While it is not a surprise that New York is viewed as one of the leading hubs for financial services, our recent Global Regulatory Outlook survey confirms that New York is currently seen as the prominent global financial center.
Up from 49% last year, 59% of survey respondents believe New York is the central jurisdiction for financial activity and 46% of those polled believe it will remain so in five years’ time. This reinforces the view that New York continues to attract and retain institutions that still believe it is the best place to grow their business.
We can all agree that the US may have lost a few popularity contests in recent years due to the seemingly never-ending legislation, some with international reach, but the larger picture has come into view. Other jurisdictions’ regulators were either walking side-by-side or just a few steps behind. The debate over the relevance and benefit from the countless hours spent by politicians and regulators will go on, but the fact remains that the industry has largely adapted and the global community seemingly still has confidence in the power of New York.
As capital continues to move and regulatory requirements change, it will be interesting to see who does land on top in five years’ time. While western financial centers such as New York and London are still expected to dominate (46% and 28% respectively), 53% of survey participants are expected Shanghai to be the leading emerging market.
These are changing times and while New York certainly enjoys being seen as the gold standard, one day soon that gold may be found in Asia.
Find out more in our Global Regulatory Outlook 2015 Viewpoint report.