London lost its lead over New York City in the latest biannual ranking of financial centers compiled by Z/Yen for the City of London Corporation, the Financial Times reported.

Concern about a tighter regulatory regime and higher taxes knocked 14 points off London’s score, so that it tied with New York at 775 points, the newspaper said.

Hong Kong and Singapore both posted double-digit gains to come third and fourth, respectively, the FT said.

Financial Times/