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2005 Research Review
January 2006
Download 2005 Review PDF
(949kb)
An overview of the activities of the City of London's research
programme during 2005. This document reviews all publications under
four broad topics: London and the UK Economy; City Industries,
Financial Regulation and Regeneration and Employment. An additional
section looks ahead to forthcoming publications, including research
into aspects of the competitiveness / skills interface.
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Comparative Implementation of EU Directives
(I) – Insider Dealing and Market Abuse
December 2005
Download EU Directives (1) published report
PDF (492kb)
Download EU DIrectives (1) executive summary
PDF (228kb)
This report analyses the implementation of EU financial services
directives in five Member States and provides a fascinating insight
into the realities of transforming such directives into national
regulation.
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The Future of Clearing and Settlement in
Europe
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December 2005
Download Clearing and Settlement published
report PDF (365kb)
Download Clearing and Settlement executive
summary PDF (172kb)
The purpose of this report, by Bourse Consult, is to contribute
to the current debate on creating an efficient and integrated
clearing and settlement infrastructure for Europe. It is based on a
series of in-depth interviews with senior managers of banks, trade
organisations, regulatory bodies, clearing houses and exchanges,
MEPs and EU officials in London, Amsterdam, Brussels, Frankfurt and
Paris. It presents their views on the vision for the future of
European clearing and settlement and the best way of achieving that
vision. |
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The Competitive Position of London as a Global
Financial Centre
November 2005
Download Competitive Position published report
PDF (1.8mb)
Download Competitive Position executive summary
PDF (505kb)
This research, conducted by Z/Yen Limited, is based on a survey
of opinion of professionals in the financial services industry in
over 20 countries. Senior decision makers were asked about the key
components of competitive advantage, and how the world’s major
financial centres ranked against these criteria. The report shows
that London and New York have emerged as the clear leaders in the
ranking of global financial centres.
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London's Place in the UK Economy, 2005-06
November 2005
Download London's Place 05-06 published report
PDF (961kb)
Download London's Place 05-06 executive summary
PDF (505kb)
In the fourth edition of this annual report, Oxford Economic
Forecasting analyse the London economy in its regional and national
context. Central to the report is the calculation of the net
contribution of the London economy to UK public finances. This
year’s edition also has a special topic on London’s position as a
‘World City’.
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Commuter Flows in London and the wider South
East 2001 to 2016 / 21
October 2005
Download Commuter Flows executive summary report
PDF (1.1mb)
Download Commuter Flows full report PDF
(3.6mb)
This project was commissioned by a consortium of the Corporation
of London, the Greater London Authority, the London Development
Agency, Transport for London, the Strategic Rail Authority, South
East England Regional Assembly, South East England Development
Agency, East of England Regional Assembly, East of England
Development Agency and the Association of London Government. The
work was led by Cambridge Econometrics and was conducted in
collaboration with WSP Group and the London School of
Economics.
The report establishes a common methodology and database model
for estimating commuting flows into, out of, and within London and
its neighbouring regions of South East England and East of England
(which the report classifies as the Wider South East). This
methodology is used to identify the commuting implications of
certain policy, economic development and transport scenarios
envisaged by 2016 and 2021.
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The Transatlantic Dialogue in Financial
Services: The Case for Regulatory Simplification and Trading
Efficiency
September 2005
Download Transatlantic Dialogue published report
volume 1 PDF (379kb)
Download Transatlantic Dialogue published report
volume 2 PDF (2.5mb)
The ABA Securities Association (ABASA), the Bankers’ Association
for Finance and Trade (BAFT), the British Bankers’ Association
(BBA), the Futures Industry Association (FIA), the Futures and
Options Association (FOA) and the Securities Industry Association
(SIA) with the support of the Corporation of London, have published
a major study which calls for regulatory convergence of
transatlantic financial markets. The study underscores the need for
establishing a much more coherent and cost-efficient regulatory
framework for wholesale transatlantic business in financial
services. The report includes a comparative legal and regulatory
analysis by Clifford Chance.
