Sydney is the largest corporate and financial centre in Australia and is also an important financial centre in the Asia Pacific.The Australian Securities Exchange and the Reserve Bank of Australia are located in Sydney, as are the headquarters of 90 banks and more than half of Australia's top companies, and the regional headquarters for around 500 multinational corporations.he Sydney Futures Exchange (SFE) is one of the Asia Pacific's largest financial futures and options exchanges, with 64.3 million contracts traded during 2005. In global terms it is the 12th largest futures market in the world and the 19th largest including options.
Of the 36 foreign banking groups in Australia, 33 are based in Sydney. They include: Citibank, Deutsche Bank, Bankers Trust Australia, Banque Nationale de Paris and Chase Manhattan. Of the domestic banks, Sydney is headquarters to 40 out of 52.Sydney has been classified as a "Beta" global city by the Globalization and World Cities Study Group and Network.
The Australian Stock Exchange (ASX) and Sydney Futures Exchange are serious international players. The superannuation industry is approaching A$1 trillion under management. Fourteen of the top global funds managers have a presence in Australia, along with most of the large investment banks. The Hedge fund sector in Australia is bigger than Japan, Hong Kong and Singapore combined.In 2006-07, total turnover across all of Australia's financial markets reached A$120 trillion, a 20 per cent increase on the previous year. Sydney's principal strength as a global financial services centre is its large, skilled and multilingual workforce. Sydney's prominence as a financial centre Will be consolidated with the establishment of an Institute of Advanced Research in Finance, which Will undertake leading research and provide High-level training.
Sydney's economy is the most resilient in the world, according to the World Competitiveness Yearbook 2005 and have a highly skilled, multilingual workforce and a strong regulatory environment.Sydney is enjoying significant growth in industries such as medicine and biotechnology, media and advanced manufacturing. Sydney is also prominent in the finance and business service industries and Information and Communications Technology .Australia is the first major financial centre to Open for trading each day, straddling the close of the United States (US) business day and the opening of the European market.