London keeps lead as global financial center

PanARMENIAN.Net - London has retained its position as the leading global financial center in the face of regulatory upheaval, sluggish economic conditions and turmoil in the eurozone, research has found.

The rapid rise of mainland Chinese cities as financial services hubs in recent years has also been checked, according to a survey of 1,700 finance professionals.

The rapid rise of mainland Chinese cities as financial services hubs in recent years has also been checked, according to a survey of 1,700 finance professionals.

London, New York and Hong Kong keep their place at the head of the Global Financial Centres Index by think-tank Z/Yen Group, with London slightly ahead of the other two cities.

However, ratings for Shanghai, Beijing and Shenzhen all declined. The findings will offer a measure of reassurance over London’s enduring competitiveness amid worries over the impact of new domestic and European Union regulations as well as sporadic threats from some big UK-based institutions to move their headquarters elsewhere.

The survey ranks 77 financial centers according to factors such as market access, infrastructure and competitiveness along with other variables designed to track the changing priorities of finance professionals, according to the Financial Times.