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Skills in the City: Entry Level Opportunities
in the Financial and Business Services Sector
July 2005
Download Entry Level published report PDF
(344kb)
Download Entry Level executive summary PDF
(238kb)
This report, by Greater London Enterprise, investigates entry
level opportunities available in the City. It provides an
understanding of the skills and qualifications required to carry
out these jobs; assesses their level of availability; and reviews
methods of recruitment used.The report highlights that there is a
strong need to raise awareness overall of the opportunities
available in the City and how and where they can be
accessed. |
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Anti-Money Laundering Requirements - Costs,
Benefits and Perceptions
June 2005
Download Anti-Money Laundering published report
PDF (537kb)
Download Anti-Money Laundering executive summary
PDF (285kb)
In association with the Institute of Chartered Accountants in
England and Wales, the Corporation appointed Z/Yen to obtain a
reasoned and quantified assessment of the costs and benefits of the
UK anti-money laundering requirements, as they effect the work of
the City of London, with a comparison of the equivalent costs borne
by other jurisdictions (USA, Germany, France, Italy and
others). |
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The Future of UK Asset Management: Competitive
Position and Location Choice
May 2005
Download UK Asset Management published report
PDF (636kb)
Download UK Asset Management executive summary
PDF (137kb)
This study, commissioned in conjunction with the Investment
Management Association and written by Oxera, examines location
choice in the asset management industry, the competitive position
of the UK as a centre for asset management, and the major
influences that may affect this position in the
future. |
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Business Creation and Closures in Camden
April 2005
Download Camden published report PDF
(1.2mb)
Download Camden executive summary PDF
(642kb)
Using the London Borough of Camden as a case study, Public and
Corporate Economic Consultants (PACEC) explore some of the critical
dynamics of SME business creation and failure, and by so doing shed
light on the challenges facing smaller businesses in the Central
London Business District.
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Rebalancing UK and European Regulation
April 2005
Download Regulation published report PDF
(1mb)
Download Regulation executive summary PDF
(737kb)
This report by the European Policy Forum examines the way in
which regulatory impact analysis is coming of age both in the
United Kingdom and in the European Union. It also provides a
practical model for policy makers to follow in order that the
transposition of EU regulations takes place in a cost effective
manner. |
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Off-shoring and the City of London
March 2005
Download Off-shoring published report PDF
(969kb)
Download Off-shoring executive summary PDF
(363kb)
A team of academics led by Professor Brian Scott-Quinn (ISMA
Centre, University of Reading) provides a considered assessment of
the extent and impact of off-shoring on London's international
financial services industry. |
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Childcare in the City
March 2005
Download Childcare published report PDF
(714kb)
Download Childcare executive summary PDF
(373kb)
This report, by the Centre for Economic & Social Inclusion,
investigates the childcare requirements of the City workforce and
provisions provided by employers. The research also quantifies
existing demand and assesses the impact that childcare
responsibilities have on attendance at work.
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The City's Importance to the EU Economy
2005
February 2005
Download City's Importance 05 published report
PDF (1mb)
Download City's Importance 05 executive summary
PDF (498kb)
This report, by the centre for economics and business research,
has been restructured to extend coverage to the full EU25 and
investigates the impact of EU enlargement on the City of London.
The report also has a special feature on hedge funds and
derivatives – both areas in which London has a disproportionately
high share of international markets.
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2004 Research Review
January 2005
Download 2004 Review PDF (2mb)
An overview of the activities of the Corporation's research
programme during 2004. This document reviews all publications under
four broad topics: London and the UK Economy; City Industries,
Financial Regulation and Regeneration and Employment. An additional
section distils the conclusions of recent reports published as part
of the new City Research Series, and looks ahead to
research currently being conducted in the field of financial
services regulation.
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An Absence of Regulatory Design?
Recent European Directives and the Market for Corporate Bonds
December 2004
Download Regulatory Design published report
PDF (587kb)
Download Regulatory Design executive summary
PDF (408kb)
This report highlights a worrying example of potential European
regulatory design failure. Alistair Milne and Mario Onorato, from
the Cass Business School, conducted in-depth interviews with fund
managers across the EU and their conclusions suggest that the
combined impact of the Prospectus Directive and the Transparency
Directive could damage the EU market for corporate bonds.
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Distortion or Distraction: US Restrictions on
EU Exchange Trading Screens
November 2004
Download Trading Screens published report
PDF (2mb)
Download Trading Screens executive summary
PDF (408kb)
John Board, Charles Sutcliffe and Stephen Wells consider a
central issue in the development of transatlantic capital markets -
whether permitting EU exchanges to deploy their equity trading
screens in the US (which is currently prohibited) would
significantly increase the integration of EU and US equity
markets.
