Global financial system in the context of "Systemically important financial institution"

A financial centre (financial center in American English) or financial hub is a location with a significant concentration of commerce in financial services.

The commercial activity that takes place in a financial centre may include banking, asset management, insurance, and provision of financial markets, with venues and supporting services for these activities. Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds, insurers, and hedge funds), and issuers (such as companies and governments). Trading activity often takes place on venues such as exchanges and involves clearing houses, although many transactions take place over-the-counter (OTC), directly between participants. Financial centres usually host companies that offer a wide range of financial services, for example relating to mergers and acquisitions, public offerings, or corporate actions; or which participate in other areas of finance, such as private equity, private debt, hedge funds, and reinsurance. Ancillary financial services include rating agencies, as well as provision of related professional services, particularly legal advice and accounting services.

International finance (also referred to as international monetary economics) is the branch of monetary and macroeconomic interrelations between two or more countries. International finance examines the dynamics of the global financial system, international monetary systems, balance of payments, exchange rates, foreign direct investment, and how these topics relate to international trade.

Sometimes referred to as multinational finance, international finance is additionally concerned with matters of international financial management. Investors and multinational corporations must assess and manage international risks such as political risk and foreign exchange risk, including transaction exposure, economic exposure, and translation exposure.

The Occupy movement was an international populist socio-political movement that expressed opposition to social and economic inequality and to the perceived lack of authentic democracy around the world. It aimed primarily to advance social and economic justice and different forms of democracy. The movement has had many different scopes, since local groups often had different focuses, but its prime concerns included how large corporations and the global financial system control the world in a way that disproportionately benefits a minority, undermines democracy and causes instability.

The first Occupy protest to receive widespread attention, Occupy Wall Street in Zuccotti Park, Lower Manhattan, began on 17 September 2011. By 9 October, Occupy protests had taken place or were ongoing in over 951 cities across 82 countries, and in over 600 communities in the United States. Although the movement became most active in the United States, by October 2011 Occupy protests and occupations had started in dozens of other countries across every widely inhabited continent. For the first month, overt police repression remained minimal, but this began to change by 25 October 2011, when police first attempted to forcibly remove Occupy Oakland. By the end of 2011 authorities had cleared most of the major camps, with the last remaining high-profile sites – in Washington, D.C., and in London – evicted by February 2012.

The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established in the 2009 G20 Pittsburgh Summit as a successor to the Financial Stability Forum (FSF). The Board includes all G20 major economies, FSF members, and the European Commission. Hosted and funded by the Bank for International Settlements, the board is based in Basel, Switzerland, and is established as a not-for-profit association under Swiss law.

The FSB represented the G20 leaders' first major international institutional innovation. U.S. treasury secretary Tim Geithner has described it as "in effect, a fourth pillar" of the architecture of global economic governance, alongside the International Monetary Fund, World Bank, and the World Trade Organization.

The 2010 G20 Toronto summit was the fourth meeting of the G20 heads of state/government, to discuss the global financial system and the world economy, which took place at the Metro Toronto Convention Centre in Toronto, Ontario, Canada. The summit's priorities included evaluating the progress of financial reform, developing sustainable stimulus measures, debating global bank tax, and promoting open markets. Alongside the twenty-one representatives of the G20 major economies, leaders of six invited nations, and eight additional intergovernmental organizations also took part in the summit.

Prior to the summit, Canadian Prime Minister Stephen Harper announced that the theme would be "recovery and new beginnings," referring to an anticipated economic stimulus from the impact of the ongoing world recession. Harper initially proposed to hold the summit in Huntsville, Ontario, where the 36th G8 summit was scheduled immediately prior. Organizers later deemed the town insufficient to provide hospitality for the large number of G20 delegates and journalists, favouring Toronto as the host location.