22 September 2009
Latest Global Financial Centres Index shows London and New York
still ahead as Asian centres do well
The latest independent Global Financial Centres Index (GFCI),
published today, shows London and New York ahead as Asian centres
make a surprise surge to take five of the top 10 rankings.
Hong Kong and Singapore both saw their ratings increase and have
closed on London and New York (which retain first and second
positions respectively).
The study, the sixth of its kind produced by Z/Yen Group,
suggests that a group of four ‘global’ financial centres have now
emerged ahead of the rest.
Other fast-growing Asian centres, including Shanghai, Beijing
and Shenzhen also posted large rises. These three were named among
centres 'likely to become more significant', with Dubai falling
from the top of this up-and-comers list.
A spokesperson for the City of London Corporation, which
commissioned the research said:
'This independent research demonstrates three trends: cautious
optimism that the global financial services industry is showing
signs of recovery, further movement of the financial business
centre of gravity towards fast-developing markets - especially in
Asia; and the emergence of a 'Premier League' of economically and
socially interconnected cities.
‘This data was compiled in an exceptional period of volatility
in global markets, which explains the wide range of readings.
Of course, we recognise that Asian centres are growing strongly but
the speed and size of the surge is a surprise and we are
commissioning further research to find out the detailed reasons for
this.
'An in-depth study of Chinese centres, in particular, is needed
to see what factors are driving this perceived trend.'
The report – which is based on a wide survey of leading global
financial players – suggest that the rise of Asia is part of a more
general return of confidence among respondents - with all but three
centres (Dublin, Glasgow and Gibraltar) recording stable or higher
than previous ratings.
GFCI 5, published in March 2009, saw each of the 62 centres
listed experience an overall ratings drop in the face of global
economic turmoil. Now, six months later, the overall ratings have
returned to the levels exhibited in last September’s GFCI 4.
The spokesperson continued: 'London is well positioned to take
advantage of these changes by utilising the benefits of an
internationally recognised language and commercial law framework,
as well as an opportune time-zone, to act as a bridge between
various centres. Three of the four global leaders are financial
centres with legal systems based on English Commercial Law.’
The GFCI tracks the underlying competitiveness of financial
centres. It is commissioned every six months by the City of
London Corporation. The rankings are compiled by the independent
Z/Yen Group from surveys of finance professionals around the world
and competitiveness indicators. The survey responses were collected
between January and June 2009.
Ends
Notes to editors
Download a copy of GFCI-6
report
About the City of London:
The City of London supports and promotes the Square Mile as a world
leading international financial and business centre and provides
local government and police services for workers, residents and
visitors. It also provides valued services to London and the nation
as a whole including management of Guildhall Art Gallery, the
Barbican Centre, the Central Criminal Court at Old Bailey, 4,240
hectares of open space, three wholesale food markets and acts as
London’s Port Health Authority.
Press contacts
James Abbott
Tel: 020 7332 1754
Mob: 07831 543188
Email:
james.abbott@cityoflondon.gov.uk
Sanjay Odedra
Tel: 020 7332 1835
Mob: 07954 327370
Email:
sanjay.odedra@cityoflondon.gov.uk