At the end of 2019, New York is recognized as the financial capital of the world.
'28.01.2020'
Source: theguardian.com
Top managers called New York the main financial city in the world, writes The Guardian citing the results of a study by the consulting company Duff & Phelps Global Regulatory Outlook. The American city took the lead from London, which held this position earlier, but lost ground due to Brexit.
The UK will leave the European Union this Friday, January 31, 2020. Further access of the country to the largest customers of financial services after this is uncertain, the newspaper writes.
The study involved 245 top managers from asset management, banking and other financial companies around the world. It says that 56% of respondents consider New York to be the financial capital of the world, which is 33 percentage points more than in the polls conducted in the previous two years. Only 33% consider London the main global financial center, which is more than 20 percentage points less than in the previous two years.
“It's hard to avoid the suspicion that three years of uncertainty since the Brexit referendum contributed to the fall of London,” said Duff & Phelps managing director Monique Melis.
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Only 22% of those surveyed predicted that London would still be the largest financial center in five years. Few respondents expected Paris, Frankfurt or any other European city to replace New York or London.
Respondents preferred London rather than New York in terms of the most favorable financial services regulatory regime in the world.
“If the government can position the UK as having a better regulatory environment and decouple it from the bureaucratic red tape of European regulation, then we can see the UK regain its crown and attract new talent to the sector,” Melis said.
It is noted that London has demonstrated resilience since the United Kingdom voted in 2016 to leave the EU, taking a leap toward New York to become the leading center for trading interest rate swaps and remain the leader in currency trading.
