London, New York City, The Global Financial Centres Index and the top ten Global Financial Centres

In 2005 Z/Yen set up the Global Financial Centres Index to help society's understanding and use of finance over the long term and increase our knowledge of financial centres. Cities are subjected to rigorous analysis by survey results. It was noted in the 2010 edition of the Global Financial Centres Index (GFCI 8) that

1. There remains no significant difference between London and New York City in the GFCI 8. Respondents continue to believe that these centres work together for mutual benefit.

2. Hong Kong (in third place) is now within ten points of London and New York (having been 84 points behind in March 2009). Ten points on a scale of 1,000 is not significant and that Hong Kong has joined London and New York as a genuinely global financial centre. Singapore may well join this trio soon.

The Global Financial Centres index is assessed on people, business environment, market access, infrastructure and general competitiveness. The top ten Global Financial Centres for 2010 (GFCI 8) are as follows -

1. London, England
2. New York City, USA
3. Hong Kong
4. Singapore
5. Tokyo, Japan
6. Shanghai, People's Republic of China
7. Chicago, USA
8. Zurich, Switzerland
9. Geneva, Switzerland
10 Sydney, Australia

Industry sector sub-indices are also created using only the questionnaire responses from respondents working in the relative industry sectors. Below shows the position of London and New York City in each of these sub-indices although it should be noted that Wealth Management and Private Banking is relatively new and should be viewed with caution as the sample size was smaller.

Asset Management - London (1), New York (2)
Banking - New York (1), London (3)
Government & Regulatory - New York (1), London (2)
Insurance - New York (3), London (5)
Professional Services - London (1), New York (2)
Wealth Management/Private Banking - London (1), New York (3)