Hong Kong 'most developed' financial market - report

Hong Kong is the world's most developed financial market, according to a World Economic Forum report, overtaking the US and the UK for the first time, BBC reported.

The US slipped to second place, as financial stability remains a concern there, said the report.

"Hong Kong's ascent to the top of our index marks a major milestone," said Kevin Steinberg, of the World Economic Forum.

The WEF's Financial Stability Index ranks 60 countries' financial systems.