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HomeEconomyNew York still tops the list, Moscow's financial center drops

New York still tops the list, Moscow's financial center drops

Huw Jones

LONDON (Reuters) – New York remains the world’s most favoured financial centre, London remains second and Singapore overtakes Hong Kong for third, the latest The ranking comes from the Global Financial Centres Index (GFCI) released on Thursday.

Paris back on top 10 to replace Tokyo, but Moscow sinks GFCI says that after Russia invaded Ukraine in February, Western countries have The capital sever ties, so 22 will become the place of 22.

GFCI, prepared by City of London think tank Z/Yen and China Development Institute, using 73 versus 119 centres rated*),121 from 22,038 assessments by financial professionals and quantitative data.

For the fourth year in a row, New York tops the GFCI ranking of global financial centers, surpassing London.

“London’s second place looks secure but needs a major global financial centre to challenge again,” said Michael Mainelli, chairman of f Z/Yen.

UK’s new prime minister, Liz Truss, wants to “unchain” the UK’s financial sector from the rules that have been in place since the founding of the country’s European Union, in order to increase London’s attractiveness as a global financial centre.

A new bill tabled in the UK Parliament in July makes many changes to financial rules, but Truss wants to go further, suggesting the government may withdraw from the EU Inherited banker bonus cap.

New York, San Francisco and Los Angeles top the GFCI’s independent fintech industry ratings, London is fourth and Shanghai is fifth.

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