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London's Place in the UK Economy 2004
October 2004
Download London's Place 04 published report
PDF (1.1mb)
Download London's Place 04 executive summary
PDF (459kb)
London’s Place in the UK Economy aims to take a long-term view
of the London economy in the context of recent developments. The
authors of the 2004 edition, Ian Gordon, Jan Stockdale, Tony
Travers and Christine Whitehead from the London School of
Economics, provide more compelling evidence of London’s central
role in promoting the health and wealth of the nation, with a
special section on crime and policing in the capital.
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Financial Innovation in UK Property Markets: A
Review of Trends and Prospects
October 2004
Download Financial Innovation published report
PDF (1.46mb)
Download Financial Innovation executive summary
PDF (471kb)
Colin Lizieri and Charles Ward, from the University of Reading,
review recent innovation in commercial real estate finance, funding
and investment in the UK in the context of fiscal and regulatory
change and compare developments with those found in other market
places. The research finds that real estate investment is a dynamic
and growing sector in Europe with London remaining a centre of
innovation.
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Understanding the Print and Publishing Sectors
in the City Fringe
September 2004
Download Print and Publishing published report
PDF (1.3mb)
Download Print and Publishing executive summary
PDF (470kb)
This is an investigation into the nature of the print and
publishing industries in the City Fringe area of London. It is
intended to form part of the evidence base from which the City
Fringe Partnership can develop a strategy for supporting the
industries in the Fringe area. Co-funded with the London
Development Agency, the report was written by the Burns Owens
Partnership.
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The
Future of London’s Maritime Services Cluster: A Call for
Action
August 2004
Download Maritime Services published report
PDF (1.8mb)
Download Maritime Services executive summary
PDF (340kb)
This report, by Fisher Associates, provides a detailed
understanding of how the London maritime services cluster works,
how it competes with rival centres and what policy measures are
necessary to ensure London maintains its current
pre-eminence.
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Reducing the Regulatory Burden: The Arrival of
Meaningful Regulatory Impact Analysis (RIA)
July 2004
Download Meaningful RIA published report PDF
(791kb)
Download Meaningful RIA executive summary
PDF (357kb)
Graham Mather and Frank Vibert of the European Policy Forum
provide a conceptual overview of regulation and the prospects for
regulatory improvement within the EU. They highlight the usefulness
and importance of applying regulatory impact assessments (RIAs) in
reducing the burden of EU regulation. The report also contains an
introduction by Sir Nigel Wicks, Chairman of the Corporation’s EU
Advisory Group.
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The Direct Costs of Clearing and Settlement:
an EU-US Comparison
June 2004
Download Direct Costs published report PDF
(1.6mb)
Download Direct Costs executive summary PDF
(379kb)
This report, written by NERA Economic Consulting, is the first
in the Corporation’s new City Research Series which aims to
investigate issues of direct relevance to City practitioners and to
policy-makers who regulate the international financial services
industry. The study confirms that the direct costs of clearing and
settling an equity transaction in Europe are significantly higher
than in the US.
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London’s Linkages
with the Rest of the UK
May 2004
Download London's Linkages published report
PDF (2.1mb)
Download London's Linkages executive summary
PDF (242kb)
This study by Oxford Economic Forecasting seeks to explore the
wider links and relationships that tie London into the country as a
whole, where there is a readily held view that London has grown at
the expense of other parts of the UK, and that Britain would be
better off if funds were diverted away from the capital to other
regions. The study highlights that this is not necessarily the case
and that the UK as whole has contributed toand benefited from
London activity.
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The Outlook for Banks Operating in the City of
London
March 2004
Download the Outlook for Banks report PDF
(660kb)
The objective of this research, carried out by Radley
Associates, is to understand the main factors affecting the number
of banking jobs that are located in London and, therefore, the
expected demand for city office space in the medium to long
term.
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The City's Importance to the EU Economy
2004
January 2004
Download City's Importance 04 published report
PDF (1.4mb)
Download City's Importance 04 executive summary
PDF (1.7mb)
The Corporation has returned to the Centre for Economic and
Business Research for the sixth edition of this important annual
research report. The latest edition maintains its focus on the
City's major role in global financial markets and pivotal position
on the European financial scene, and once again measures the
benefits gained by the entire EU from the high concentration of
financial services in London.
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2003 Research Review
January 2004
Download 2003 Review PDF
(788kb)
This document details the activities of the Corporation's
research programme during 2003. It reviews all publications under
four broad topics: The City and the London Economy; Transport and
Infrastructure; Europe and the City; Regeneration and Employment.
