The City of London focuses on the following themes: London and
the UK Economy, City Industries and the EU, Competitiveness and
Regulation and Infrastructure, Regeneration and Employment. To
receive new reports when they are published, please email
economic.research@cityoflondon.gov.uk.
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Latest publications:
The City and the UK Economy:
- Delivering Power: The future of electricity regulation in
London's central business district
- Implications of Global Capital Flows on the London Office
Market
- TheTotal Tax Contribution of UK Financial Services - Fourth
Edition
- Capacity Trade and Credit: Emerging Architecture for Commerce
and Money
- Access to Global Talent - The impact of migration limits on UK
financial and professional business services
- Aviation Services in the City - 2011 update
- London's Competitive Place in the UK and Global Economies
- The Total Tax Contribution of UK Financial Services - Third
Edition
- The Total Tax Contribution of UK Financial Services -
Second Edition
- London's Place in the UK Economy, 2009-2010
- Total Tax Contribution of UK Financial Services
- London's Place in the UK Economy, 2008-09
EU and the Regulatory Environment:
- A Financial Transaction Tax - Review of Impact Assessment
- The Implications of the New Financial Regulatory
Architecture
- Trends in IPO Listings by SMEs in the EU
- The Value of Europe's International Financial Centres to the EU
Economy
- Understanding the Impact of MiFID in the Context of Global and
National Regulatory Innovations - European Study
- Understanding the Impact of MiFID
- The Post-Trade Infrastructure for Carbon Emissions
Trading
- The Future of Banking Regulation
- The City's Role in Providing for the Public Equity Financing
Needs of UK SMEs
- Delivering Copenhagen
- The Importance of Wholesale Financial Services to the EU
Economy 2009
- Lessons from the Impact of the Economic and Financial
Crisis on the EU and the European Neighbourhood
- The Role of Private Finance in Paying for Long Term Care in an
Ageing Society
- Current Issues Affecting the OTC Derivatives Market
- UK Emissions Policy Options
- The Importance of Wholesale Financial Services to the EU
Economy 2008
- Capital Market Competitiveness and Regulation
Competitiveness and UK Regulation:
- Understanding Global Financial Networks: Business and Staff
Location Decisions
- Taxation and the Financial Services Sector in the UK:
Predictability and Competitiveness
- Avoiding Corruption Risks in the City: The Bribery Act
2010
- The Global Financial Centres 7
- The Global Financial Centres Index (GFCI) 6
- Assessing the Effectiveness of Enforcement and Regulation
- The Global Financial Centres Index (GFCI) 5
- The Global Financial Centres Index (GFCI) 4
- Sustainability Assessment of Global Financial Centres
- The Global Financial Centres Index (GFCI) 3
- The Impact of Taxation on Financial Services Business Location
Decisions
Corporate Responsibility and
Regeneration:
- The Public Health and Primary Healthcare Needs of City
Workers
- Investor Perspectives on Social Enterprise Financing
- The Impact of City Businesses in Addressing Social
Disadvantage: 2010 Update
- Volunteering - The Business Case - The Benefits of Corporate
Volunteering Programmes in Education
- The Competitiveness of London's Business Property Offer
- An Assessment of the City's ICT Infrastructure
- The City Of London's Supply Chain and its Relationship with the
City Fringes
- Aviation Services and the City
- The Impact of City Businesses in Addressing Social
Disadvantage
International Markets:
- London: A Centre for Renminbi Business
- Emerging Markets - International Capital Raising Trends
- The Challenges and Opportunities for Financial Services in
Indonesia
- The Shanghai International Board: Challenges and
Opportunities
- The Challenges and Opportunities for Financial Services in
Brazil
- The Future of Asian Financial Centres - Challenges and
Opportunities for the City of London
- The Competitive Position of the Gulf as a Global Financial
Centre
- The Development of India's Corporate Debt Market
Research Review:
- 2011 Research Review
- 2010 Research Review
- 2009 Research Review
- 2008 Research Review
The City and the UK Economy
Delivering Power: The future of electricity regulation in
London's central business district
March 2012
This research report was produced for the City of London
Corporation, City Property Association and London First by South
East Economics and Stephen Jones Associates. The report examines
how utilities regulation, in particular electricity connections,
affects development in London's Central Business District and
associated investment.
