New York holds top spot in financial centre survey

New York kept the top spot in the latest rankings of global financial centres from Z/yen Group yesterday, 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 EU— but London has retained its second place ranking, 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 chair Michael Mainelli said.

Finance industry officials worried about London’s 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.

“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 retained its leading position in the Fintech ranking, followed by San Francisco, with London moving up one place to third, Z/yen said. —