Article

CAYMAN: Island climbs eight places in the Global Financial Centres Index.


Added on 09/04/2019

As published on internationalinvestment.net, Monday 8th April, 2019.

 

The Cayman Islands jumped from 29th to 21st position in the Global Financial Centres Index after positive assessments from Latin America and the Caribbean, Eastern Europe and Central Asia, and North America earned it 30 points.

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, as local news outlet The Journal reports.

"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.

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.