Implications of Global Capital Flows on the London Office
Market
March 2012
This report examines patterns of global investment into London’s
office property market, looks at how this has developed over recent
years and examines future implications.
Download Implications of global capital on
the London office market report (2560k)
The Total Tax Contribution of UK Financial Services - Fourth
Edition
December 2011
The fourth edition of this study produced by PwC for the City of
London looks at the total tax contribution made by financial
services companies in the UK in the tax year to March 2011. It also
looks at trends in these contributions since 2007. This
fourth edition of the annual study uses data from 43 financial
services companies.
Download The Total Tax Contribution - 4th
Edition report
Download
The Total Tax Contribution news release
Capacity Trade and Credit: Emerging Architectures for Commerce
and Money
December 2011
This research report was produced for the City of London,
Recipco and ESRC by Z/Yen to explore the concept and application of
a global capacity exchange hub in the UK. It examines different
concepts of multilateral reciprocal trade and capacity exchanges
and looks at the potential for the development of such a capacity
exchange based in London, and the regulatory structure which would
be needed to support it.
Access to Global Talent - The impact of migration limits on UK
financial and professional business services
November 2011
This Special Interest Paper investigates the impact of new
migration limits set in April 2011 on the perceived attractiveness
of the UK and London as a location for businesses. The research,
carried out by Consensus, is based on a series of qualitative
interviews with financial and professional services firms located
in the UK.
Aviation Services in the City - 2011 update
January 2011
Following on from the previous 2008 study, York
Aviation was commissioned to carry out research to input to
and influence the thinking of the South East Airports Task Force
and, in the longer term, to input to any consultation surrounding
the potential upcoming draft National Policy Statement on Airports.
The research analyses the use of air services by City users
and of London’s current air service offer compared with other major
European cities and survey a number of stakeholders on their views
on what short-term improvements can be made.
London’s Competitive Place in the UK and Global Economies
January 2011
In this report Oxford Economics examine and highlight the
economic role of London as the gateway for trade and inward
investment for the whole of the UK and the principal focus of the
globally competitive advantage for the UK economy in terms of
international professional and business services. The work draws on
latest data and utilises projections of economic change that
highlight the opportunities and challenges of London’s position as
a global economic player. It will build on previous and current
published research by the City of London, GLA Economics and
others.
The Total Tax Contribution of UK Financial Services - Third
Edition
December 2010
The third edition of this study, produced by PwC for the City of
London, shows the size and contribution that the Financial Services
sector makes to tax revenues in the UK. This third study
uses data from 30 financial services companies and analyses the
financial year to March 2010
The Total Tax Contribution of UK Financial Services - Second
Edition
December 2009
The second edition of this study, commissioned by the City of
London, from PricewaterhouseCoopers, shows the size and
contribution that the Financial Services sector makes to tax
revenues in the UK, and the impact of the tax system on the
sector. This second study uses data from 34 FS companies and
analyses the financial year to 31 March 2009.
London's Place in the UK Economy 2009-10
October 2009
In the eighth edition of this annual flagship publication, the
London School of Economics evaluates and measures London's pivotal
importance to the health and success of the wider UK economy. As in
previous years, this report includes an estimate of the net
contribution of the London economy to the UK public finances, but
also analyses London's position as an economic gateway to other
regions in the UK. The special article in this edition of the
report focuses on outer London's place in the wider London economy,
looking particularly at its interlinkages with central London.
