finance industry

New York, London keep top spots in Global Financial Centers Index

Reuters
New York, London keep top spots in Global Financial Centers Index

FINANCIAL CENTER. A view of the New York City skyline of Manhattan and the Hudson River, as seen from Weehawken, New Jersey, April 18, 2020.

Jeenah Moon/Reuters

The Global Financial Centers Index will come as a relief to London in particular after Brexit

New York easily kept the top spot in the latest Global Financial Centers Index (GFCI), while London held on to second place as Chinese cities slipped, according to the ranking published on Friday, September 24.

The index, published by the Z/Yen Group in partnership with think tank China Development Institute, will come as a relief to London in particular after it lost access to the European Union financial market when Britain completed its journey out of the bloc’s orbit last December.

“The relatively strong performance of New York and London suggests that the financial services sectors in these cities managed to sustain their performance despite radical changes in working practices during the last 18 months,” GFCI said in a statement.

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Hong Kong and Singapore in third and fourth position both fell 25 points in the ratings.

“We see two patterns in the results for GFCI 30 – confidence in the recovery of the North American and Western European economies following the shock of 2020; and a leveling off following the rapid rise of Asia/Pacific centers and their economic stability in the COVID-19 pandemic,” said Michael Mainelli, executive chairman of Z/Yen.

“Competition remains tight. Outside the top two centers, only five points on a 1,000-point scale separate the centers ranked third to eighth.”

In their survey of fintech centers, New York and Shanghai retained first and second positions, with London rising two places to third place as Britain makes fintech-friendly policies a priority. – Rappler.com

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