![]() The International Monetary Fund's classes of major financial centres are: International Financial Centres (IFCs), such as New York City, London and Tokyo Regional Financial Centres (RFCs), such as Shanghai, Shenzhen, Singapore, Frankfurt and Sydney and Offshore Financial Centres (OFCs), such as Cayman Islands, Dublin, Cyprus and Hong Kong. Ancillary financial services include rating agencies, as well as provision of related professional services, particularly legal advice and accounting services. Financial centres usually host companies that offer a wide range of financial services, for example relating to mergers and acquisitions, public offerings, or corporate actions or which participate in other areas of finance, such as private equity, hedge funds, and reinsurance. ![]() Trading activity can take place on venues such as exchanges and involve clearing houses, although many transactions take place over-the-counter (OTC), that is directly between participants. Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds, insurers, and hedge funds), and issuers (such as companies and governments). A financial centre ( financial center in American English) or financial hub, is a location with a concentration of participants in banking, asset management, insurance or financial markets with venues and supporting services for these activities to take place.
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