Part III UK Derivatives, Money, and Debt Markets, 11 UK Derivatives and Commodities Markets

2021 ◽  
Author(s):  
Dwyer Emma
Keyword(s):  
Rapid Growth ◽  
Financial Services ◽  
International Markets ◽  
Over The Counter ◽  
The Past ◽  
Trading Activities ◽  
The Uk ◽  
City Of London ◽  
The City ◽  
Commodities Markets

This chapter considers the markets for the trading of derivatives and commodities in the UK, which form an important part of the financial services industry of the City of London. This chapter describes the precursors of the types of trading activities that were conducted historically in the City of London and have spread to neighbouring areas of west, central, and east London for the past forty years. It also emphasizes the growth of electronic trading platforms and the rapid growth of technology that diffuses trading activities geographically. This chapter addresses the question as to whether it makes sense to continuously speak of “UK” derivatives and commodities markets, as opposed to European or international markets. It talks about over—the—counter (OTC) trades executed in the UK that often involve at least one party operating from a location outside the UK.

Decision-making under duress: the treatment of churches in the City of London during and after World War II

Urban History ◽  
2012 ◽  
Vol 39 (2) ◽  
pp. 285-309 ◽  
Author(s):  
PETER J. LARKHAM ◽  
JOE L. NASR
Keyword(s):  
Decision Making ◽  
World War Ii ◽  
World War ◽  
Post War ◽  
Set Up ◽  
The Uk ◽  
Multiple Experts ◽  
City Of London ◽  
The City ◽  
The Church

ABSTRACT:The process of making decisions about cities during the bombing of World War II, in its immediate aftermath and in the early post-war years remains a phenomenon that is only partly understood. The bombing left many church buildings damaged or destroyed across the UK. The Church of England's churches within the City of London, subject to a complex progression of deliberations, debates and decisions involving several committees and commissions set up by the bishop of London and others, are used to review the process and product of decision-making in the crisis of war. Church authorities are shown to have responded to the immediate problem of what to do with these sites in order most effectively to provide for the needs of the church as an organization, while simultaneously considering other factors including morale, culture and heritage. The beginnings of processes of consulting multiple experts, if not stakeholders, can be seen in this example of an institution making decisions under the pressures of a major crisis.

Land of Hope and Enterprise

2021 ◽  
pp. 1-25
Author(s):  
Alex Brummer
Keyword(s):  
New York ◽  
Financial Crisis ◽  
International Institutions ◽  
Higher Learning ◽  
Financial Centre ◽  
Institutions Of Higher Learning ◽  
Eu Referendum ◽  
The Uk ◽  
City Of London ◽  
The City

This chapter examines the contribution of recognized activities that make the UK economy, such as the progress in research, pharmaceuticals, technology, software, and innovation that can be traced back to the intellectual powerhouses of UK's institutions of higher learning. It recounts the UK's love–hate relationship with the City of London, wherein the banks are still blamed for the financial crisis of 2007–2009 and the subsequent stagnation and fall in incomes. It also cites finance as the highest UK earner of overseas income and is a magnet for international institutions. The chapter describes London as the biggest financial centre outside New York and has attracted even greater numbers of skilled financial traders since the EU referendum result of 2016. It explains how the UK financial sector accommodated trading, provided credit, and raised new capital for troubled firms and those seeking post-Covid-19 opportunities.

Brexit’s impact on the City of London will vary

2020 ◽  
Keyword(s):  
Financial Markets ◽  
Free Trade ◽  
Financial Services ◽  
Single Market ◽  
Services Trade ◽  
Content Type ◽  
Eu Countries ◽  
Trade Deals ◽  
City Of London ◽  
The City

Significance The alternative to passporting after Brexit is ‘equivalence’, which would allow EU and UK firms access each other’s financial markets. However, such a regime does have the same sectoral coverage as passporting and is vulnerable to revocation. Impacts New free trade deals with non-EU countries will not substitute for the EU’s single market in terms of financial services coverage. While the strength of other EU financial centres will grow, London has an infrastructure that is difficult to replicate. Failure to reach an agreement on UK-EU financial services trade could see many firms unable to serve EU clients from London.

VI.—On the Destroyed Church of St. Michael Wood Street, in the City of London, with some Notes on the Church of St. Michael Bassishaw

Archaeologia ◽  
1902 ◽  
Vol 58 (1) ◽  
pp. 189-216
Author(s):  
Philip Norman
Keyword(s):  
Nineteenth Century ◽  
Severely Injured ◽  
Tower Of London ◽  
The Past ◽  
Points Of View ◽  
Christopher Wren ◽  
City Of London ◽  
The City ◽  
Burial Grounds ◽  
The Church

From the artistic and antiquarian points of view, the systematic destruction of our old City churches under the Union of Benefices Act is greatly to be deplored. Under this Act the churches designed by Sir Christopher Wren have especially suffered; and here I will venture to say a few words on that famous architect and his work. A dire catastrophe sometimes calls forth the energies of the master mind that can grapple with it; this was the case, when, after the Great Fire of 1666, by which eighty-six parish churches were destroyed or severely injured, Wren at that time, hardly a professional architect, turned his attention to the City. He first produced a plan for general rebuilding, which would have given free scope to his genius, although at the same time destroying many links with the past. The chief public buildings were to have been grouped round the Royal Exchange, which would have formed an important centre; St. Paul's Cathedral being approached from the east by two broad converging streets. A river quay, in part adorned by the City Halls, would have extended from Black-friars to the Tower of London; while the churches, greatly reduced in number, were to occupy commanding and isolated sites, their burial grounds being outside the City. For reasons which it is here not necessary to discuss, this proposal was not accepted; and so the City grew again, more or less on its old irregular lines. To Wren, however, was assigned the task of rebuilding or repairing not only St. Paul's Cathedral, but, if we include St. Mary Woolnoth and St. Sepulchre, both only repaired, no fewer than fifty-two other churches, The remainder were not rebuilt, their parishes being united -with adjoining parishes which continued to possess churches. The ancient burial grounds were, to a great extent, retained, and burials continued in them until after the middle of the nineteenth century.

