![]() ![]() However, Professor Michael Mainelli, Executive Chairman of Z/Yen, said GFCI 29 ratings had not returned to the levels of 2019, reflecting a welter of instability in international trade, politics, and economics, not least large-scale interventions by central banks and questions about the future treatment of commercial banks, insurers, and payment providers. “The fact that overall ratings have not recovered to the levels that we saw in 2019 reflects the continuing uncertainty around international trade, the impact of the covid-19 pandemic, and geopolitical and local unrest,” the report says. The average rating of centres in the index dropped only 3.5 points since September 2020, which Z/Yen suggests may indicate more confidence in the financial system than in the first stages of the covid-19 pandemic. Singapore, Hong Kong, Beijing, Shanghai, Shenzhen, and Zurich feature in the top five centres in one or more areas. London is ranked highest for financial sector development, which ranks sectors according to depth and breadth of industry clusters, availability of capital, market liquidity and economic output. New York takes the lead position in four out of the five areas. The GFCI is based on analysis of instrumental factors and feedback from more than 10,000 individuals working in financial centres around the world across five main areas of competitiveness – business environment, human capital, infrastructure, taxation, reputation and financial sector development. Berlin entered the index for the first time, ranked 45th. ![]() However, the latest Global Financial Centres Index (GFCI) produced by City of London commercial think tank Z/Yen finds that London still has the edge as the leading financial centre in Europe, ahead of Frankfurt, Zurich and Luxembourg. ![]() In January, Amsterdam overtook London as Europe’s top share trading hub by share volume, with an average of €9.2bn-worth of shares being traded every day in the Netherlands, compared to €8.6bn-worth of daily share trading in London. ![]()
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