The CFS Financial Center Index is a new type of instrument for aggregating the evaluations and expectations of leading executives in the financial community of Germany. Its purpose is to reflect the current business sentiment concerning development chances and risks of the financial center and their variation over time.

regional classification:
The first phase of the CFS Financial Center Index survey in 2007 focused on businesses and institutions from Frankfurt/Main and the surrounding Rhine-Main region. Since October 2007 the financial community of Munich has been included in the survey. The extension of the survey to cover the financial sector in Germany as a whole is promoted since 2009.

functional classification:

Besides the regional classification a functional classification of the survey is required. Basis of the functional classification is the fact that different groups of businesses are connected in various regards with the financial center or that present the financial center itself.


© Center for Financial Studies

1. Financial institutions & Brokerage

Banks, insurances, asset managers, exchanges and brokers present the financial center itself and compose as the most inner group the nucleus of the financial center.

2. Financial Sector Service Providers

There are different kinds of service providers that cluster around the nucleus of a financial center which are specialized in various ways on financial centers. In principle, these service providers can operate in any sector. However, the more specialised the offered service becomes, the likelier is a concentration on one branch. Examples for this kind of companies are accountants, lawyers, PR and rating agencies.

3. Supervisory and Academic Institutions

Additionally, there are many institutions in the financial center that do not directly qualify as companies, like supervisory and regulatory authorities, specific associations and academia. Representatives of this group are, for instance, the German Bundesbank, the German Federal Financial Supervisory Authority (BaFin), organisations like the Federal Association of Investment and Asset Management (BVI) and the Chamber of Official Exchange Brokers. Furthermore, academic institutions, like universities and universities of applied sciences belong to this group.

4. Connected Enterprises

The fourth and final group is constituted by companies that benefit from the overall size and economic power of local financial centers like Frankfurt or Munich. Unlike businesses from group 1 or 2, these companies are not directly connected to the financial markets or have not concentrated straightforward on financial centers. Examples for connected enterprises are airlines, hotel businesses, luxury car dealers or catering companies.