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The
Global Financial Centres Index (GCFI) is based on a survey by
the Z/Yen Group in partnership with the China Development
Institute of more than 54,500 assessments collected from 8,549
professionals working in the sector.
The assessments look at political stability, regulatory
environment, availability of skilled staff, quality of life,
infrastructure, availability of capital, market liquidity,
reputation and cultural diversity.
"GFCI 28 shows increased confidence in the leading financial
centres, but a general reduction in confidence in other centres,"
said Michael Mainelli, executive chairman of Z/Yen said in a
statement.
Uncertainty about trade, political stability, and the economic
impact of the pandemic has injected more volatility into the
index results, he said.
"New ways of working are challenging the concept of a
traditional financial centre. For example, the physical City of
London has had an economically torrid Covid-19, while financial
services in Southeast England have had a bumper year."
Shanghai overtook Tokyo to take third place, with Hong Kong and
Singapore in fifth and sixth places.
While London closed the gap with New York in the latest survey,
some respondents said that the impact of Brexit could reduce the
attractiveness of the UK capital, hitherto used by global banks
as their EU gateway, in the short to medium term.
The City of London loses unfettered access to the EU on Dec. 31
after Brexit transition arrangements end, with future access to
EU customers set to be patchy.
Graphic - Z/YEN Survey September 2020:
https://fingfx.thomsonreuters.com/
gfx/mkt/jznpnllgkpl/ZYEN%20SEPT2020.png
(Reporting by Huw Jones; Editing by Nick Macfie)
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