( London, 26th Sept 2020 ) In the survey of global financial centers released on Friday, New York remained firmly at the top of the list, while London's second position was consolidated. At this time, there are only more than three months left before the United Kingdom completely Brexit.
The Global Financial Center Index (GCFI) is compiled based on a survey conducted by Z/Yen Group and China Comprehensive Development Research Institute, which collected more than 54500 assessments from 8,549 industry professionals.
The assessment focuses on political stability, regulatory environment, availability of skilled employees, quality of life, infrastructure, capital availability, market mobility, reputation, and cultural diversity.
"GFCI 28 shows that confidence in major financial centers has increased, but confidence in other centers has declined overall," Z/Yen executive chairman Michael Minali said in a statement.
Brexit Without Hindrance
He said that uncertainties surrounding trade, price stability and the economic impact of the epidemic have led to increased volatility in the survey results of the index.
"New ways of working are challenging the concept of a traditional financial center. For example, the physical City of London has been economically tortured by the coronavirus, while financial services in southeast England have performed very well this year."
Although in the latest survey, the distance between London and New York has narrowed, some respondents said that the impact of Brexit may reduce London’s appeal in the short to medium term.
So far, the global banking industry still uses London as its gateway to the European Union.
When the Brexit transition period ends on December 31, the City of London will lose access to the European Union, and the future channels for contacting EU customers will be unstable.
Ranking of global financial centers:
1. New York
2. London
3. Shanghai
4. Tokyo
5. Hong Kong
6. Singapore
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