Jersey and Guernsey have seen a marked improvement in their rankings in the latest Global Financial Centres Index, published this week by Z/Yen in collaboration with the China Development Institute.
In the index, GFCI 27, which measures the competitiveness of global finance centres, Jersey has moved up 10 places to 49, with Guernsey rising 19 places to 73.
The new edition of the rankings covers 120 financial centres. The number in the main index has increased from 104 to 108 with the addition of Barbados, San Diego, Tehran, and Vilnius.
Main headlines
• There was a high level of volatility, with 26 centres rising 10 or more places in the rankings and 23 falling 10 or more places. This may reflect the uncertainty around international trade and the impact of geopolitical and local unrest with a flight to stability. It also reflects the importance of sustainable finance, with Western European centres benefiting, and centres with a legacy of brown finance losing ground.
• Nine of the top 10 centres in the index had lower ratings (eight of these centres fell by 12 points or more). Of the next 40 centres, 24 improved their rating, while 16 fell.
• New York retains first place, extending its lead over London from 17 to 27 points – although the ratings for both centres dropped by more than 20 points.
• Tokyo moved up three places to third, while Hong Kong fell from third to sixth. Five Asian centres are now within 10 points of London.
• Geneva, Los Angeles and San Francisco entered the top 10, pushing out Dubai, Shenzhen and Sydney.
• Eastern Europe and Central Asia showed the strongest regional improvement, with 12 centres increasing their rating and only two centres receiving lower ratings.
To view GFCI 27 click here