Covid-19

New York and London remain the world’s leading financial centers

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New York stays ahead of London in top financial centers survey Description video: New York retained the top spot in a survey of global financial centers on Friday, with London strengthening its position in second place just over three months […]

New York stays ahead of London in top financial centers survey

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New York retained the top spot in a survey of global financial centers on Friday, with London strengthening its position in second place just over three months before Britain’s full departure from the European Union. \n \nSubscribe: http://smarturl.it/reuterssubscribe\n\nReuters brings you the latest business, finance and breaking news video from around the globe. Our reputation for accuracy and impartiality is unparalleled.\n\nGet the latest news on: http://reuters.com/\nFollow Reuters on Facebook: https://www.facebook.com/Reuters\nFollow Reuters on Twitter: https://twitter.com/Reuters\nFollow Reuters on Instagram: https://www.instagram.com/reuters/?hl=en

New York and London remain the world’s leading financial centers

New York retained its leading position in the ranking of the world’s financial centers, while London strengthened its position in second place just over three months before the UK’s complete exit from the European Union.

New York and London remain the world's leading financial centers

The Global Financial Centers Index (GCFI) is based on a survey conducted by the Z / Yen Group in partnership with the China Development Institute, which includes more than 54,500 assessments from 8,549 professionals.

These assessments relate to political stability, regulatory environment, availability of skills, quality of life, infrastructure, availability of capital, market liquidity, reputation and cultural diversity..

«GFCI demonstrates increased trust in leading financial centers. On the contrary, in smaller centers there is a decrease in», – said Michael Mainelli, executive chairman Z / Yen.

Uncertainty about trade, political stability and the economic impact of the pandemic has led to greater volatility in the index’s results, he said..

«Epidemic outbreaks challenge traditional business center concept. For example, in London, Covid-19 had a strong impact on the city’s financial performance, while financial services in the southeast of the country showed growth», – added Mainelli.

Shanghai overtook Tokyo to rank third, while Hong Kong and Singapore ranked fifth and sixth.

London has closed the gap with New York. In the latest survey, some respondents said the impact of Brexit could reduce the attractiveness of British capital, still used by global banks as an entry point to the EU market, in the short to medium term..

London Citi loses unhindered access to the EU on December 31 after the Brexit transitions end, disrupting access to EU clients.