, 43.¿5. Dubai as a RFC for the Middle East and South Asia, 46. 4. Domestic and Offshore demand for International Financial Services (IFS) in India 49 1. Implications of a large, rapidly growing home market for IFS, 49.¿2. India¿s growing integration with the world, 50.¿3. The impact of globalisation on IFS demand and on IFCs, 54.¿4. Estimates for IFS consumption by India, 57.¿5. Projections for IFS consumption by India, 58.¿6. Implications for India¿s aspirations to create an IFC in Mumbai, 62.¿7. IFS customers outside India as a market for an IFC in Mumbai, 63.¿8. International comparisons, 64. 5. Augmenting IFS provision via BPO 65 1. How does an IFC produce IFS?, 65.¿2. An outsourcing approach to IFS provision and IFC development: Possibilities, opportunities and pitfalls, 67.¿3. A BPO opportunity: Asset management inMumbai based on algorithmic trading, 68.¿4. IFS subcomponents amenable to outsourcing, 71.¿5. Making progress along two paths: IFC Evolution and BPO, 72.¿6. Conclusion, 73. 6.Market deficiencies inMumbai that inhibit the provision of IFS 75 1. The context in which Mumbai must develop and evolve as an IFC, 75.¿2. Inadequate currency and bond markets (BCD Nexus), 76.¿3. Missing currency & derivatives markets: An illustration, 79.¿4. The market weakness of institutional investors, 82.¿5. A cross-country comparison, 84. viii REPORT OF THE HPEC ON MAKING MUMBAI A REGIONAL FINANCIAL CENTER 7. The macroeconomic fallout of an IFC 85 1. Introduction, 85.¿2. Implications for fiscal policy & deficit reduction, 86.¿3. Financing public debt differently, 88.¿4. The mutuality of interests in modernising debt management and having an IFC, 91.¿5. Implications for monetary policy, 94.¿6. Outlook for the current account deficit, 96.¿7. Macro-stability for an IFC, 97.¿8. The incompatibility of capital controls in a 21st century IFC, 98.¿9. Full capital convertibility and an IFC in Mumbai, 100. 8. Financial Regime Governance: Its role in an IFC and a comparative perspective 103 1. The intrinsic value of regulation for IFS production, 103.¿2. Three levels of international competition on regulation and law, 105.¿3. Where does India stand? An illustrative bird¿s eye view, 106.¿4. The overall legal regime governing finance, 110.¿5. Summary of cross-country comparisons, 114. 9.What are the limitations of financial regime governance? 115 1. Where do we stand? An IFS ¿ Market _ Players matrix, 115.¿2. A pragmatic view of key areas for progress, 118.¿3. Lessons from applying competition policy in the real economy, 118.¿4. Artificial segmentation of the financial services industry, 123.¿5. Barriers to financial innovation, 125. 10.Why does financial regime governance have these limitations? 131 1. Why is the pace of financial innovation slow?, 131.¿2. Proximate underlying reasons that are not as transparent, 133.¿3. Deeper sources of dysfunction, 136.¿4. What impedesMumbai from becoming an IFC? A summary, 139. 11. Reforming financial regime governance 141 1. A shift toward principles-based regulation, 141.¿2. Reducing the artificial segmentation of financial firms, products, services and markets, 143.¿3. Creating an environment conducive to exit, 150.¿4. Retail vs. wholesale markets, 150.¿5. The role of exchange-traded vs. OTC derivatives in the BCD nexus, 152.¿6. Regulatory impact assessments, 154.¿7. Strengthening the legal system supporting an IFC, 154. 12. Tax policy for an IFC inMumbai 157 1. Does India need an IFC or a Tax Haven?, 157.¿2. Tax policy forMumbai as an IFC: and, by implication, for India, 160.¿3. A modern income tax, 161.¿4. Taxation of financial transactions, 163.¿5. A Goods and Services Tax (GST) in Finance, 165.¿6. Mumbai as an IFC: Tax Implications for Maharashtra and Mumbai, 166.¿7. Interfacing tax policy and administration with the financial industry, 167.¿8. Stability of tax policy, 167.¿9. Where India Stands on taxes: An international comparison, 169. 13. A perspective onMumbai¿s strengths 171 1. Human capital needs for IFS, 172.¿2. Democracy, Rule-of-Law and the Legal System, 176. 14. Urban infrastructure and governance 179 1. The importance of high quality urban infrastructure for an IFC, 179.¿2. Problems of cost, 182.¿3. Cross-country comparison, 182.¿4. Difficulties in Mumbai from an IFC perspective, 183.¿5. Improving urban governance in Mumbai, 184. 15. The HPEC¿s recommendations 187 1. The general macroeconomic environment, 188.¿2. Further Financial System Liberalisation and Reform, 193.¿3. The challenge of urban infrastructure and governance in Mumbai, 206. Selected Bibliography 211 A. The Committee 219 B. Comparing existing IFCs againstMumbai 221 Contents ix C. Comparing emerging IFCs againstMumbai 225 D. Chronology of events associated with the effort by Benchmark AssetManagement Company (BAMC) to start an Exchange Traded Fund (ETF) on Gold 229 E. Activities of various financial firms in the areas of operation at an IFC: Wall chart 231 1. Fund raising, 231.¿2. Asset management, 233.¿3. Personal wealth management, 236.¿4. Global tax management, 236.¿5. Risk management, 236.¿6. Financial markets, 238.¿7. Securities markets, 241.¿8. Mergers and aquisitions, 242.¿9. Leasing and Structured finance, 242.¿10. Project financing, 243.¿11. PPP Financing, 243.¿12. Insurance and reinsurance, 243. F. Abbreviations 245
Library of Congress Subject Headings for this publication:
Finance -- India -- Bombay.
Financial institutions -- India -- Bombay.
Financial services industry -- India -- Bombay.