London has retained its position as the world’s best international finance centre despite the turmoil of the banking crisis and problems in the eurozone, according to the 14th Global Financial Centres (GFC) Index.
However, London’s ratings have fallen by more than any other centre in the top 25.
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In the top-five, London is followed by New York, Hong Kong, Singapore and Tokyo.
Others in the top 10 are: Zurich (6th), Boston (7th), Geneva (8th), Frankfurt (9th), Seoul (10th).
Chicago and Toronto fell out of the top-10 into the 11th and 12th places respectively. Beijing continued its decline in the ranks (59, down from 58 in March) and has been slipping steadily since GFCI 10, the report said.
Latin America continues to grow in importance with Rio de Janeiro, Sao Paulo and Buenos Aires all climbing in the ranks. Rio de Janeiro in particular performed well and climbed 17 places.
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By GlobalDataIn the Middle East, Qatar, Bahrain and Istanbul saw significant increases in their rankings whilst other centres fall slightly.
The study, which is conducted by the Z/Yen Group and sponsored by the Qatar Financial Centre Authority, rates 80 financial centres on a scale of 1 to 1,000.
In the latest tranche of the survey, which is updated every six months, more than 2,700 financial services professionals were asked about the financial centres which they knew, answering about the centres’ competitiveness.
