Malta has been identified as one of the top three financial centres worldwide likely to increase in importance over the next two to three years, according to the Global Financial Centres Index report.

Malta is also listed among the financial centres where operators might think of opening in the next five years.

The index was issued by the City of London Corporation, which rates and ranks each major financial centre in the world in terms of competitiveness.

The third edition of GFCI draws upon 1,236 total responses from professionals in the financial services industry for a total of 18,878 city assessments. The model itself is mature enough to reflect statistical relevance and represent changes in financial centres globally. The report says that Malta is worth watching as it consolidates its position in the EU after adopting the euro at the beginning of 2008.

Malta is listed after Dubai and Shanghai as the financial centres likely to increase in importance over the next two to three years, followed by Singapore and Bejing.

Dubai is the clear leader in perceptions of potential growth as a financial centre while Singapore has also improved.

The report shows that London is losing its status as the world's leading financial centre and is being overtaken by New York.