London and New York remain at the top of the global financial centre rankings and the gap between them in ratings closed to one point on a scale of 1,000.
According to the global financial centres index, compiled by Z/Yen, Western European financial centres remain volatile.
The top five centres rose in the ratings. Most of the lower placed centres lost ground. Hamburg, Munich, Monaco, and Madrid, rose strongly in the ranks, with other improvements for Paris, Jersey, Edinburgh, and Lisbon. Hamburg in particular rose 38 places in the ranks.
In the Asia/Pacific region, the leading centres improved their ratings. There were significant rises in the ranks for Qingdao, Bangkok, Kuala Lumpur, and Busan. Tianjin and New Delhi are new entrants to the GFCI.
North American centres generally achieved improved ratings and improved their ranks accordingly.This was a reversal from GFCI 22. The exception was Washington DC, which dropped 20 places in the rankings. Montreal also dropped by one place (although its rating was 22 higher than in GFCI 22).
All centres in Eastern Europe and Central Asia suffered a fall in their ratings. However, Cyprus, Istanbul, and Moscow rose in the ranks. Tallinn and Riga both fell over 30 places in the ranks. Astana and Baku are new entrants to the GFCI.
In the Middle East and Africa, only Dubai and Abu Dhabi increased their ratings. Mauritius, Riyadh, and Casablanca improved their ranking despite falls in their ratings.
All centres in Latin America and the Caribbean fell in the GFCI ratings except for the Cayman Islands.
Despite the fall in the ratings, six centres rose in the ranks with the Bahamas leading the way rising 22 places. The Cayman Islands are now the leading centre in the region.
European ‘island’ centres fell back after rising in GFCI 22. The British Crown Dependencies of Jersey, Guernsey, and the Isle of Man all fell in the ratings.
Z/Yen Partners director Mark Yeandle said: "All the top centres have risen in the ratings. London remains on top despite Brexit concerns but rose less than any other centre in the top fifteen.”
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