M'bai in top 10 cities by fin flow yardstick

Driven by high trading volumes for equities, global banking and financial services firms, Mumbai has grabbed a place on the world's top ten financial flow hubs list, beating Hong Kong and Beijing.

The city has been ranked 10th among the world's biggest centres of commerce in terms of financial flow volumes, in a survey by Mastercard Worldwide.

The survey takes into consideration the size of the financial services network, besides equity, bond, derivatives and commodity contract transactions.

The list, with London and New York in the first two slots, is devoid of representation from China. The other cities on it include Chicago, Frankfurt, Paris, Madrid and Milan.

"The Asia/Pacific, Middle East and Africa region boasts of three cities""Tokyo, Seoul and Mumbai. These have been included due to their high trading volumes in bonds and equities," Mastercard Worldwide said in its first Worldwide Centres of Commerce Index study.

According to it, the financial flow dimension is an integration of five indicators "" financial services network, equity transactions, bond transactions, derivatives contracts traded and commodities contracts traded"" with each accorded an equal weight.

The financial services network parameter includes the presence and intensity of global banking institutions, insurance companies and global securities companies.