London Top Financial Hub, Switzerland out of Top Ten

London may be on the cusp of falling down from its post as top financial center of the planet, finds a new report, although rival European cities still lag far behind.

The Z/Yen Global Financial Centers Index (GFCI), released last week, retained London’s top spot but uncovered widespread feelings of uncertainty among financial professionals, especially as concerns over potential fallouts from Brexit continue. The report’s ranking of 88 financial hubs placed London at the top, followed by New York City and three Asian cities: Singapore, Hong Kong and Tokyo.

But despite London’s continuing reign, analysts identified significant concern over its future position. “Brexit is a major source of uncertainty for all centers — not just London,” said the Z/Yen GFCI’s authors.

“London slipping is not to the benefit of continental Europe,” said Z/Yen Group Director Michael Mainelli. “That is largely due to perceptions of Europe. The notion that we are a tired old continent is raised quite a bit.”

London’s ratings among financial professionals surveyed, which reflect reputation and business climate, have significantly fallen in the index since September, when ratings were last gauged. Reports said those ratings have likely fallen even further still, since the index was released before U.K. Prime Minister Theresa May stated in January that the country would leave the single European market and begin Brexit proceedings.

The Swiss financial centers come out instead from the top ten. Zurich lost two positions, moving from 9th to 11th place. However, the rating of the main Swiss cities has improved by two points to 718, with a gain of 4 points in reputation, but it loses that much in a business environment, 3 for the infrastructure, 2 for human capital and one in the financial sector .

Geneva, meanwhile, is ranked 20th, improving three positions compared to last ranking with a progressive rating by 15 points to 704.