By Kristy Dorsey
Edinburgh and Glasgow have both moved up the rankings in the latest Global Financial Centres Index (GFCI) as global uncertainty was reflected in high levels of volatility across the league table.
Within the top 30 centres, Edinburgh joined Amsterdam, Geneva, Hamburg and Stockholm by improving their respective positions by more than 10 places. Edinburgh jumped from 29th to 17th place, as its rating rose by 15 points to 716.
Glasgow moved up five places in the rankings, from 70th to 65th, as its rating rose by 37 points to 650.
The twice-yearly index is produced by London-based think-tank Z/Yen in conjunction with the China Development Institute. The latest edition rated 108 financial centres on a combination of quantitative data and professional assessments.
New York once again headed the rankings, with London retaining second position. Tokyo jumped into third place, easing out Hong Kong, Singapore and Shanghai.
However, all but one of the top 10 saw their rating scores decline. A total of 26 centres rose by 10 or more places in the rankings, and 23 fell by 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,” the report said, and “reflects the importance of sustainable finance, with Western European centres benefitting, and centres with a legacy of brown finance losing ground.”
Eastern Europe and Central Asia showed the strongest regional improvement, with 12 centres increasing their ratings.
Following a mixed showing in the previous index produced in September, Western Europe also fared well. A total of 23 centres rose in the rankings with just five falling, and 14 rose by 10 places or more.
The Middle East, Africa, Latin America and Caribbean all performed poorly, but in Eastern Europe and Central Asia, all bar two centres improved their rating.
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