A man wearing a protective mask walks across Waterloo Bridge in front of the City of London financial district during rush hour, as the number of Coronavirus cases grow around the world, in London, Britain, March 17, 2020.London is catching up with New York as the world's top financial center, according to the most recent Global Financial Centres Index.Hong Kong moved up a ranking to become the fifth biggest center in the world.
The most recent edition of the Global Financial Centres Index , compiled by consultancy firm Z/Yen, and the China Development Institute, showed London held on to the number two spot, showing no change since March, but its rating increased by 24 points.Read More: Europe is heading back into lockdown, but when travel resumes, these are the 3 European airline stocks to own, Morgan Stanley says
The fact the gap between London and New York is shrinking is likely to be a major win for the British capital which was ranked the world's top financial centre as recently as March 2018, in the 23rd edition of the report and is looking to retain its crown status in a post-Brexit world. Overall the average rating of the cities in the index dropped by 6%, which the report's authors said "may indicate a more general lack of confidence in finance during a time of continuing uncertainty around international trade and the impact of the Covid-19 pandemic."The authors said this was likely the result of investors flocking to centers that they perceived to be more stable, during unprecedented financial-market volatility and uncertainty earlier this year.
afneil FTSE100 ? Where's it going? Downward slope.
afneil I did think we had been top of the tree for a long time, what happened ?
afneil I’ve been getting told for years that London is the number 1?!
Despite Brexit
afneil REASON LONDON HIS THE FINANCE CAPITAL ON PAR NEW YORK?HIS AT THE DECIMATION OF BRITISH INDUSTRY IF I REMEMBER THE EUROPEAN UNION SAID IT WILL REPLACE MANUFACTURING?THATS WHY WE HAVE FRANCHISES LOW WAGES?POUND LAND SHOP?EUROPEAN CONTROL? EVERY YEAR PAYED BILLIONS FOR THE PRIVAGE
It is the worlds financial centre already. That’s one measure
'All the banks will move to Paris & Frankfurt...'
afneil Almost but not quite. What happens if they don't get that equivalence deal?
Now if we could just get them to brush their teeth regularly
Femi will be devastated.
afneil About time London took back its rightful place.
afneil Sorry this can't be true. I was told many times if we voted for Brexit then the City of London would cease to be a global financial hub.
afneil So the screaming headline of billions being moved away from London to Frankfurt was just scaremongering?
To be fair NYC is struggling not just as a financial center but as a city in general. Just look at all the vacancies...
afneil Despite Brexit
afneil you missed in spite of brexit
afneil Well colour me confused - I thought everything was moving out of London!?
Makes me happy to hear that as London my favourite mega city (from a tourist point of view) 😊
afneil Number one centre of dirty money
afneil Despite Brexit 😉😉
Over 70% of the EU Millionaire Bankers Live in the UK, EBA Report Reveals.
afneil Unassailable.....for dirty money transactions
afneil Thank God for all that honest Russian money! FinCENFiles
afneil Bit more laundering and the top spot’s ours.
And this is after 2016’s result, and 2019 election!
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