New York is now the best financial centre as per the recent surveys conducted by the Global Financial Centre as stated by Michael Mainelli of Z/Yen Group Ltd. For the last several periods London was severally criticized for various financial scams and commented on UK’s role within the European Unions’ financial strategy.
Now New York is holding the No.1 position as stated by the Global Financial Centres Index by just two points. However two Asian financial hubs Singapore and Hong Kong have lessened their gap and now stand less than 30 on a margin of 1000, as per the index projects. This is the 15th edition of the index as compiled by the Global financial. It reviews its status every 6 months.
Though New York is consistently challenging London since the formation of this indexing in the year 2007, a huge jump of 7 points and declining of 10 points by UK has made New York to attain the top rank. London now needs to change its attitude and allow everybody whoever comes there should be treated fairly and must participate in business with equal spirit.
However, New York has nothing to celebrate on their new achievement. Studies have established that the failures of major global corporations such as The Barings Bank, Enron, Tyco, Daewoo, WorldCom, Arthur Andersen, Global Crossing, Lehman Brothers, etc. have been mainly due to the intentional and ineffective practices of corporate management and financial misappropriation. These incidents shook the corporate entities and governments all over the world and also resulted in a large-scale debate on the basic principles of corporate management and of all other financial and management practices
As per statement of Z/Chen more than 2500 individuals involved in the financial sectors and over 25,441 assessments were made between 24 months and December, 2013.