Total Tax Contribution of UK Financial Services
February 2009
Commissioned by the City of London, PwC carried out a study of
the Total Tax Contribution made by Financial Services sector. The
study illustrates the size of the contribution made by the sector
to UK public finances in the UK. The study was carried out using
data on large Financial Services companies on all their UK tax
payments, including taxes borne and taxes collected.
London's Place in the UK Economy, 2008-09
October 2008
In the seventh edition of this annual flagship publication, the
London School of Economics evaluates and measures London's pivotal
importance to the health and success of the wider UK economy. As in
previous years, this report includes an estimate of the net
contribution of the London economy to the UK public finances, but
also analyses London's position as an economic gateway to other
regions in the UK. A special topic included in this edition is an
analysis of the variations in economic performance between the
London boroughs.
EU and the Regulatory Environment
A Financial Transaction Tax - Review of Impact Assessment
March 2012
This report, by Anita Millar, presents the background and
conclusions material of a larger report, prepared for the
International Regulatory Strategy Group, that leverages the work of
selected impact assessments and analyses (IAAs) to provide a
reference document that identifies common themes and issues as well
as highlighting any contradictory findings.
The Implications of the New Financial Regulatory Architecture
October 2011
Based on discussions with senior regulators within the EU, UK
authorities and senior staff representing firms headquartered in
the UK, EU and internationally, this report considers how the issue
of super-equivalence could develop under the new regulatory
structures.
Trends in IPO Listings by SMEs in the EU
October 2011
This paper, produced by Colin Mason from the University of
Strathclyde, reviews patterns of IPO listings in Europe in recent
years and compares trends with the US and other global economies.
It considers a number of issues, both cyclical and structural, that
may be underpinning these trends, with a particular focus on the
availability and use of venture capital financing and the use of
trade sales as an exit strategy.
The Value of Europe’s International Financial Centres to the EU
Economy
July 2011
This report, jointly commissioned from
Europe Economics by the TheCityUK and the City of London
for the International Regulatory Strategy Group (IRSG),
explores the clustering of European financial centres and the
networking between them, measuring the extent to
which both the UK and the wider EU economy benefit from having
globally competitive international financial centres within the
EU.
Understanding the Impact of MiFID in the Context of Global and
National Regulatory Innovations
May 2011
This paper produced by London Economics for The City of London
expands on the study results published in October 2010. The study
was carried out using a survey approach across ten European centres
to see whether the previous findings are UK specific or consistent
across Europe.
Understanding the Impact of MiFID
October 2010
Since its EU-wide implementation in November 2007, MiFID has
significantly modified the environment and structure of secondary
market equity trading in Europe. For this research, London
Economics conducted empirical analysis and stakeholder interviews
to clarify whether as a result of MiFID: the expected benefits on
the integration of EU financial markets have materialised; whether
national liquidity pools have been broken down, and whether
pan-European trading has grown more than it would have in the
absence of MiFID, using their 2002 report to the European
Commission as a baseline.
The Post-Trade Infrastructure for Carbon Emissions Trading
July 2010
Prepared for the City of London by Bourse Consult, this report
reviews the existing technical, legal and regulatory structures
necessary for the auctioning of emissions. It also assesses the
current infrastructure for European emissions trading against the
standards of established financial markets and sets an agenda for
future action.
The Future of Banking Regulation
May 2010
This report, prepared for the City of London by Europe
Economics, offers some comments on the future of banking in the
context of the proposals of the Basel Committee from December 2009
in respect of amended liquidity and capital requirements. This
paper is intended as an input to the City’s deliberations
concerning its own response to the Basel Committee’s proposals. It
is an independent report intended to stimulate debate, and does not
constitute a statement of the Corporation’s views or those of City
stakeholders who were interviewed during the preparation for the
report.
