New York replaces London as the world's leading financial center and the Brexit involved: survey

London is no longer the most important financial center in the world and Brexit is to blame, according to a survey that shows that New York takes the crown.

The Global Financial Centers Index, produced by the China Development Institute and London-based think tank Z / Yen Partners, is published twice a year and was created in 2005.

New York surpassed the UK capital by just two points, and both cities saw their overall results decline. Nevertheless, the result is remarkable, as the financial community was concerned and disagreed about how London's position as a financial services center would be affected by the UK's exit from the EU, which should to be final in March 2019.

Brexit has led to struggles in Prime Minister Theresa May's cabinet, which has seen many resignations this summer. Expectations for a smooth transition have increased. Earlier this week, Brexit Chief Negotiator Michel Barnier said an agreement between London and Brussels could be reached within six to eight weeks.

Nevertheless, online survey participants complained that Brexit created uncertainty for companies and their employees, indicating that Frankfurt was one of the largest recipients of new business in the world post-Brexit.

Indeed, the report shows that in Western Europe, "Zurich, Frankfurt, Amsterdam, Vienna and Milan have made significant progress in the rankings. These centers may be the main beneficiaries of the uncertainty caused by Brexit. That said, Dublin, Munich, Hamburg, Copenhagen and Stockholm were ranked, so the Brexit reinforcement was not true for all European cities.

The report pointed out, however, that New York had already surpassed London in the rankings three times and said London could catch up with New York in a timely manner as the two cities compete for the lead.

Third place after New York and London, Hong Kong was followed by Singapore and Shanghai, the latter having beaten Tokyo among the top five and placing sixth.

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