New York extends lead over London as monetary heart – Duff & Phelps

New York extends lead over London as financial center – Duff & Phelps

LONDON, Feb 16 (Reuters) – A growing majority of top bankers and wealth managers regard New York as the world’s most important financial center and expect Brexit to hurt London’s global standing, advisers Duff & Phelps said in a Tuesday statement global regulatory outlook.

D&P’s Outlook surveyed senior finance professionals from 250 banks and wealth managers across Europe, Asia and the Americas, with 60% saying they view New York as the world’s top financial hub, up from 56% in 2020.

The survey found that just 31% of respondents saw London as the most important hub, up from 34% a year ago, with just over 50% saying that leaving the European Union will weaken London’s position as a global financial hub.

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The UK is under pressure to make its financial services more competitive after leaving 7,500 employees and over €1 trillion in assets for the EU after Brexit.

Amsterdam has made London the largest equity trading center in Europe and in the process has appropriated some of London’s derivatives trading activity.

Almost a fifth of D&P survey respondents now predict that China will become the top financial center within five years.

However, the UK is still the preferred regulatory regime for 31% of respondents, well ahead of 25% for the United States and Singapore.

“This unique advantage could be key to keeping London competitive, especially as compliance costs for businesses continue to rise,” said Monique Melis, managing director at Duff & Phelps.

“As long as regulatory considerations continue to influence decision-making, London has an opportunity to remain relevant,” said Melis.

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Reporting by Huw Jones; Edited by Jan Harvey

Our standards: The Thomson Reuters Trust Principles.