The City's Role in Providing for the Public Equity Financing Needs
of UK SMEs
March 2010
This report assesses the contribution made by the City
(UK financial services) in meeting the equity finance needs of
small and medium-size enterprises (SMEs) in the UK. The study seeks
to explore the role of public equity markets in the SME funding
ladder. While primarily equity focused, the research also considers
the provision of other forms of financing, such as business angels
and venture capitalist financing. The research is being carried out
by URS, Bourse Consult and Strathclyde University.
Delivering Copenhagen
December 2009
This special interest paper, commissioned by the City of London,
looks at how the financial services industry can play a vital role
in providing long-term, sustainable solutions to the climate change
problem.
The Importance of Wholesale Financial Services to the EU
Economy 2009
September 2009
This is the fourth edition of this annual report,
produced by London Economics, which investigates the role,
structure and importance of wholesale financial services in the
European Union. The report takes a comprehensive look at the
sector, highlighting the scale and the range of activities
undertaken by wholesale financial institutions. It examines
the recent problems faced within the sector, and takes a realistic
view of its medium term prospects.
Lessons from the Impact of the Economic and Financial Crisis on
the EU and the European Neigbourhood
November 2009
This special interest paper, commissioned from Chatham House,
provides an analytical framework, examining the experiences of the
financial crisis and global recession, and the impact across the
EU, from which to conduct and stimulate debate on the key messages
for the European Project and the way forward.
The Role of Private Finance in Paying for Long-Term Care in an
Ageing Society
October 2009
Following on from the Government Green Paper on the future of
long term care, ‘Shaping the Future of Care Together,’ released in
July 2009, this paper, produced by the Cass Business School,
examines the potential role of the financial services industry in
providing a long-term, sustainable solution to the problem of
funding long-term care for the elderly against the backdrop of an
ageing UK population.
Current Issues Affecting the OTC
Derivatives Market and its Importance to London
April 2009
Commissioned by the City of London from Bourse Consult, this
timely and useful paper contributes to the current debate
surrounding moves to regulate the OTC market and the instruments
that comprise it.
UK Emissions Policy Options
October 2008
This paper, authored by Liz Bossley, CEO of the Consilience
Energy Advisory Group Ltd, sets the context and describes the
opportunities for London arising from market developments in
emissions trading and the related emerging climate markets. In this
report, the current stages of development of the international
Kyoto-based emissions market, the mandatory regional and national
markets around the world, and the international voluntary market,
are reviewed. An assessment is made of the contribution of the
different asset classes of allowances that are trading in the
market, their relative values and how they are linked. The
transaction log and registry system that controls the international
transfer of emissions allowances is described, and a method
proposed whereby the UK registry could be adapted to overcome the
limitations of this system to facilitate international trade
conducted through the UK. Finally, the paper looks ahead to
consider the range of likely outcomes of the negotiations on a new
Kyoto deal post-2012 and the UK’s role in these discussions and
suggests a framework whereby complementary policies of the Greater
London Authority and the City of London could be coordinated with
UK national climate change policy.
The Importance of Wholesale Financial Services to the EU
Economy 2008
July 2008
This report, produced by London Economics, builds upon the
The Importance of Wholesale Financial
Services to the EU Economy 2007 and investigates
the role, structure and importance of wholesale financial
services in the European Union. The specific topic for
this year’s report is the EU’s wholesale finance market and its
various competitors under a range of differing scenarios, such
as changing demographics, the rise of Asia and emerging market
economies, the impact of regulation and the consequences of
recent market turbulence. The impact of these forecasts for the
EU growth rate, its country constituents and its key competitors
is also considered.
Capital Market Competitiveness and Regulation
March 2008
Concerns about alleged disparities in the effective enforcement
of securities regulation across different national regimes has
recently been used to question international initiatives on mutual
recognition. In December 2007, Professor John Coffee, Professor of
Law at Columbia University, published an article “Law and the
Market: the Impact of Enforcement” in the Pennsylvania Law Review
which suggested that such disparities were strong and greater
enforcement intensity in the US lowers the cost of capital
there. The City of London commissioned Professor Eilis
Ferran, Professor of Securities Law at Cambridge University, to
explore the issues raised by Professor Coffee.
