# New York catches up with London to head City’s global centres survey
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-03-30
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: London loses top spot as global financial centre to New York
Meta Description: London is no longer the clear leader among global financial centres after New York rose to the same level, according to a report by the City of London
URL: https://financedigest.com/new-york-catches-up-with-london-to-head-citys-global-centres-surveyhtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-03-29t232019z3lynxmpej2s0zzrtroptp4global-banks-property-loans-1736814228613-compressed.jpg)

By Huw Jones

LONDON (Reuters) – London is no longer the clear leader among global financial centres after New York rose from second place to level peg with the British capital as more companies list in the United States, the City of London Corporation’s said on Thursday.

The City, which administers London’s financial district, said in its annual survey that benchmarks on the performance of global financial centres gave London an overall competitiveness score of 60, up from 59 in 2022, but New York increased its score to 60.

Singapore was third with 51, Frankfurt 46, Paris 43, and Tokyo 35.

The [City said Britain continues to build on its long-standing strengths as the world’s largest centre](https://www.financedigest.com/buyers-shun-city-centres-for-country-villas-when-it-comes-to-lifestyle-investment-in-iberia.html "BUYERS SHUN CITY CENTRES FOR COUNTRY VILLAS WHEN IT COMES TO LIFESTYLE INVESTMENT IN IBERIA") for international debt issuance, commercial (re)insurance, and foreign exchange trading, and the second largest asset management centre.

But the number of international company [listings in London](https://www.financedigest.com/oneweb-eutelsat-set-for-secondary-london-listing-the-times.html "OneWeb-Eutelsat set for secondary London listing – The Times") is falling, and few global firms are choosing to list there, the City said.

[Britain’s Financial Conduct Authority flagged proposed changes on Wednesday to streamline listing rules](https://www.financedigest.com/britain-plans-new-data-rules-to-ease-compliance-burden.html "Britain plans new data rules to ease compliance burden").

Finance sector officials in Britain have called for faster reforms of financial rules to bolster the [City’s competitiveness after Brexit](https://www.financedigest.com/brexit-the-risks-to-the-city-and-fintech-have-never-been-greater.html "BREXIT: THE RISKS TO THE CITY AND FINTECH HAVE NEVER BEEN GREATER") pitted London against EU centres such as Amsterdam, Paris and Frankfurt.

New York overtook [London in 2018 to become the top](https://www.financedigest.com/4-for-the-price-of-1-what-you-can-buy-in-the-uks-top-northern-cities-for-the-price-of-a-london-pad.html "4 for the price of 1: What you can buy in the UK’s top northern cities for the price of a London pad") global financial centre in the separate Z/Yen survey.

The City is due in the third quarter to [set out recommendations for a long-term blueprint to “kickstart” London’s role](https://www.financedigest.com/negotiating-our-future-youth-set-to-grab-power-roles-at-cop27.html "‘Negotiating our future’: Youth set to grab power roles at COP27") as a post-Brexit global financial centre by 2030.

The UK remains one of the most open and [global financial centres with better access to international](https://www.financedigest.com/international-investment-soars-as-albania-steps-into-global-spotlight.html "INTERNATIONAL INVESTMENT SOARS AS ALBANIA STEPS INTO GLOBAL SPOTLIGHT") markets than the US, France, or Japan. But our [competitive advantage](https://www.financedigest.com/turning-big-data-compliance-into-a-competitive-advantage.html "TURNING ‘BIG DATA’ COMPLIANCE INTO A COMPETITIVE ADVANTAGE") is at risk,” said Chris Hayward, policy chairman at the City of London Corporation.

(Reporting by Huw Jones; Editing by Angus MacSwan)


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---