According to the 22nd Z/Yen Global Financial Centres Index, which appears every six months, the gap between London and second placed New York has widened despite the ongoing uncertainty from the Brexit negotiations and the potential exodus of financial services businesses to the European Union.
London fell two points on the index to 780 out of a possible 1,000, while New York plummeted by 24 points to 756. This was the largest fall in the top 15 centres, possibly brought on by increasing US trade fears.
If New York continues to lose points, it will soon be in danger of losing out in the attractiveness stakes to third-placed Hong Kong, now just 12 points behind (the smallest gap between second and third places for more than five years), or even fourth-placed Singapore which, at 742, is 14 points behind.
Interestingly, Frankfurt, Paris and Dublin, which are all jostling to attract the fall-out from London post Brexit, do not feature in the top 10 even though all three have gained points. Frankfurt is highest placed at number 11, having moved up 12 places since the last survey. Both Paris and Dublin have moved up three places to 26th and 30th respectively.
In fact, the only other European financial centre that makes it into the top 10 is Zurich at number nine. Luxembourg (14th) and Geneva (15th) are both rated more highly than Paris and Dublin.
Other members of the top 10 are Tokyo (5th), Shanghai (6th), Toronto (7th), Sydney (8th) and Beijing 10th).