Saturday, 25 May 2019
Latest news
Main » London still top financial hub as HK beats Singapore in survey

London still top financial hub as HK beats Singapore in survey

12 September 2017

The U.K. capital fell just two points in the most recent Global Financial Centers Index distributed by Z/Yen and the China Development Institute, the smallest decrease among the main 10 points.

London held its crown as the world's best financial center in a ranking that overviews industry experts, broadening its lead over NY and Hong Kong in spite of progressing vulnerability about the ramifications of Brexit.

Just one of the world's 20 biggest financial centres improved its overall appeal to jurisdiction shopping firms in the last six months, in a period in which the relative appeal of various major cities remain largely static.

But, for the moment, London continues to spearhead Europe's financial industry.

NY remains the second most important financial center, having lost 24 index points, while Hong Kong has climbed to third place becoming more significant than Singapore.

Since becoming President, Trump has pulled out of a planned trans-Pacific trade agreement and is planning an increasingly isolationist economic policy.

There has been great speculation of how London stands to be affected by Brexit negotiations.

TheCityUK, has warned against complacency following the report.

Frankfurt has moved up to 11th in the table from 23rd a year ago and Dublin has moved to 30th from 33rd.

The past two months have also seen a pick-up in the number of banks saying they plan to set up new European Union subsidiaries after Brexit, with most major US, British and Japanese banks saying they will establish units in Frankfurt or Dublin.

Morgan Stanley (NYSE:MS) has announced plans to relocate 200 staff to Frankfurt, whilst JP Morgan Chase (OTCMKTS:JFTTL) has purchased a new office in Dublin that can accommodate up to 1,000 staff.

"The clock is ticking, and in the City people are making contingency plans, and at the moment they can only make them on the basis of a hard Brexit... so the longer it goes, the more likelihood it is those "hard Brexit" plans will be implemented", he said.

London still top financial hub as HK beats Singapore in survey