Professor Ferran’s paper assesses Professor Coffee’s work and
suggests a misunderstanding about the UK system. The paper
recommends that mutual recognition of cross border securities
regulation be based on equivalence of outcome and not equivalence
of regulatory approach.
Competitiveness and UK
Regulation
Understanding Global Financial Networks: Business and Staff
Location Decisions
May 2011
In this report Ipsos MORI examine how businesses and
highly-skilled internationally mobile staff take decisions about
locating in particular financial centres, and
consider interviewees perceptions of the offer of the four
leading financial centres globally. The report presents the
findings of in-depth qualitative research carried out via
interviews with 40 financial services professionals from across a
range of sectors and financial centres.
Taxation and the Financial Services Sector in the UK:
Predictability and Competitiveness
October 2010
Taxation of the Financial Services Industry: Predictability and
Competitiveness’ assesses the way in which the predictability and
competitiveness of the UK tax regime impacts upon the financial
services industry. The City of London-commissioned report was
produced by Charles River Associates, and uses both quantitative
and qualitative analysis based on interviews with senior
stakeholders. The report also contains a comprehensive set of
recommendations to help shape the debate on supporting a
competitive tax regime.
Avoiding Corruption Risks in the City: The Bribery Act 2010
May 2010
The Bribery Act is expected to reinforce the UK’s international
reputation for setting high standards in the regulation of
economic activity and as a country that takes corruption seriously.
This report provides an overview of corruption risk for City
businesses, focusing on the issues raised by the Bribery Act. It
describes the Act and seeks to minimise uncertainty for City
businesses about how it will be interpreted and enforced once it
comes into effect. It also highlights the types of business
activity which put City businesses at greatest risk in relation to
bribery and prosecution.
Global Financial Centres 7
March 2010
The seventh Global Financial Centres report, commissioned
and published by the City of London and produced by Z/Yen Group
Limited, combines survey responses from financial services
professionals around the world with external indices to produce
ratings and rankings of competitiveness for the world’s leading 75
financial centres. This edition adopts a new approach to profiling
different types of centres along new dimensions of competitiveness,
reflecting how well connected they are in the global financial
architecture, and how diversified their services are. The survey
covers the period from July to December 2009.
The Global Financial Centres Index (GFCI) 6
September 2009
The sixth edition of the Global Financial Centres Index,
commissioned and published by the City of London and produced by
Z/Yen Group Limited, combines survey responses from financial
services professionals around the world with external indices to
produce ratings and rankings of competitiveness for the world’s
leading 72 financial centres. The survey covers the period from
January to July 2009.
Assessing the Effectiveness of Enforcement and Regulation
April 2009
The City of London Corporation, the London Investment Banking
Association (LIBA), the International Capital Market
Association (ICMA), the Securities Industry and Financial
Markets Association (SIFMA) and the Futures and Options
Association (FOA) have commissioned a piece of research with the
aim of contributing to the current debate on the effectiveness of
enforcement and capital market regulation in different
countries.
Both recent and ongoing developments in capital markets stemming
from the current crisis, and moves by some regulatory
authorities to consider mutual recognition of comparable regulatory
regimes form the background to this project. The former
brings to light market and regulatory failures that have
engendered a fundamental review of the approach taken to the
regulation of capital markets; the latter brings the challenge that
regulatory authorities, interested in reaching mutual recognition
agreements, need to assess other regimes on the basis that they
deliver broad equivalence in terms of outcomes, and to avoid
defaulting to measures of regulatory inputs. The purpose of this
study is to help to shape the debate on these two issues.
Global Financial Centres Index (GFCI) 5
March 2009
The fifth edition of the Global Financial Centres Index,
commissioned and published by the City of London and produced by
Z/Yen Group Limited, combines survey responses from financial
services professionals around the world with external indices to
produce ratings and rankings of competitiveness for the world’s
leading 62 financial centres. The survey covers the period from
July to the end of December 2008.
