London and New York’s positions as the world’s leading financial centres are being challenged by the rise of Asian cities, according to a survey released Tuesday.

The latest independent Global Financial Centres Index (GFCI) shows London and New York ahead as Asian centres make a surprise surge to take five of the top 10 rankings.

Third-ranked Hong Kong and fourth-placed Singapore both saw their ratings increase and have closed on London and New York, which retain first and second positions respectively

Rounding out the top 10 are: Shenzhen; Zurich; Tokyo; Chicago; Geneva; Shanghai.

Canada’s top placed financial centre, Toronto, lost ground as it slipped to 13th place from 11th.

While Toronto’s ranking slipped its rating actually rose by 32 points, and surpassed surpassed Boston to become the third highest-rated financial centre in North America behind New York and Chicago.

Vancouver came in at 29th, though it slipped four spots. Montreal came in at 32, which was a slip of six positions.

Other fast-growing Asian centres, including Shanghai, Beijing and Shenzhen also posted large rises. These three were named among centres “likely to become more significant”, with Dubai falling from the top of this up-and-comers list.

The GFCI tracks the underlying competitiveness of financial centres. It is commissioned every six months by the City of London Corporation.

The study, the sixth of its kind produced by Z/Yen Group, suggests that a group of four global financial centres have now emerged ahead of the rest.

The report — which is based on a wide survey of leading global financial players — suggests that the rise of Asia is part of a more general return of confidence among respondents –with all but three centres (Dublin, Glasgow and Gibraltar) recording stable or higher than previous ratings.

IE