March 2024 Financial Centre Futures In March 2007, Z/Yen and the City Of London released the first edition of the GFCI, which continues toprovide evaluations of competitiveness and rankings for the major financial centres around the world.We are pleased to present the thirty-fifth edition of the Global Financial Centres Index (GFCI 35). In July 2016, Z/Yen and the China Development Institute (CDI) in Shenzhen established a strategicpartnership for research into financial centres. We continue our collaboration in producing the GFCI.The GFCI is updated every March and September and receives considerable attention from the globalfinancial community. The index serves as a valuable reference for policy and investment decisions. Z/Yen is the City of London's leading commercial think-tank, founded in 1994 to promote societaladvance through better finance and technology. Z/Yen has built its practice around a core of high-powered project managers, supported by experienced technical specialists so that clients get expertisethey need, rather than just resources available. The CDI is a leading national think-tank that develops solutions to public policy challenges throughbroad-scope and in-depth research to help advance China’s reform and opening-up to world markets.The CDI has been working on the promotion and development of China’s financial system since itsestablishment in 1989. Based on rigorous research and objective analysis, CDI is committed toproviding innovative and pragmatic reports for governments at different levels in China andcorporations at home and abroad. The authors of this report, Mike Wardle andProfessor Michael Mainelli, would like tothank Bikash Kharel, Charlotte Dawber-Ashley,Sasha Davis, Lucas Djordjevic, Carol Feng,Peng Yu, and the rest of the GFCI team fortheir contributions with research, modelling,and ideas. © Z/Yen Group Limited 2024 Foreword It is my distinct pleasure to introduce this new comprehensive edition of the Global Financial CentresIndex. This report offers valuable insights into the factors driving the competitiveness andattractiveness of global financial centres, providing a nuanced understanding of the opportunities andchallenges facing international financial centres. From examining regulatory frameworks andinfrastructure to assessing talent pools and market dynamics, the report provides a holistic perspectiveon the evolving landscape of financial services. As we navigate the complexities of a rapidly changing global economy, it is imperative that financialcentres embrace innovation, sustainability, and collaboration to unlock their full potential. By fosteringpartnerships, promoting transparency, and embracing technology, we can harness the power offinancial services to drive inclusive growth, empower entrepreneurs, and create opportunities for allsegments of society. At Casablanca Finance City, we are committed to fostering collaboration and innovation to positionAfrica as a leading destination for trade and investment, knowing that its economic integration couldlead the continent's GDP to grow 2.5-fold to more than $7 trillion by 2050. By leveraging our strategiclocation, robust regulatory framework, and vibrant ecosystem of institutions, we strive to create anenabling environment for businesses to thrive and contribute to Africa's sustainable developmentagenda. I extend my sincere appreciation to the authors and partners who have made this report possible andwish you an insightful read. Said IbrahimiCEOCasablanca Finance City Authority GFCI 35 Summary & Headlines Overview We researched 133 financial centres for this edition of the Global Financial Centres Index (GFCI 35).The number of centres in the main index remains at 121. There are 12 associate centres awaitingpotential inclusion in the main index. The results of this index are varied. In the top 20 ranked centres, none changed more or less than 4rank places. This suggests no major changes in the economic outlook across the leading economies inthe world. Overall, the average rating increase across all centres was 1.62%, suggesting continuedconfidence in the financial sector, with the average rating for centres in Latin America & TheCaribbean up 3.35%. Fifty-eight centres rose in the rankings, 11 maintained their position from GFCI 34, and 52 fell. Thegreatest improvements were seen by Sao Paulo—up 21 places, Wellington up 15, and Reykjavik andKigali up 14 places. On the other hand, Miami dropped 14 places, Helsinki fell 12, and Guernsey,Vienna, and Oslo all fell 11 places. Financial centres continue to seek to make an impact in key areas of development, using regulatoryand development activity to drive change including in green finance, addressing the impact of digitaltechnology, and the development of skills. We continue to report in this edition on the strategiesneeded to develop the talent pool, with the highest number of respondents to the GFCI survey sayingthat continuing professional developme