London still top finance center, but Brexit may change that: survey

Mon Sep 26, 2016 9:41am EDT
 
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By Huw Jones

LONDON (Reuters) - London's role as the world's top financial center could be under threat as the implications of Britain leaving the European Union start to sink in, a survey showed on Monday.

The Z/Yen 20th global financial centers index (GFCI), which looks at 87 financial centers, showed that London remains just ahead of New York, followed by Singapore and Hong Kong.

The survey looked at competitiveness, business environment, infrastructure, and responses to questionnaires from people working in financial services.

Z/Yen said the Brexit referendum result was not reflected as it was based on data to the end of June 2016, just after the June 23 vote.

The next survey may be different, however.

"Looking ahead to GFCI 21, assessments given to London in July and August are significantly down from previous levels," the company said in a statement.

"GFCI 21 may show some significant changes."

Apart from London, Zurich is the only other European financial center in the Z/Yen top 10, in ninth place.   Continued...

 
Apartment buildings are backdropped by skyscrapers of banks at Canary Wharf in London, Britain October 30, 2015. REUTERS/Reinhard Krause/File Photo