New York holds top spot, London and Singapore follow in financial centre survey

NEW York kept the top spot in the latest rankings of global financial centres from Z/Yen Group on Thursday (Mar 23), with London and Singapore also unchanged in second and third place.

New York overtook London to head the table in September 2018 – two years after Britain voted to leave the European Union – but London has retained its second place ranking since then, despite some predicting it could take a heavy knock from Brexit.

“New York retains a significant first position, and five other US centres are in the top 10,” Z/Yen chairman Michael Mainelli said in a statement.

Finance industry officials worried about London’s global reputation as a financial centre after the Bank of England had to step in last September to buy government bonds to stop a rout in prices.

Markets had been unnerved by a government announcement of unfunded tax cuts.

“London has maintained its position, showing its strengths in finance, despite Brexit and other politically induced uncertainties,” Mainelli said.

The twice-yearly survey rates 120 financial centres combining 61,449 assessments from 10,252 financial professionals with quantitative data.

New York retains its leading position in the Fintech ranking, followed by San Francisco, with London moving up one place to third, while Shenzhen rose three places to fourth, Z/Yen said. REUTERS