Editing Sydney (section)

===Financial services===
[[File:(1)Commonwealth Bank Martin Place.jpg|thumb|upright|right|[[State Savings Bank building|State Savings Bank]]]]
Macquarie gave a charter in 1817 to form the first bank in Australia, the [[Bank of New South Wales]].<ref name="Australia's banking history">{{cite web |publisher=Australian Broadcasting Corporation |date=1998 |url=http://www.abc.net.au/money/currency/features/feat3.htm |title=Australia's banking history |access-date=26 July 2014 |archive-url=https://web.archive.org/web/20140730142737/http://www.abc.net.au/money/currency/features/feat3.htm |archive-date=30 July 2014 |url-status=dead}}</ref> New private banks opened throughout the 1800s but the financial system was unstable. Bank collapses were frequent and a crisis point was reached in 1893 when 12 banks failed.<ref name="Australia's banking history"/>

The Bank of New South Wales exists to this day as [[Westpac]].<ref>{{cite web |publisher=Dictionary of Sydney |date=2008 |url=http://dictionaryofsydney.org/entry/bank_of_new_south_wales |title=Bank of New South Wales |access-date=8 August 2014 |archive-date=19 October 2014 |archive-url=https://web.archive.org/web/20141019064205/http://dictionaryofsydney.org/entry/bank_of_new_south_wales |url-status=live }}</ref> The [[Commonwealth Bank|Commonwealth Bank of Australia]] was formed in Sydney in 1911 and began to issue notes backed by the resources of the nation. It was replaced in this role in 1959 by the [[Reserve Bank of Australia]], also based in Sydney.<ref name="Australia's banking history" /> The [[Australian Securities Exchange]] began operating in 1987 and with a market capitalisation of $1.6&nbsp;trillion is now one of the ten largest exchanges in the world.<ref>{{cite web |publisher=ASX |date=2014 |url=http://www.asx.com.au/about/history.htm |title=History |access-date=31 August 2014 |archive-date=2 September 2014 |archive-url=https://web.archive.org/web/20140902024549/http://www.asx.com.au/about/history.htm |url-status=live }}</ref>

The Financial and Insurance Services industry now constitutes 43% of the economic product of the City of Sydney.<ref name="Economic powerhouse"/> Sydney makes up half of Australia's finance sector and has been promoted by consecutive Commonwealth Governments as [[Asia Pacific]]'s leading financial centre.<ref name="Tough week for a Sydney success story"/><ref name="Another shot at making city a finance hub"/><ref>{{cite news |last=Murray |first=Lisa |date=2005 |url=http://www.smh.com.au/news/Business/Sydneys-niche-in-global-finance/2005/04/26/1114462041806.html |title=Sydney's niche in global finance |newspaper=The Sydney Morning Herald |access-date=26 July 2014 |archive-date=24 September 2015 |archive-url=https://web.archive.org/web/20150924193743/http://www.smh.com.au/news/Business/Sydneys-niche-in-global-finance/2005/04/26/1114462041806.html |url-status=live }}</ref> In the 2017 [[Global Financial Centres Index]], Sydney was ranked as having the eighth most competitive financial centre in the world.<ref>{{cite web |url=http://www.longfinance.net/images/gfci/gfci_21.pdf |archive-url=https://web.archive.org/web/20170611000617/http://www.longfinance.net/images/gfci/gfci_21.pdf |url-status=dead |archive-date=11 June 2017 |title=The Global Financial Centres Index 21 |date=March 2017 |publisher=Long Finance}}</ref>

In 1985 the Federal Government granted 16 banking licences to foreign banks and now 40 of the 43 foreign banks operating in Australia are based in Sydney, including the [[People's Bank of China]], [[Bank of America]], [[Citigroup]], [[UBS]], [[Mizuho Bank]], [[Bank of China]], [[Banco Santander]], [[Credit Suisse]], [[Standard Chartered]], [[State Street Corporation|State Street]], [[HSBC]], [[Deutsche Bank]], [[Barclays]], [[Royal Bank of Canada]], [[Société Générale]], [[Royal Bank of Scotland]], [[Sumitomo Mitsui Banking Corporation|Sumitomo Mitsui]], [[ING Group]], [[BNP Paribas]], and [[Investec]].<ref name="Economic powerhouse"/><ref name="Australia's banking history"/><ref>{{cite web |publisher=Department of Trade and Investment |date=2014 |url=http://www.business.nsw.gov.au/doing-business-in-nsw/industry-sectors/finance-and-banking/financial-services |title=Financial services |access-date=26 July 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140621101231/http://www.business.nsw.gov.au/doing-business-in-nsw/industry-sectors/finance-and-banking/financial-services |archive-date=21 June 2014}}</ref><ref>{{cite web |publisher=Australian Prudential Regulation Authority |date=2014 |url=http://www.apra.gov.au/adi/pages/adilist.aspx |title=List of authorised deposit-taking institutions |access-date=26 July 2014 |archive-url=https://web.archive.org/web/20140730182132/http://www.apra.gov.au/adi/Pages/adilist.aspx |archive-date=30 July 2014 |url-status=dead}}</ref>