Reuters reports that index, compiled by the Z/Yen Group, a London-based think tank, and the China Development Institute, showed that New York kept the top spot in the latest Global Financial Centres Index (GFCI), with London clinging on to second place in the face of competition from Shanghai and other Asian centres.

Based on 65,507 assessments of financial centres provided by 10,774 respondents to the GFCI online questionnaire, New York held on to the top stop with 764 points, while London dropped 23 points to 743, just one point ahead of Shanghai.

The next five spots were filled by Asian financial centres, with two European centres making up the rear in the top 10.

Asian financial centres make up six of the top 10, with three from Europe, including Frankfurt and Zurich.