Photo: Gary Hershorn via Getty Images

New York was named the world's top financial center in Z/Yen's annual index, overtaking London as companies become increasingly concerned by the prospect of the U.K. losing access to the EU's single market.

The big picture: The Global Financial Centres Index ranks cities based on factors grouped into five broad categories: business environment, human capital, infrastructure, financial sector development and reputation. Uncertainty surrounding Brexit negotiations has prompted financial services firms, which account for 12% of the U.K.'s GDP, to consider moving their operations out of London — providing a boost to other cities in Western Europe and Asia.

Top 10 global financial hubs:

  1. New York
  2. London
  3. Hong Kong
  4. Singapore
  5. Shanghai
  6. Tokyo
  7. Sydney
  8. Beijing
  9. Zurich
  10. Frankfurt

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Trump dons face mask during Walter Reed visit

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Why it matters: The decisions elevated protections for people and employers of faith, while curtailing those of religion teachers, the nonreligious taxpayer and women who rely on their workplaces' health care plans for contraception.