New York grabbed the top spot in the latest Global Financial Centres Index, while London, the previous topper, slipped the most of any city in the top fifty.

As per Michael Mainelli, chairman of Z/Yen Group that compiles the Global Financial Centres Index, New York holds the top position with a statistically trivial two-point lead.

London lost its position as the world's leading financial centre for the first time since London was dogged by various scandals and questions over the city's place in the EU.  London's status was hurt by scandals including banks exploiting their clients by selling unneeded insurance, trading losses as well as manipulation of financial benchmarks.

Speaking on the topic, Mainelli said, "London needs a reputation that everyone who comes will be treated fairly and can compete fairly.  Without the large domestic economies behind New York and Hong Kong, London needs to act more like a Singaporean city state or have the backing of a European Union domestic economy."

London is not the only Europen city that has suffered a fall in its ranking.  Many more European cities saw their rankings plummet.  Dublin slipped 10 places, from 56th position to 66th position.  Rome, Madrid, Copenhagen and Edinburgh also suffered significant declines in their positions.

While Asian cities Hong Kong and Singapore narrowed the gap between themselves as well as other cities of the world, European city Athens came in last place, behind Reykjavik, which came in second to last.