Luxembourg has ranked third most competitive European financial centre in the 19th Global Financial Centres Index (GFCI 19), released Wednesday.
Luxembourg has improved its ranking since the last index in September 2015, moving up five spots. In the March 2016 index, Luxembourg ranks 14th overall. In terms of European centres, it's just behind London (1st) and Zurich (2nd in Europe, 6th overall).
In the world ranking, London was ranked first (as it was in the GFCI 18), followed by New York City, Singapore and Hong Kong.
However, it is important to note that of the top European financial centres in 2016, the GFCI score for each city actually dropped since the last index--with the exception of London.
The scores in the indexation are a "factor assessment model" that uses two input sources: instrumental factors (objective evidence from a wide array of sources such as the World Bank and Transparency International) and financial centre assessments (an online questionnaire).
For more information about the rankings and methodology, or to see the full reports, visit the index website .