New York still in the lead, Moscow sinks in the ranking of financial centers

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LONDON, Sept 22 (Reuters) – New York remains by far the world’s most favored financial center, with London remaining second and Singapore overtaking Hong Kong for third place, according to the latest Global Financial Centers Index (GFCI) rankings released on Thursday.

Paris returned to the top 10 to replace Tokyo, but Moscow fell 22 places to 73rd as Western countries severed ties with the capital after Russia invaded Ukraine in February, the report said. GFCI.

GFCI, compiled by Z/Yen, a City of London think tank, and the China Development Institute, rated 119 centers using 66,121 ratings from 11,038 finance professionals and quantitative data.

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GFCI Main Rankings September 2022

New York has held the top spot among GFCI-ranked global financial centers for four years, overtaking London.

“London’s second position looks secure but requires a significant overall shift to fight for the top spot again,” said Z/Yen Chairman Michael Mainelli.

Britain’s new Prime Minister Liz Truss wants to “free” Britain’s financial sector from rules that date back to when the country was part of the European Union in order to increase London’s appeal as a global financial centre.

A new bill in Britain’s parliament in July includes many tweaks to financial rules, but Truss wants to go further, signaling that the government could remove the cap on bankers’ bonuses inherited from the EU.

New York, San Francisco and Los Angeles topped separate GFCI fintech sector rankings, with London fourth and Shanghai fifth.

GFCI Fintech Ranking September 2022

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Reporting by Huw Jones; Editing by Jan Harvey

Our standards: The Thomson Reuters Trust Principles.

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