Toronto has slipped in its rankings as a financial centre, according to an index published Tuesday.

Globally, the city has dropped to 13th place from 11th since the Global Financial Centres Index of 75 centres was last published in March. The index is compiled by the Z/Yen Group for the City of London, which won first place in the rankings. It is based on financial data as well surveys of the views of financial professionals around the globe.

Still, Toronto rose on the index's North American scale, passing Boston for third place, and remaining behind New York and Chicago.

"Toronto is rated by a third of non-home respondents and surprisingly it is rated by very few respondents in North America," the report said. "It is the only North American centre that enjoys support from offshore centres and it is well regarded by respondents based in London."

Toronto has fallen to 13th place from 11th in the Global Financial Centres Index. (CBC)

The last Ontario budget in March cited Toronto's ranking in the index and sought to raise its profile, saying it has a "highly educated workforce and a diverse population, and is a city in which people from around the world want to live and invest."

Contrasting with that was a recommendation by the Greater Toronto Region Economic Summit that the region set up a task force to come up with ways to promote its financial services industry.

Toronto's rating actually gained 32 points but other cities, especially in Asia, had greater jumps. Beijing's ranking soared 29 levels to 22nd place. Shanghai moved up 25 spots to 10th and Seoul rose 18 to 35. The largest drops came in Europe, with Glasgow falling 18 spots to 49. Reykjavik, the capital of Iceland and a city hard hit by the recession, came last.