The Global Financial Centres Index (GFCI) 4
September 2008
The fourth edition of the
GFCI, produced by Z/Yen Group Limited, again produces a
ranking of competitiveness for the leading financial centres in the
world. Rating scores are produced by combining data from external
indices of competitiveness with the results of an online survey
completed by financial services professionals from around the
world. This edition features the latest survey responses (collected
between February and July 2008), new centres and updated
external data.
Sustainability Assessment of Global Financial Centres
March 2008
This report, by URS Corporation Ltd., examines the
sustainability practices of four major global financial centres:
London, New York, Sydney and Tokyo. The sustainability challenges
facing these cities are explored and their policies and responses
are described in detail, including examples of best practice. One
chapter focuses on environmental finance approaches in these
centres, and the report also presents a model for assessing the
sustainability attributes of cities, rating London against these
indices.
The Global Financial Centres Index (GFCI) 3
March 2008
The GFCI evaluates the competitiveness of financial centres
worldwide by bringing together the results of online surveys
completed by financial services leaders and separate indices of
competitiveness. The third edition of the GFCI, produced by
Z/Yen Group Limited, includes a special feature on the role of
skills in a financial centre's competitiveness.
The Impact of Taxation on Financial Services Business Location
Decisions
February 2008
This report, by CRA International, examines recent
trends in UK taxation and their effect on City firms. It
examines all aspects of the UK tax regime and reflects a number of
interviews with senior decision-makers in the City. It concludes
that the UK corporate and personal tax regimes, and the manner of
their implementation, are impacting detrimentally on the
competitiveness of the UK financial services sector and beginning
to affect business location decisions.
Corporate Responsibility and Regeneration
The Public Health and Primary Healthcare Needs of City
Workers
May 2012
This report, prepared for the City of London Corporation and the
NHS North East London and the City by PHAST investigates the public
health and primary healthcare needs of City workers. The report
focuses on mapping the current health status of City workers and
identifying the aspects of public health and primary healthcare
provision that are seen to provide the most effective support for
reducing days lost through illness, maintaining a healthy
lifestyle, and supporting long term and chronic health conditions.
The work uses a balance of qualitative and quantitative methods,
including interviews and online and street-based survey of staff at
all levels.
Investor Perspectives on Social Enterprise Financing
July 2011
This pioneering research, commissioned by the The City of London
Corporation, the City Bridge Trust and the BIG Lottery from authors
Clearly So, explores investor perspectives on social financing
investment vehicles. This interview-based report examines the
factors influencing the attractiveness of social finance investment
products to potential investors, and provide insights and
recommendations into how investment vehicles can be structured to
meet investor needs in this rapidly growing market.
The Impact of City Businesses in Addressing Social Disadvantage:
2010 Update
November 2010
This paper updates the
2008 report by Oxford Economics providing an
estimate of the value of the economic and social impacts
delivered by the community investment programmes of financial
and professional services firms.
Volunteering – The Business Case
The Benefits of Corporate Volunteering Programmes in Education
May 2010
This research explores the business case for City-type firms
maintaining Corporate Social Responsibility (CSR) programmes. It
focuses on the competencies that can be developed through
participation in education-related employee volunteering
programmes, as well as the benefits that this approach can offer
over more traditional forms of staff development. It also examines
the benefits offered to employers, and highlights key aspects of
developing a successful employee volunteering programme via case
studies of firms that have facilitated staff development in this
way. Given the current economic uncertainty, this report provides
an evidence base to support City firms maintaining CSR
programmes.
The Competitiveness of London’s Business Property Offer
March 2010
This report reviews the current and future competitiveness of
London’s business property offer against other key financial
centres: New York, Hong Kong, Tokyo, Singapore, Paris and Geneva.
