Despite an increase in points, Malta has fallen eight places to 85th out of 92 financial services centres, according to the Z/Yen Global Financial Services Index (GFCI) released today.
The aim of the GFCI is to examine the major financial centres globally in terms of competitiveness. Although Malta’s points since March 2017 rose by 15 to 609, it plummeted in the rankings nevertheless.
It may be a small comfort to know that there was an overall drop in confidence amongst the leading centres. Of the top 25 centres, 23 fell in the ratings and only two rose. At the lower end of the table, 20 of the 25 lowest rated centres actually rose in the GFCI ratings, Z/Yen noted.
“European ‘island’ centres did well. The British Crown Dependencies of Jersey, Guernsey, and the Isle of Man all performed strongly and there were also strong rises for Malta, Reykjavik, and Gibraltar.”
Despite Brexit, London registered only the slightest decline and remained on top, followed by New York, with 780 and 756 points respectively: “Interestingly, despite the ongoing Brexit negotiations, London only fell two points, the smallest decline in the top 10 centres. Hong Kong has moved just ahead of Singapore into third – only two points ahead on a scale of 1,000,” the report said.
“Western European financial centres are still volatile. Frankfurt, Dublin, Paris and Amsterdam all rose, but Zurich, Geneva, and Luxembourg fell in the ratings. Overall assessments for the European centres continued to fluctuate as people speculate about which centres might benefit from London leaving the EU. However, the majority of centres in the region rose with Stockholm, Copenhagen, and Vienna all showing strong rises.”