# London reclaims place as preeminent global financial centre for the first time since 2013, according to Global Regulatory Outlook report from Duff & Phelps
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2018-04-21
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: London remains global finance capital despite Brexit fears
Meta Description: 53% of senior professionals view London as the main finance centre, but New York could overtake soon. Global Regulatory Outlook report shows London's
URL: https://financedigest.com/london-reclaims-place-as-preeminent-global-financial-centre-for-the-first-time-since-2013-according-to-global-regulatory-outlook-report-from-duff-phelpshtml

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- 53% of senior professionals in financial services view London as the world’s main centre for finance
- However, New York predicted to overtake London within the next five years
- Dubai and Mumbai seen as emerging global finance hubs

With less than a year to go until Brexit, the sixth annual Global Regulatory [Outlook report](https://www.financedigest.com/reinsurance-demand-increasing-as-growth-opportunities-emerge-according-to-aon-outlook-report.html "Reinsurance demand increasing as growth opportunities emerge, according to Aon outlook report") has found that London is viewed as the global centre for finance for the first time since 2013. It is also the first time in five years that New York has not held the position, according to the report’s authors, Duff & Phelps, the premier valuation and corporate finance advisor with expertise in complex valuation, disputes and investigations, M&A, [real estate](https://www.financedigest.com/how-to-buy-income-producing-real-estate-without-your-own-money-or-credit.html "How to Buy Income-Producing Real Estate Without Your Own Money or Credit"), restructuring, and compliance and regulatory consulting.

_Global Regulatory Outlook, which surveys senior professionals in financial institutions across the world, found that over half (53%) currently [see London](https://www.financedigest.com/could-london-see-a-spac-boom-in-2022.html "Could London see a SPAC boom in 2022?") as the preeminent global hub, ahead of New York on 42%.  This marks an [improvement in attitudes towards the status of London since last year](https://www.financedigest.com/effective-integration-will-improve-mobility-in-the-tl-sector-over-the-next-five-years.html "Effective Integration Will Improve Mobility in the T&L Sector Over the Next Five Years"), where only 36% saw it as the world’s finance capital, compared to 50% in favour of New York._

**Julian Korek, [Global Head](https://www.financedigest.com/global-growth-headed-down-as-inflation-surge-to-endure.html "Global growth headed down as inflation surge to endure") of Regulatory and Compliance Consulting at Duff & Phelps, said:**

_“It’s refreshing to see that attitudes towards [London’s global](https://www.financedigest.com/london-stocks-fall-1-on-weak-global-growth-outlook.html "London stocks fall 1% on weak global growth outlook") status have improved in the past 12 months. In previous years, [London has lagged behind New York](https://www.financedigest.com/london-takes-aim-at-new-york-with-five-year-financial-plan.html "London takes aim at New York with five-year financial plan").  For this to have been dramatically reversed with just a year to go until Brexit shows a [growing confidence among financial services business](https://www.financedigest.com/euro-zone-april-business-activity-grows-on-strong-services-demand-pmi.html "Euro zone April business activity grows on strong services demand – PMI") leaders that London is still the number one place to do business.”_

However, the [research also revealed that London will need to work](https://www.financedigest.com/the-pandemics-impact-on-working-mothers-new-research-reveals-that-two-thirds-have-stopped-working-or-now-work-less.html "The Pandemic’s Impact on Working Mothers: New Research Reveals That Two-Thirds Have Stopped Working or Now Work Less") hard to remain at the top. Just 29% of finance professionals surveyed think London will retain its pole position in the next few years, with 52% predicting New York will [regain the top spot](https://www.financedigest.com/algeria-regains-spot-as-spains-top-natural-gas-source-enagas.html "Algeria regains spot as Spain’s top natural gas source -Enagas") by 2023.

Korek continued:

_“There is still a lot of hard [work ahead](https://www.financedigest.com/eu-sees-more-work-ahead-to-implement-russian-oil-price-cap.html "EU sees more work ahead to implement Russian oil price cap") for the City if it wants to retain the top position in a post-Brexit climate. When it comes to shaping London’s future outside of the EU, decisions taken now will be crucial in laying the groundwork for [years](https://www.financedigest.com/refrigerated-trailer-market-to-exhibit-increased-demand-in-the-coming-years.html "Refrigerated Trailer Market to Exhibit Increased Demand in the Coming Years") to come.”_

Other significant findings include:

- 27% of respondents predict that Dubai will become a leading emerging [financial centre](https://www.financedigest.com/data-centres-and-the-changing-financial-trading-landscape.html "Data centres and the changing financial trading landscape") within the next five years, while 14% suggest Mumbai has similar potential. Further suggestions include Sydney, Singapore and Shanghai
- Financial services leaders are concerned about the regulatory impact of [Brexit](https://www.financedigest.com/explainer-how-britain-is-exploiting-brexit-to-reform-finance.html "Explainer-How Britain is exploiting Brexit to reform finance?"). The majority (64%) say Brexit will definitely impact on their current compliance programmes. 15% indicate that Brexit has already affected their compliance function, with a further 33% [predicting that it will have an impact](https://www.financedigest.com/covid-19-impact-on-attitude-and-heading-reference-systems-market-volume-analysis-future-prediction-industry-overview-and-forecast-2028.html "Covid-19 Impact On Attitude and Heading Reference Systems Market | Volume, Analysis, Future Prediction, Industry Overview And Forecast 2028") within the next 18 months.

**Julian Korek concludes:**

_“Many firms are considering their options in anticipation of Brexit to [continue marketing](https://www.financedigest.com/welding-consumables-market-continue-to-be-largest-product-segment-in-consumer-market.html "Welding Consumables Market Continue to be Largest Product Segment in Consumer Market") in the EU, such as using management companies and revising their operating models. But Brexit may also open up [opportunities in other jurisdictions through new trade agreements to distribute products](https://www.financedigest.com/amino-acids-premixes-market-overview-analysis-with-application-product-source-opportunity-and-region-2022-2029.html "Amino Acids Premixes Market Overview & Analysis with Application, Product, Source, Opportunity and Region 2022-2029"). It remains a complex regulatory and market environment for the industry across the globe, which will need to be managed dynamically. The success with which [firms do so could prove a differentiator in next](https://www.financedigest.com/german-engineering-firms-expect-hit-from-supply-chain-bottlenecks-next-year.html "German engineering firms expect hit from supply chain bottlenecks next year") few years.”_


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