It examines aspects of competitiveness including occupancy costs,
occupier choice, supply responsiveness and real rental change over
time. It also offers a forward view of the future challenges and
opportunities faced by London in maintaining the competitiveness of
its business property offer.
An Assessment of the City’s ICT Infrastructure
June 2009
The City of London have commissioned SAMI Consulting to provide
insight into the attractiveness to business of the City of London
and its fringes in terms of its provision of ICT infrastructure,
following on from "The City of London ICT Infrastructure Review”
published in 2001 (the last piece of research to be published on
the network infrastructure of the Square Mile). There have
been many changes in the IT & Telecoms industry since this
time, and a number of strategic issues need to be addressed
relating to new forms of technology by the City. This report will
study existing ICT infrastructure and the future ICT requirements
of businesses in the Square Mile and its immediate fringes.
The City of London's Supply Chain and its Relationship with
the City Fringes
September 2008
This report, carried out by the centre for economic and business
research (cebr), was commissioned with City Fringe
Partnership. The research examines which sectors in the City
fringes are trading with City businesses, ascertains what barriers
exist that may discourage trading and makes recommendations on
business support measures to help facilitate local purchasing.
Aviation Services and the City
July 2008
Recent research commissioned by the City of London has shown
that the choices made by international financial services firms and
the staff they employ are being influenced increasingly by
non-market factors such as transport infrastructure. York Aviation
was commissioned to provide up-to-date evidence of the City’s
requirements for air travel, taking into account the various
changes that have affected the aviation sector in the period
since previous research on aviation was
produced in 2002. The findings of this report reinforce
the view that good access to air services is critical in
supporting London’s role as the world’s leading international
financial and business centre.
The Impact of City
Businesses in Addressing Social Disadvantage
March 2008
This report, by Oxford Economics, has been commissioned by the
City of London Corporation in collaboration with Heart of the City
to investigate the social and economic impact of Corporate
Community Investment programmes of the Financial and Professional
Business Services sector. The report considers different
approaches to impact measurement, uses existing datasets to
estimate the financial contribution (inputs) that these companies
make, investigates direct outputs, and uses a number of case
studies to illustrate the effect these programmes have had within
the wider community (the social return on investment).
International Markets
London: A Centre for Renminbi Business
April 2012
This report, commissioned by the City of London Corporation and
authored by Bourse Consult, presents a picture of the renminbi
products and services currently available in London and the volume
of business transacted in London in 2011. The report
demonstrates that a significant amount of renminbi business is
already being done in London, including services for retail
clients, services for corporate clients and interbank and
institutional business. These products and services benefit clients
by enabling them to conduct international transactions
cost-effectively and securely - and allow risk to be hedged and
managed.
Insurance companies and pension funds as institutional investors:
Global investment patterns
November 2011
This Special Interest Paper, produced for the City of London by
Trusted Sources, explores and compares the investment patterns of
long term institutional investors across a range of developed
and emerging markets, and the potential these kind of investments
offer for the high-growth markets of China and India.
Emerging Markets - International Capital Raising Trends
October 2010
This special interest paper for the City of London Corporation
assesses trends in international capital raising by emerging
market companies, specifically those from Russia, Brazil,
Mexico, South Africa and India. Separate chapters on each of these
countries examine the factors determining where and why firms based
there have turned to international capital markets to seek equity
finance, with a view to forecasting how such trends will play out.
These sections, as well as the Conclusion, highlight the
opportunities and threats that such trends present to the City of
London and other international financial centres in the short to
medium term.
The Challenges and Opportunities for Financial Services in
Indonesia
July 2010
In this report, Chatham House examines the prospects for
Indonesia and scenarios for the potential development of financial
services, identifying the opportunities for engagement with UK
businesses. With the fourth largest population in the world,
Indonesia already offers an attractive proposition for
non-financial companies, yet there remains a need to develop the
country's infrastructure and skills base to ensure future
growth.