An additional section looks ahead to London's future development,
identifying broad policy themes that have emerged from the research
programme.
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Comparative Public Transport Investment in
Major European Cities
November 2003
Download Public Transport published
report PDF (2.1mb)
Download Public Transport executive summary
PDF (241kb)
Despite the widely held belief that London's transport
infrastructure has suffered from years of under-investment, there
has been little systematic comparison of London's investment record
to those in other European cities. This report, by KPMG, undertakes
just such a comparison of the extent and effectiveness of
investment in transport in London to that in Paris, Frankfurt,
Amsterdam and Brussels over the past thirty years.
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London's Place in the UK Economy 2003
Download London's Place 03 published report
PDF (745kb)
Download London's Place 03 executive summary
PDF (386kb)
The latest edition of this annual report, by the London School of
Economics, gives a clear, authoritative and up to date survey of
London’s role in the UK economy, encompassing economic, fiscal,
social and environmental aspects of the relationship. The 2003
edition contains a special feature, providing a critical analysis
of education and skills provision in the capital.
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Growth Prospects of City Industries
September 2003
Download Growth Prospects published report
PDF (1.5mb)
Download Growth Prospects executive summary
PDF (1.1mb)
This report, by Lombard Street Research, updates their 1998
study. It shows that, despite the recent downturn, City-type
employment in Greater London grew by an impressive 2.2% per year –
some 50,000 new jobs - between 1995 and 2002. Looking ahead, annual
growth in City-type employment is projected to remain around the
1.75% mark forecast in the 1998 report.
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Economic Effects of Transport Delays on the
City of London
July 2003
Download Economic Effects published report
PDF (1.8mb)
Download Economic Effects executive summary
PDF (37kb)
This investigation by Oxford Economic Forecasting produces
estimates of the cost to businesses in the City of transport delays
caused by congestion, inadequate service provision and recurrent
service breakdowns or sub-standard operation. It is based both on
economic modelling from available transport statistics and on
case-study evaluation work with sample City businesses and their
workers.
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Sizing up the City
June 2003
Download Sizing up the City published report
PDF (351kb)
Download Sizing up the City executive summary
PDF (151kb)
This report was commissioned from the Centre for the Study of
Financial Innovation to explore the perceptions held by a wide
range of City practitioners and observers of London’s
competitiveness as a financial centre compared to New York, Paris
and Frankfurt. Input was obtained from 350 institutions: banks,
fund managers, insurers, technology providers, professional firms,
trade associations and public officials by means of questionnaires
and interviews. More than half the firms spoken to were under
non-British ownership.
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Unemployment in the City Fringe Area of
London
May 2003
Download the extended version of the
Unemployment City Fringe Report PDF (1.6mb)
Download published Unemployment City Fringe
report PDF (1.5mb)
Download Unemployment City Fringe executive
summary PDF (106kb)
This report was commissioned by the LDA, the Corporation of
London and City Fringe Partnership. Its primary purpose is to
identify and analyse the underlying causes of continuing high
levels of unemployment in the City Fringe Partnership area and make
recommendations for action in the future.
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The Future of Stock Exchanges in European
Union Accession Countries
May 2003
Download Stock Exchanges EU published report
PDF (1mb)
Download Stock Exchanges EU executive summary
PDF (54kb)
This report was commissioned from the Centre for Economic Policy
Research. It analyses the role of macroeconomic variables,
financial reform and other country-specific factors in determining
the structure and dynamics of European Union Accession Country
stock exchanges. It goes on to evaluate the viability and likely
future evolution of these exchanges in the context of current
trends in trading systems.
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Financial Services Clustering and its
significance for London
February 2003
Download FS Clustering published report PDF
(2.8mb)
Download FS Clustering extended report PDF
(4.7mb)
Download FS Clustering executive summary PDF
(153kb)
An in-depth study of the nature of
financial services business clusters in and around the City of
London. The project seeks to map the clusters themselves and
provide analysis on the manner in which they have evolved, the
dynamic processes through which they function and evolve, and the
requirements to maintain their sustainability.
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The City's importance to the EU Economy
January 2003
Download City's Importance 03 published report
PDF (498kb)
Download City's Importance 03 executive summary
PDF (80kb)
This annual report investigates the links between the City of
London and the economy of the European Union.
