A survey on the performance of global financial centers is typically conducted to evaluate and compare the competitiveness of different financial centers around the world. The survey may take into account factors such as the size of the financial sector, the quality of infrastructure, regulatory frameworks, taxation policies, human capital, and other relevant indicators that may impact the attractiveness of a city for financial activities.
Based on the information you provided, it seems that London’s overall competitiveness score improved slightly from 59 in the previous year’s survey to 60 in the current year’s survey. This increase could be due to various factors such as new investments, policy changes, or improved infrastructure that have made London a more attractive destination for financial activities.
However, the survey also found that New York’s overall competitiveness score increased to 60, suggesting that New York and London are now tied in terms of competitiveness in the global financial center rankings. This could indicate that New York has also improved in areas such as regulatory frameworks, infrastructure, or human capital, making it a more attractive destination for financial activities.
It’s worth noting that different surveys may use different methodologies or criteria for evaluating financial centers, and therefore, the results may not always be directly comparable. Additionally, a single year’s change in scores may not necessarily reflect a significant shift in competitiveness, and longer-term trends and patterns may be more informative in evaluating the competitiveness of different financial centers.
People enjoy the Manhattan skyline during sunset, from the Top of the Rock observation deck, at Rockefeller Center, in New York, U.S., June 28, 2022. REUTERS/Athit Perawongmetha/File Photo
LONDON, March 30 (Reuters) – London is no longer the clear leader among global financial centres after New York rose from second place to level peg with the British capital as more companies list in the United States, the City of London Corporation’s said on Thursday.
The City, which administers London’s financial district, said in its annual survey that benchmarks on the performance of global financial centres gave London an overall competitiveness score of 60, up from 59 in 2022, but New York increased its score to 60.
The City said Britain continues to build on its long-standing strengths as the world’s largest centre for international debt issuance, commercial (re)insurance, and foreign exchange trading, and the second largest asset management centre.
But the number of international company listings in London is falling, and few global firms are choosing to list there, the City said
Britain’s Financial Conduct Authority flagged proposed changes on Wednesday to streamline listing rules.
Finance sector officials in Britain have called for faster reforms of financial rules to bolster the City’s competitiveness after Brexit pitted London against EU centres such as Amsterdam, Paris and Frankfurt.
New York overtook London in 2018 to become the top global financial centre in the separate Z/Yen survey.
The City is due in the third quarter to set out recommendations for a long-term blueprint to “kickstart” London’s role as a post-Brexit global financial centre by 2030.
“The UK remains one of the most open and global financial centres with better access to international markets than the US, France, or Japan. But our competitive advantage is at risk,” said Chris Hayward, policy chairman at the City of London Corporation.
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