The Shanghai International Board: Challenges and Opportunities
June 2010
This research, conducted by Trusted Sources, examines the role
to be played by the Shanghai International Board in realising
China’s ambitions to become a major global financial player. It
suggests that implementation of the Board will be a major step
towards building a more advanced Chinese financial system.
Challenges & Opportunities for Financial Services
in Brazil
May 2009
The City of London has commissioned research into the
challenges and opportunities presented by Brazil, a major emerging
market and conduit for financial activity across Latin
America. Brazil has seen accelerated development and has
substantial and recognised potential for becoming a global economic
player. Over the past ten years it has demonstrated a significant
break with past instabilities – inflation has been controlled,
government has been stabilised and markets have broadened. This has
reinforced its role both as a primary resource exporter, especially
in the area of biofuel energy, but also in the rapid development of
a broad and balanced domestic market. Stability has allowed a
broadening of both product and service markets, with an opportunity
for considerable expansion of retail and wholesale financial
services markets. Trusted Sources, the City of London’s
commissioned consultants for this work, will investigate financial
services, project finance, agribusiness, competition in capital
markets, and economic and political vulnerabilities, identifying
opportunities for UK-based businesses in this exciting emerging
market.
The Future of Asian Financial Centres – Challenges and
Opportunities for the City of London
October 2008
The City of London commissioned Research Republic to investigate
the challenges and opportunities from Asian financial centres for
the UK-based international financial services sector. The
most recent
Global Financial Centres Index (GFCI) research report,
GFCI 4, confirmed that London and New York are currently
the only two truly global financial centres whilst highlighting
Singapore, Hong Kong and Tokyo as the leading Asian financial
centres. As the centre of gravity in the international
economy increasingly shifts towards Asia, Asian financial centres
will increase in importance. This report examines whether they will
be able to challenge global financial centres and explores the
opportunities they may offer.
The Competitive Position of the Gulf as a Global Financial
Centre
May 2008
The City of London Corporation appointed the ICMA Centre at the
University of Reading to examine the relationships between the
UK-based international financial services sector and the Arabian
Gulf states in the Gulf Co-operation Council (GCC). As Gulf states
use their oil wealth to fund economic diversification, transactions
flows between the City of London and the GCC have increased
considerably in recent years. Of particular interest is the
development of emerging international financial centres in the GCC
and the extent to which these centres interact with and offer
opportunities and challenges to the City.
The Development of India’s Corporate Debt Market
February 2008
This report, by the ICMA Centre at the University of Reading,
examines the potential for development of the corporate debt market
in India, and the conditions that might promote this. The analysis
combines desk research of India-specific literature and work in
related markets, in conjunction with interviews with senior
industry figures in India. Both market-specific issues and
economy-wide factors are examined, and the report makes a number of
practicable recommendations which have the potential for swift
implementation.
Research Review
2011 Research Review
February 2012
The City of London today publishes the 2011 Research Review, an
overview of the City of London’s research programme during
2011. This annual release rounds up all publications under the key
areas of activity: City Industries and Infrastructure,
Competitiveness and Taxation, The EU and Regulation, International
Markets and Corporate Responsibility and Community.
2010 Research Reveiw
January 2011
An overview of the City of London's research publications
programme during 2010. This round up document reviews all
publications under five key areas of activity: The
City and the UK Economy, Competitiveness and the UK
Regulation, EU and the Regulatory Environment, Corporate
Responsibility and Regeneration and International Markets.
2009 Research Review
February 2010
An overview of the City of London's research publications
programme during 2009. This round up document reviews all
publications under five key areas of activity: London and the
UK Economy, City Industries, Competitiveness, Financial
Regulation, and Employment & Regeneration.
2008 Research Review
February 2009
An overview of the activities of the City of London's research
programme during 2008. This document reviews all publications under
five key areas: London and the UK Economy, City Industries,
Competitiveness, Financial Regulation, and Employment &
Regeneration.