THIS year Shanghai ranked eighth among 77 international financial centers, according to the Global Financial Centers Index, published by the City of London Corporation in March. The city fell three levels in this year's rankings.

Among the top 10, Shanghai was surpassed by London, New York, Hong Kong, Singapore, Tokyo, Zurich and Chicago, and trailed by Seoul and Toronto.

Of course, there are numerous ways to devise such comparisons and many organizations that compile such lists.

Another is the Xinhua-Dow Jones International Financial Centers Development Index. The index evaluates cities from five aspects: financial markets, general business environment, growth and development, service levels, and industrial support.

It delivered its rankings of the 10 top financial hubs last year. New York led the list, followed by London, Tokyo, Hong Kong, Singapore, Shanghai, Paris, Frankfurt, Sydney and Amsterdam.

Looking behind the numbers, the leading global financial centers in the indices show the strengths that give them financial clout beyond their borders.

London

London's biggest industry is finance. The City of London, also known as the "Square Mile," is financial heart of London. It is the home to the Bank of England, the London Stock Exchange, Europe's biggest bourse, the London Metal Exchange, largest of its kind in the world and major insurers, such as Lloyd's of London. The city is host to more overseas banks than anywhere else in the world and operates the biggest foreign-exchange market.

New York

New York is a one of the three "command centers" of the world economy, along with London and Tokyo. The New York Stock Exchange and Nasdaq are the world's two largest bourses by average daily trading volume and market capitalization. The city is considered a center for banking, insurance, fund management, media, art, technology, education, entertainment and global diplomacy.

Hong Kong

Hong Kong's free trade and low taxation have made it a commercial and financial hub in Asia. The city ranked first among freest economies in the world this year, according to the Index of Economic Freedom.

Hong Kong became the leading offshore market for yuan transactions in 2009, when the Chinese government began currency reforms aimed at turning the yuan into an international currency. Trade settlements in yuan rose to 1.9 trillion yuan (US$301 billion) in 2011, which exceeded 80 percent of China's aggregated external trade settled in the currency, according to Hong Kong Monetary Authority.

Singapore

Singapore is one of the original "Four Asian Tigers," along with Hong Kong, South Korea and Taiwan. It boasts one of the most business-friendly economies, ranking second this year in the Index of Economic Freedom.

The city-state attracts considerable foreign direct investment because of its location, its corruption-free reputation, its skilled workforce, its low tax rates and its advanced infrastructure.

It is the fourth-biggest foreign-exchange center in the world and home to more than 7,000 multinational corporations.

Tokyo

Tokyo, Asia's biggest financial center, is home to global investment banks and insurance companies. The Tokyo Stock Exchange is the third-largest bourse in the world by market size.

The high efficiency and profitability of Japanese companies have attracted intensive foreign investment.

Zurich

Zurich is the biggest gold trading centre in the world. The Swiss Stock Exchange located in the Greater Zurich Area was established in 1877, and is currently the fourth most prominent bourse in the world. Leading Swiss banking giants like UBS and Credit Suisse are headquartered in the city.

Chicago

Chicago is the third most-populous city in the US, with the second-biggest central business district. It built its financial history on trade in commodities. The city is the home to the Federal Reserve Bank of Chicago and major financial and futures exchanges, including the Chicago Board Options Exchange.

Shanghai

Shanghai is the commercial and financial center of China, regaining the glory it once enjoyed in the 1930s. In April 2009, the State Council, China's cabinet, announced a policy to transform the city into an international financial center on par with New York of London by 2020. As a result, Shanghai has been used as the testing ground for many of the country's financial reforms and is the nation's biggest onshore yuan trading market. The city is home to 1,136 domestic and overseas financial institutions. Twenty-one locally incorporated foreign banks have their headquarters in Shanghai. Total assets of foreign lenders in Shanghai reached 1 trillion yuan last year.

Seoul

Seoul accounts for 21 percent of the South Korean economy. The city is home to manufacturing heavyweights such as Samsung, LG, Hyundai and Kia, and a large number of internationally significant banks.

Toronto

Toronto is the biggest city and the financial capital of Canada. It has a high concentration of banks and brokerage firms. The Toronto Stock Exchange is the world's seventh-largest by market capitalization, and the third-biggest in North America by trading volume.

Paris

Paris is probably best known as an artistic, literary and fashion center, but the City of Lights also boasts a strong financial sector. La Defense, the city's business district, is not only a wonder of modern architecture but also home to global banks, insurers and fund managers. Paris is home to the French Ministry of Finance and the nation's central bank, serving as the hub for France's prominent role in the eurozone.

Frankfurt

The European Central Bank is headquartered in Frankfurt. The city is also home to a concentration of global financial institutions. The Frankfurt Stock Exchange, owned and operated by Deutsche B?rse, is the third-largest stock market in Europe and ranks 12th in the world by market capitalization.

Sydney

Sydney is the home to 90 banks, including the Reserve Bank of Australia, the nation's central bank. Nine out of the 11 foreign banks operating in the country are based in the city. It is also the regional headquarters for around 500 multinational corporations and home of the Australian Securities Exchange.

Amsterdam

Amsterdam has a long history as a place of international business and finance. The Amsterdam Stock, part of Euronext, is the world's oldest bourse and one of the Europe's largest.