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Newsletter | Articles   The City of London Global Financial Centres IndexNew York and London continue to head the list but Singapore and Hong Kong are catching up. The index, sponsored by the City of London and produced by the Z/Yen Group, rates and ranks the world’s major financial centres in terms of competitiveness. It also highlights the changing priorities and concerns of finance professionals. In the latest survey London and New York still lead the field and continue to be the only two truly global financial centres. Both centres have suffered owing to the credit crunch, but London has suffered more lasting reputational damage because of the collapse and subsequent handling of Northern Rock. London’s perceived competitiveness has also been adversely affected by the new tax treatment of non-domiciled residents in the UK. Both Frankfurt and Paris have dropped down the list while Zurich and Geneva remain strong. In the Far East, Singapore has moved just ahead of Hong Kong. One New York-based hedge fund manager comments, “I think the combination of Singapore and Hong Kong makes a third global financial centre to challenge New York and London.”
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