Part II The Transatlantic Dialogue, 6 The United Kingdom—Gentlemanly Capitalism and the International Markets

2021 ◽  
Author(s):  
Jordan Cally
Keyword(s):  
United Kingdom ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
International Markets ◽  
Role Of Government ◽  
The United Kingdom ◽  
Popular View ◽  
The Global Financial Crisis ◽  
City Of London ◽  
The City

This chapter focuses on the regulation of international markets in the United Kingdom. Providing investor protection in the United Kingdom has been a fraught and difficult process. Even well into the 1980s, one very popular view in the City of London, openly espoused, was that it was not the role of government, nor was it necessarily either possible or desirable, to ‘protect fools from their own folly’. Rather, the gentlemen of the City, historical evidence to the contrary notwithstanding, insisted that their ‘impeccable’ behaviour provided all the protections necessary. Less than a decade ago, the International Monetary Fund (IMF) identified ‘uncertainty risk’ as the major threat to the City of London. At the time, massive regulatory change in the United Kingdom and a tidal wave of EU regulation in response to the global financial crisis were the immediate concerns. Despite the sea changes in the nature of markets and regulatory upheaval in the United Kingdom, the City sailed on. In hindsight, the uncertainty risks associated with the global financial crisis and the EU's regulatory agenda pale in comparison to those posed by Brexit.

Brexit and the Future UK–EU Relationship

2020 ◽  
pp. 150-178
Author(s):  
Scott James ◽  
Lucia Quaglia
Keyword(s):  
Political Economy ◽  
Financial Services ◽  
Financial Regulation ◽  
Mutual Recognition ◽  
Trade Agreements ◽  
Single Market ◽  
Elected Officials ◽  
The Future ◽  
City Of London ◽  
The City

This chapter uses the domestic political economy framework to consider the implications of Brexit for UK financial regulation. It outlines the likely future UK–EU relationship by analysing the preferences, role, and influence of key domestic groups on Brexit, and by assessing the EU’s framework for managing relations with third countries. We argue that elected officials pursued a ‘hard’ Brexit position in response to parliamentary constraints and pressure from financial regulators to avoid becoming rule-takers. The City of London authorities pushed strongly for a bespoke deal based on mutual recognition, although this masked significant intra-industry divisions. The EU’s insistence that the future relationship be based on the existing third-country regime reflected a desire to defend the single market, but also Franco-German incentives to compete for post-Brexit business. However, the coverage of third-country equivalence rules in finance, and the inclusion of financial services in trade agreements, remains limited.

The British Agency Houses in Malaysia: Survival in a Changing World

1981 ◽  
Vol 12 (2) ◽  
pp. 297-328 ◽  
Author(s):  
J. H. Drabble ◽  
P. J. Drake
Keyword(s):  
Eighteenth Century ◽  
Early Growth ◽  
Small Scale ◽  
Early Nineteenth Century ◽  
Trade Routes ◽  
The Past ◽  
Worldwide Network ◽  
City Of London ◽  
The City ◽  
India And China

One of the most interesting features of the growth of Britain's overseas commerce over the past two centuries has been the merchant firm, often the product of very small-scale beginnings but gradually developing into a worldwide network centring on London. The scope for such enterprises grew as effective naval control increased the security of the maritime trade routes and the importance of the great chartered companies declined. Much of the early growth came from the “country trade” between India and China in which private merchants were permitted to engage. In the late eighteenth century, commercial firms in the City of London began to open branches in India to deal in local products such as indigo, cotton and, later, opium. By the early nineteenth century, around two dozen of these “agency houses” were in existence though the majority were very small and short-lived. 1 In the same period, the more substantial firms were establishing further offshoots in Canton to participate in the tea and silk trade in Europe.

The City of London as an International Commercial and Financial Center since 1900

2012 ◽  
Vol 13 (3) ◽  
pp. 538-587 ◽  
Author(s):  
Simon Mollan ◽  
Ranald Michie
Keyword(s):  
Twentieth Century ◽  
Financial Markets ◽  
Financial Development ◽  
Financial Services ◽  
Relative Importance ◽  
Financial Center ◽  
National Economies ◽  
City Of London ◽  
The City

The relative importance of financial services in national economies varied over the course of the twentieth century. Rajan and Zingales note that “by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels” and that “indicators of financial development fell in all countries after 1929, reaching their nadir around 1980. Since then has been a revival of financial markets.” This revival of financial markets over the last thirty years has led to the study of “financialization” that is variously defined with differing uses, but here is understood as “the growing importance of financial markets as a source of profits in the economy.”

Summary and Appraisal

1987 ◽  
Vol 122 ◽  
pp. 3-6
Keyword(s):  
Exchange Rate ◽  
Stock Market ◽  
Rapid Growth ◽  
Fourth Quarter ◽  
Market Prices ◽  
The Past ◽  
The Uk

After rapid growth in 1987 the pace of expansion in the UK economy is likely to slow down considerably during next year. Year on year we expect 4 per cent growth in 1987 to be followed by about 2½ per cent in 1988; through the year (fourth quarter on a year earlier) the deceleration is more marked, and 3½ per cent this year is followed by only 1½ per cent. We were already expecting a slowdown of this kind before the October fall in stock market prices, partly because of the appreciation in the sterling exchange rate earlier in the year and again in the past few months.

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