Published today, a brand-new survey from the think tank New Financial rated countries, with a maximum score of 100, on how good they were at financial services. Using 42 different metrics, including managing assets, issuing equity, foreign exchange and derivatives, it gave the UK a score of 40, way ahead of any other European country. The next biggest rival was Luxembourg with a score of 26, Germany 23, France 22, Netherlands 21 and Ireland 19. Way out ahead was the US with 79, but it’s probably worth keeping an eye on China at 29. Underscoring EU banking woes this week both Societé Generale and ING have been fined for compliance and money laundering issues, Danske bank under investigation for years of laundering Russian money, Deutsche Bank to be dropped from the Eurostoxx 50 index because of the slump in its capitalisation, and Commerzbank likely to be dumped from the DAX 30.
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