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This paper, presented at a Meeting of the Financial Stability Board (FSB) Regional Consultative Group for The Americas Mexico City, Mexico on December 2, 2011, establishes the relative importance of Caribbean International Financial Centres (IFCs) in the global context, both in terms of transactions volumes and interconnectedness. There is a clear need for a deeper understanding of international financial flows and inter-connectedness, and of the vulnerabilities to which the international financial system is subject as a result of cross border linkages. This will permit a more realistic view of the role and importance of IFCs in the global financial system, and a more appropriate focus for the priorities for international financial reform.