Modern Trends in the Development of International Financial Centers

The article analyses the current trends in the development of international financial centres, which play an important role in the world economy and international economic relations in the conditions of economic globalization. IFCs occupy a central place in the global financial architecture and in the context of financial globalization are the hubs of the world financial market, contributing to the free movement of capital, overcoming certain barriers to its movement and redistributing capital between individual companies, markets and regions. The role of IFCs for the global economy is defined by the fact that they contribute to the mobilization and redistribution of significant amounts of financial resources around the world, ensure the acceleration of capital turnover due to the large number of participants and the size of the market, its better organization and the use of financial instruments. As a result, there is an increase in the profitability of capital, the efficiency of its turnover increases, and its influence on economic growth increases due to a wider possibility of choosing the optimal directions of investments. Therefore, the countries of the world are interested in creating financial centres on their territory. The article examines the role of global cities, which in the conditions of globalization are centres of not only economic, political, cultural, educational, but also financial development. The consequences of the concentration of financial capital and financial institutions in the largest cities are analysed. The article studies modern trends in the development of IFCs in the context of globalization, in particular, the emergence and rapid growth of new financial centres as a result of the liberalization of international relations, the growth of international financial markets and capital flows, as a result of which the financial centres need less time to reach the international level. Countries are interested in the creation of IFCs, because due to the openness of the financial market and the formation of a financial centre in the country, prerequisites are created for the acceleration of economic growth and socio-economic modernization, which make the country more attractive for capital, and better integrate the national economy into the world economy, creating additional competitive advantages for the economic system. The article also analyses the uneven development of financial centres and the growing competition and reformattin