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The Impact on the City of UK Eurozone
Membership: the Banking Industry
November 2002
Download Eurozone published report PDF
(856kb)
Read Eurozone news release
Sir John Cass Business School was commissioned by the
Corporation of London to investigate the potential impact of
possible eurozone membership scenarios on wholesale and retail
banking in the UK. Not concerned with opinion as to whether the UK
should adopt the euro, rather the report identifies potential
effects of three alternative scenarios: these being, that the UK
join the eurozone; the UK does not join, or the UK postpones the
decision until at least the next Parliament.
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Aviation Services for the City of London
October 2002
Download Aviation Services published report
PDF (2.4mb)
Download Aviation Services executive summary
PDF (85kb)
Air transport plays a major role in the UK economy, especially
the South East. Aviation currently supports around 160,000 jobs in
the South East and has a major influence on the level of UK inward
tourism, itself responsible for 4.5% of total GDP. Oxford Economic
Forecasting were commissioned to survey the current and future air
and related transport needs of businesses in both the City and the
surrounding boroughs.
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The Changing City - Population, employment and
Land Use Changes since the 1943 County of London Plan
October 2002
Download Changing City published report PDF
(3.4mb)
Download Changing City executive summary PDF
(63kb)
This report analyses the long-term changes in the demand for
land use and buildings in London and the degrees to which these
have been met by changes on the ground. Starting with the 1943
Forshaw and Abercrombie Plan and concluding with the Mayor’s 2002
Draft London Plan the study investigates the main forces behind the
demand and supply of commercial and residential land use over the
last 60 years.
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ICT in the City Fringe
October 2002
Download ICT City Fringe published report
PDF (1mb)
Download ICT City Fringe executive summary PDF (149kb)
Research commissioned on behalf of the City Fringe Partnership
(CFP) with the intention of identifying and analysing the ICT
sector in the City Fringe area, which is a broad crescent running
along the north-west, north and east borders of the City of London.
The project lays particular emphasis on identifying skills
requirements and analysing recruitment and training practices with
a view to informing CFP's future investment in training and support
activities.
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London's Place in the UK Economy 2002
Download London's Place 02 published report
PDF (1.5mb)
Download London's Place 02 executive summary
PDF (118kb)
This report examines London's place and position in the UK
economy. And how they may evolve during the next few years. It
looks at London's developing role in recent last decades; clarifies
some of the strengths and weaknesses of the London economy,
particularly in relation to the rest of the UK and to central
government. The annual special feature in this edition examines the
role of London housing.
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Tall Buildings, Sustainability and the
City
February 2002
Download Tall Buildings published report PDF
(2.6mb)
Download Tall Buildings executive summary
PDF (116kb)
This report examines the options available for constructing
sustainable tall buildings. It does so against a background of
pressure for change arising out of emerging policies of relevance
to the City.
The report looks at the effect of tall buildings on their local
environment and analyses new developments in the design,
construction and operation of tall buildings. This is followed by a
discussion of 'best practice' examples of new design ideas from
around the world.
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The City of London ICT Infrastructure
Review
August 2001
Download ICT Infrastructure published report
PDF (266kb)
Download ICT Infrastructure executive summary
PDF (110kb)
This report is the result of an intensive study into the effects
of Information, Communications and Technology (ICT) in the City of
London over the last and the next 10 years, with particular regard
to the infrastructure around telecommunications and Internet
datacentre provision, and the impact on business and future
provisioning.
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Financial Innovations in Property Markets
July 2001
Download Property Markets published report
PDF (185kb)
Download Property Markets executive summary
PDF (60kb)
This report reviews the financial implications of the
institutional lease for the development of new financial products
in the UK property market. It provides examples of securitisation
of property income or assets and identifies the advantages and
costs. It also highlights securitisation features which may persist
in future market environments.
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The Impact of Archaeology on Property
Development in the City of London
February 2001
Download Archaeology Impact published report
PDF (410kb)
This report discuses the archaeological concerns associated with
property development in the City of London.
The research was conducted by CgMS and is based on an
investigation of 36 projects, under way and completed since 1997,
illustrating a range of development and archaeological
considerations.
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London New York Study
June 2000
Download London New York executive summary
PDF (10mb)
Download London New York published report -
Section 1 (24mb)
Download London New York published report -
Section 2 (26mb)
Download London New York published report -
Section 3 (28mb)
This report analyses the major economic and demographic trends
in London and New York as they have developed over the course of
the 1980’s and 1990’s. It explores the key driving forces of both
economies identifying the major issues and key challenges facing
each city at the beginning of the 21st century. |
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