The Cayman Islands jumped from 29th to 21st position in the twenty-fifth edition of the Global Financial Centres Index. Cayman gained 30 points in the rating with the most favourable assessments coming from respondents in Latin America and the Caribbean, Eastern Europe and Central Asia, and North America. Bermuda and Panama also performed strongly.
The British Crown dependencies, on the other hand, showed a mixed performance with Jersey making a small gain, the Isle of Man moving up but Guernsey dropping 15 places in the index to 75th place.
At the top of the index, New York remains in first place, seven points head of London.
“London remains second despite many people predicting that it may fall further,” said Mark Yeandle, director of Z/Yen and the author of the GFCI report. “New York is still at the top for now, but Hong Kong, Singapore and Shanghai are closing in fast.”
Hong Kong is only four points behind London in third followed by Singapore in fourth place. Shanghai stayed ahead of Tokyo in fifth place in the index, but Tokyo gained 10 points in the ratings.
Toronto, meanwhile, rose 27 points and gained four places to seventh. And Zurich, Beijing, and Frankfurt make up the remainder of the top 10.
The index is updated twice a year in March and September by Z/Yen Partners and provides evaluations of future competitiveness and rankings for 112 major financial centres around the world based on responses to an online questionnaire from more than 2,300 financial professionals.
This data is combined with 133 instrumental factors and quantitative measures provided by third parties including the World Bank, the Economist Intelligence Unit, the OECD and the United Nations.
Western European centres fared considerable better than in the last iteration of the report. Of the top 15 European centres, 13 rose in the ratings with particularly strong performances by Monaco, Madrid and Edinburgh. Only Luxembourg and Amsterdam saw modest declines; The centres that are most likely to benefit from Brexit did well, with Zurich, Frankfurt, Paris, and Dublin all gaining ground.
Amsterdam was the only centre in Western Europe that dropped more than 10 points in the ratings.