Stockholm aspires to be “new Frankfurt”

The Swedish government has asked a group of business executives, academics and regulators to draw up plans to make Stockholm a northern European financial centre to rival Frankfurt, the Financial Times reported.

It has formed a seven-member panel to propose ways of expanding Stockholm’s banking, insurance, securities, derivatives, asset management and investment banking industries.

The move, which reflects intensifying competition between stock exchanges, is expected to involve changes to Sweden’s tax and regulatory system to permit more cost-effective provision of financial services, the newspaper added.