London, New York and Hong Kong are still the most competitive financial centers; while Asian financial hubs are climbing

The top ten financial hubs: Via Zyen:
  • London: 1
  • NewYork: 2
  • Hong Kong: 3
  • Singapore: 4
  • Shanghai: 5
  • Tokyo: 5
  • Chicago: 7
  • Zurich: 8
  • Geneva: 9
  • Sydney: 10
  • Toronto: 10
The main headlines of Global Financial Centres Index 9 are:
• there remains no significant difference between London, New York and Hong Kong in the GFCI 9 ratings; respondents continue to believe that these centres work together for mutual benefit;
The world really needs only three financial hubs, one to roughly satisfy the time zones of the world which can be divided neatly into three 8 hour blocks.  That way, trading in securities and high volume assets can be done around the block, 24 hours a day.

That is why no one will knock New York off its place in the world.  It has no real competition except from Toronto, while, Hong Kong faces real competition from both Shanghai and Singapore.  London could face real competition from Switzerland, but so far it has not materialized.
Asia continues to exhibit enhanced competitiveness with eight centres in the top twenty (against six North American centres and five European ones). In GFCI 1 (March 2007) there were just three Asian centres in the top twenty. Seoul was the largest riser moving into 16th place, up 25 points in the ratings;
• despite Dubai’s widely publicised economic problems it still holds top position in the Middle East (and 28th overall), followed by Qatar which has moved up four places. The rating gap between these two centres has halved since GFCI 8 and is now only eight points. Bahrain continue to slip, down seven places to 49th (the largest decline this time);

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