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London’s First Loss of World’s #1 Financial Center Title to NY, Moscow #73

17.03.2014 11:51 / Interfax

For the first time ever, London has surrendered the title of the world’s largest international financial center to New York, according to Z/Yen Group’s biannual Global Financial Centres Index (GFCI).

The US city has the top spot ‘with a shaky, statistically insignificant’ 2 point lead, sweeping up 786 points versus the British capital’s 784.

Trust in London has been undermined by a series of scandals, such as LIBOR rigged by banks, as well as Britain’s controversial EU standing and the planned referendum on its continued EU membership.

As a result, New York gained 7 points over last 6 months, while London lost 10 points, the maximum drop in the Top 50.

“Without the large domestic economies behind New York and Hong Kong, London needs to act more like a Singaporean city state with a global economy, or have the backing of a European Union ‘domestic’ economy”, opines Z/Yen Executive Chairman Michael Mainelli.

GFCI’s #3 and #4 remain Hong Kong (761 points, +2 points) and Singapore (751 points again).

The rest of the Top 10 has rearranged as follows: a switch between Zurich (730, +12) and Tokyo (722, +2), Seoul leaping to #7 from #10 (718, +17), Boston down one slot (715, +1) along with Geneva (713, +3), while San Francisco enters the Top 10 from #12 (711, +14).

Frankfurt-am-Main left the Top 10 to #11 (709, +7).

In this GFCI index, Moscow has slipped to #73 from #69, despite gaining 11 points (to a total of 591). Russia’s capital is next to Helsinki (592, -12) and Glasgow (590, +4).

Paris is down to #36 from #29 (672, +16), while Beijing has reached #49 from #59 (649, +51).

The GFCI was first published by Z/Yen Group in March 2007 and has subsequently been updated every six months. This is the fifteenth edition of GFCI (GFCI 15). The rating is based on five broad ‘areas of competitiveness’: Business Environment, Financial Sector Development, Infrastructure, Human Capital and Reputation.

15.03.2014 The 15th Biannual Global Financial Centres report

The 15th Biannual Global Financial Centres report ©2014 Z/Yen Group Ltd for the City of London

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