The City of London released its latest Global Financial Centres Index (GFCI) 2 report, which rates the competitiveness of the world’s top 50 financial centres. The report ranks London and New York as the only two truly global financial centres, well ahead of the two Asian centres of Hong Kong (3rd place) and Singapore (4th place). Zurich is in 5th place; just ahead of Frankfurt.
Regulation and tax continue to be seen as the most important determinant of a financial centre’s overall competitiveness. Michael Snyder, Chairman of Policy and Resources at the City of London Corporation which represents UK financial services, said; “The UK’s recent 2% cut in corporation tax shows central government is committed to improving conditions for doing business. This enhances London’s position against our closest competitor, New York.”
GFCI 2 shows niche centres such as Zurich and Geneva flexing their muscle. Geneva has shot up the rankings to step on the heels of Frankfurt. It is clear that private banking and asset management continue to thrive in current markets.
The GFCI is designed to track the changing fortunes and perceptions of financial centres. Performance of Asian markets saw Hong Kong and Singapore remain the main contenders to attain status as a global financial centre.
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© Graham Bishop
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