WHERE MIGHT THE FRENCH FINANCIERS RELOCATE?

 In Europe the top Global Financial Centres include: London (1), Zurich (8), Geneva (9), Frankfurt (14), Paris (20), Luxembourg (21), Jersey (23), Munich (25), Guernsey (27), Edinburgh (29), Amsterdam (32), Dublin (33), Stockholm (33), Isle of Man (35), Madrid (37), Brussels (41), Milan (41), Vienna (43), Copenhagen (46), Glasgow (46), Rome (48), Monaco (51), Oslo (53), Prague (55), Gibraltar (56), Helsinki (56), Warsaw (59), Malta (59), Lisbon (64), Moscow (68), St. Petersburg (69), Istanbul (71), Budapest (72), Athens (73), Tallinn (74) and Reykjavik (75).

If a trading tax was introduced throughout the EU (doubtful), the best places left would be few and include London, Zurich, Geneva, Guernsey, Edinburgh, Isle of Man, Monaco and Gibraltar. If a trading tax was introduced at only the French level, French financiers would take a close look at nearby Switzerland, primarily Geneva and Zurich thus increasing the positioning of these two Swiss financial global centres to the detriment of Paris. Switzerland as whole manages already 28% of the world's private offshore assets and the financial sector employs 220,000, corresponding to 6% of the country's jobs.

Geneva ranks 9 among the top 75 Global Financial Centres. Geneva is where the two largest Swiss banks, the top fund managers in Europe, look after their largest assets. It is also in Geneva that an increasing number of foreign banks are now concentrating their international asset management teams. There are around 60 foreign-controlled banks in Geneva today. This cross-fertilization is responsible for its dynamic financial activity, further stimulated by hundreds of finance companies, independent asset managers, and asset management departments of large foreign fiduciaries and brokers.

Zurich ranks 8 among the top 75 Global Financial Centres. The Zurich Financial Center is far more than a banking hub. It has developed into a center for insurance companies, asset managers, and providers of alternative investment products. One third of all banks and insurance companies in Switzerland have their headquarters in Zurich or its immediate vicinity. These include Credit Suisse and UBS (whose headquarters is shared with Basel), Zurich Financial Services, Swiss Re and Swiss Life, to mention just a few examples. About 40% of employees (approximately 100,000 in the Swiss financial sector are based in Zurich and the players in the financial sector work hand in hand with other specialists such as attorneys and accountants. 

Today Paris ranks 20 among the top 75 Global Financial Centres. If a trading tax is introduced in France only, for certain French financiers will look to relocate elsewhere and Paris can forget about being a competitive Global Financial Centre.  It's too bad because today the Paris Financial Centre represents: