The International Banker Spring 2015

The International BankerThe magazine of the Worshipful Company of International Bankers

The Worshipful Company of International Bankers 12 Austin Friars, London EC2N 2HE

Clerk: Nicholas WestgarthDirectline: 020 7374 0212 | Fax: 020 7374 0207 | Email: to [email protected]

Spring 2015

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The Worshipful Company of International Bankers

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From the Editor

Welcome to the Spring Edition of the International Banker – the Magazine of the Worshipful Company of International Bankers.

I think you will enjoy reading this issue. It has many powerful and interesting articles covering areas which are important for all of us in the industry but which are not well covered in the media. The strength of our membership enables us to find contributors

who can take the long view. So - for example - there are three different views on the future of UK retail banking, an interview with John Griffith-Jones and an article on the future of active asset management; looking outside the UK on the EU Capital Markets Union and the world seen from Singapore. There are also lighter articles on preparing the Lord Mayor’s Coach for its big day and on the pleasures and perils of working in the US as a young man.

There is a lot of activity in the Company too. As we grow in numbers we have restructured to bring in more members

into the Charity & Education and Liverymen’s Committees’ activities, the Schools Essay and WCIB Lombard Prize competitions, many dinners, business and social events with special ones for Associate Members, a busy forward looking Court and so much opportunity for members to contribute to the Company and to enjoy themselves.

I always look forward to receiving your comments and ideas so please email me with them on [email protected]

Christopher Bond Editor

The Worshipful Company of International Bankers invites members and guests

to DINNER on

Thursday 21st May 2015

at Vintners’ Hall, Upper Thames Street, London EC4V 3BG

7.15pm for 8.00pm

Guest Speaker: The Rt Hon the Lord Heseltine CH

Dress: Business Suit

The Editorial Panel

Geoff ArmstrongMark CazalyRos InnesMichael Llewelyn-JonesAli Miraj

Frank MoxonAlan RamsayKarina RobinsonAndre Villeneuve


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The Thomas Tallis School Stephen Henderson �� p23

The Lombard Appeal Update John Winter, Chairman �� p24

Other Company activities

What happened at the January Court Meeting �� p26

Our Clerk’s Insights Nicholas Westgarth �� p26

The Liverymen’s Committee develops its strategy John Elder, Chairman �� p27

All about our Sea Cadets Danny Cox �� p28

What have our Associate Members been doing ? Mark Cazaly, Deputy Editor�� p29

The Events Committee’s future plans Jason Van Praagh, Chairman �� p30

Gaye’s Diary �� p31

James Leigh-Pemberton speaks to the Company The Editor �� p31

And finally…

A recent military book I have enjoyed (Michael Llewelyn-Jones/Vincent Mercer/Frank Moxon) �� p33

From the Master ��p�04

General Interest Articles

Three views on the future of UK retail banking Mark Sismey-Durrant/Catherine Smith-Mason/ Nick Andrews ��p�05

What is the role for active fund managers in the future (Lord) Charles Hemphill, Waverton Asset Management ��p�06

How should shadow banking be regulated ? Simon Hills, BBA��p�08

The interview with John Griffiths-Jones, Chairman, FCA The Master and Mark Cazaly, Deputy Editor ��p�09

Can Western banks have Emerging Market customers under the Anti-Money Laundering rules ? Jeremy Bennett, Disasters Emergency Committee ��p�10

What’s the noise behind the Capital Markets Union Graham Bishop �� p11

What’s so special about Singapore ? Peter Buerger �� p14

‘Multinational in life, national in death’ – the resolvability of cross-border financial firms Adam Cull, BBA �� p15

A year in the US as a young man Frank Moxon, Middle Warden �� p16

Do you understand Dark Pools ? Robert Barnes, CEO Turquoise �� p16

Preparing the Lord Mayor’s Coach for its big day the Editor �� p18

The Annual Banquet What the Financial Times said about the Archbishop’s Speech �� p??

Charitable Activities

Our Charity Strategy Jean Stevenson, Chairman, C&E Committee �� p20

The Company’s Schools Competitions James Howl �� p21

City Brokerage’s new Chief Executive Bridget Gardiner �� p22

Contents


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From the Master

Dear Fellow Members,

It is a pleasure to write to you in the Spring issue of our Magazine� As is self-evident from the content, much has been going on and we have lively events through the Spring and Summer to look forward to�

We were honoured to host Justin Welby, Archbishop of Canterbury, at our Annual Banquet� His message of cultural change is one that we can all take to heart� He then added the throwaway line that he wasn’t sure that the Church, with all of its own problems, was in any position to tell the Bankers what to do� A great piece of modesty which is a long way away from the strident blame game that so many others have indulged in�

Elsewhere in this issue is an interview with the Chairman of the Financial Conduct Authority, John Griffith-Jones� He also talked about changing culture for the better� As a Company, we started down this road when we were still a Guild� Our Lord George Principles for Good Business Conduct have stood the test of time� It is good to realize, with the benefit of hindsight, that we were ahead of the game�

London constantly re-invents

itself� In my view, we can be increasingly confident that the lessons from the financial crisis are being learned. A stronger and more respected City will emerge�

Meanwhile, our Company continues to thrive� More than 40 new members have joined since the start of my year, and the inflow continues to be healthy� Our Charitable Activities continue to go from strength to strength� Funds raised have now surpassed £1�7m, and our educational partnerships are flourishing� At the Banquet, our Founder Master, Sir Paul Newall, was heard to comment that he could not quite believe what he had started� There is no doubt that in our short history so far, we have grown and prospered� That is down to all of you, and I am enormously honoured to play my part - this year in particular�

Mark Seligman

What is the Future of UK Retail Banking? Three points of viewBanking on Experience – The Challenger Bank viewpoint Mark Sismey-Durrant, CEO of Hampshire Trust Bank

We want it all…

Many of us are ubiquitous in our consumer buying habits – buying books on price and convenience from Amazon, then happily browsing through a more expensive Waterstones in-store� Does one have the ability to replace the other or is there space for both?

We can apply the same considerations to banking� Do we get a positive experience when we visit branches? Is a digital offering going to meet the full spectrum of user needs? And what about the customer – do they get what they want when faced with a choice of either online OR branch?

The question is not whether branch or mobile is ‘right’ for new banks, but what our end customers need and want now and in the future. This should be based not only on data and insight, but also on experience and relationships, to gain a true understanding of the psychology behind individuals’ banking decisions�

Much of the focus on digital banking centres on growing consumer demand� The problem for universal banks lies with their essential utility role of processing payments, which gets in the way of delivering personal service for more remunerative customer needs� They are playing catch up with mobile banking, which makes less tangible the banking relationship�

But what about the business user? The Competition and Markets

Mark Seligman

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Authority’s report on SME banking services suggests that small firms want local branch banking� Yet the larger high street banks are cutting costs, automating services and reducing counter services to focus on their most profitable customers�

With businesses securing 90% of finance from their current account provider, the motivation for their main bank to focus on their needs isn’t there� We believe that the world is changing� There are customers out there who want more and who will vote increasingly with their feet� The dilemma for larger banks becomes how to maintain a universal banking offering when the opportunities for meaningful interaction are reducing and much of the core service is ubiquitous� Does the advent of mobile represent an opportunity or a threat to them? I think there is a danger that they will find their attractive customers increasingly being picked off by new and alternative providers�

Much has been made of the potential for global mega-brands, such as Google or Paypal to enter the banking space and clean up� They might, but so far it seems that capital and regulatory challenges hold them at bay� Virgin, Handelsbanken and Metro challenge universal banks in their own space, using branding, innovative business models and smart branches to entice customers� They will increasingly draw younger consumers and businesses that are open to something different�

Our experience tells us that the decision isn’t as simple as ‘on or offline’, ‘branch or mobile’� We need to create solutions that meet our increasingly personalised world, not an approach created for the masses that fit none, but that means a different shape of bank – putting investment into building real relationships with end customers; hiring individuals with experience of solving customer needs and in working together to help people achieve their aspirations for the future�

The Academic Professional’s viewpoint Dr Catherine Smith-Mason

Markets evolve� Every established bank began as a challenger� Each, whether capital structure private, mutual, trust, public or hybrid, had an initial aim and a modus operandi born of time and place� Local economic levels dictate modern challenger types, which worldwide typically include web or phone�

In advanced markets challengers seeking profit target “cross sales” marketers claim that payment accounts deliver� “Deserting” customers keep old bank accounts as cash-movement hubs� Thus the average profitability of established banks falls� Though profits lost are smaller than fines for management and/or ethical failings, attrition can be fatal�

Challengers often compete on price, even without cost advantage� Each, whether limited or full service, select a customer base, attacking the most profitable business� In commercial and personal investments, loans, savings or payments, challengers advertise that they address emotively expressed

Dr Smith-Mason


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complaints about established banks: service quality, reliability, speed, outcome of decisions� Level of human interface is customer base and service range related: text-chat, screen-face-to-face, telephone, real face-to-face, with in each random or specified person�

Starting with a clean slate, choosing each asset by risk rating, challenger dues to lifeboat funds are comparatively low� Challengers with “all eggs in one basket” – e�g� low-risk loans but no geographic or economic spread – get capital performance cross-subsidised by other contributors�

Customers with savings greater than deposit protection caps need multiple banks to protect their whole fund� Challengers dipping into this deposit pool, even if web-only, must offer withdrawal methods for small as well as large sums, using interbank payment networks� Payment-account customers demand widespread cash dispensers� Challenger banks pay a marginal cost to use established costly cash-system infrastructures� Their complaint that established banks are anti-competitive by offering fee-free payment accounts might cause Regulators to order established banks to charge customers full recovery cost for traffic� This would squeeze challenger banks’ payment operating cost advantage�

All challengers, particularly tech-dependent, lack a track record� Elderly and young admit nagging doubt that i-phone transactions always happen� “Don’t quite trust internet” always figures in true concerns� Even tech-types are “never quite sure” screens mean what they think� Issues range from interface design faux pas like nausea-inducing screens, to hand-wave or sound activating accidental authorities, or service denial on biometric recognition failure with no “manual back-up” or “off-switch”� Most customers won’t admit fears as they “feel stupid”�

Who will be winners? Historically, in all sectors few start-ups become major operators� Most new banks merge into the mainstream after the trauma of market upset or management

failure� The big change in our time is the emergence of value-movement parallel to the traditional bank-money system, through exchanges formed round mobile phone billing. Such services, including Bitcoin-type systems, can operate far beyond previously monetised activity� This parallel value-exchange capability is not underpinned by Central Banks� With the worth of real-economy underpinning of traditional currencies being questioned by reality, the argument is made that such underpinning is unnecessary� Perhaps the next great crash will come because the short-term success of parallel value exchanges makes the world forget that what actually matters in finance is real world economic activity�

And finally, the regulatory consultants’ viewpointNicholas Andrews, Partner, Mpac Group

We all know that the PRA/FCA driven model to allow Challenger Banks a slightly easier process to become authorised in the financial sector as deposit-takers has been around for almost two years with certain elements of success� Some of the key aspects of this revision to the process enable the applicant bank to avoid the minimum initial capital injection at an early stage of the process (feeding it in only immediately prior to authorisation using the mobilisation option), and to have greater certainty whether obtaining authorisation is feasible from the outset�

So, from an observer’s point of view, how has this shaped up since its introduction and will it achieve the goal of introducing competition into the UK banking sector?

Certainly from the FCA’s point of view, they have met and seen a good number of potential applicants clutching business plans of various merit – at least 50% have not to date resulted in a second meeting with the FCA with a more developed and thought through plan and structure� You can draw your own conclusions over that statistic, but suffice to say that there are people


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out there seeking to establish banks, believing they can make money out of the venture�

I have seen a good number of these initial plans at varying stages of development, split between two overall targets – either to go head-to-head with the current banking models (e�g� Atom Bank, Metro Bank), or a much more focussed business model (eg Bank of Cambridge & Counties), ranging from specific regional lenders (commercial/retail) to operations around energy production and distribution to very specific activities such as property, ethical lending and invoice discounting� In each of these activities the strategy is very much “disruptive”, in other words,

their objective is to carve out the profitable niche business from the big four and make a better offering out of it, without necessarily having the underlying and hugely expensive branch network. Looking at some of the potential plans, it is fascinating to see that a good number of them are basing their business on cutting edge technology which will allow them much cheaper and more efficient operations, thus giving them an additional potential advantage�

But, in some way or other, they will all need access to the payments system, which of course is controlled by the current incumbents� None of the Challengers will therefore be as efficient or as independent as they themselves would desire to be�

And then we recently have a newcomer coming through our doors with a radical alternative model to the traditional existing payments system… now that really will be disruptive and challenging!

What is a role for Active Fund Management - what Strategies should active fund managers consider to meet the rise of passive products?By (Lord) Charles Hemphill of Waverton Investment Management

What is the most effective way to maximize market returns? Proponents of passive investment would say that indexing is the strategy du jour� Financial indices have become more sophisticated, exchange traded funds allow investors to diversify, and interest rates are low� Even Warren Buffett recently observed that “the Know-Nothing investor can actually outperform most investment professionals,” just by periodically investing in an index fund�

So is it a wise decision to passively follow what looks like a one-way tide? Active investors have been struggling to outperform the market indexes in the current bullish environment where Quantitative Easing (QE) has driven abnormal returns� Yet a closer look at the situation highlights immense opportunity for an active investor’s more dynamic strategy�

Data from the US mutual fund industry shows 68 per cent of net flows into equity funds were directed, in one form or another, into passive investing during 2014� But market volatility is always a double-edged sword, and leaning too heavily on indexes can leave investors unduly exposed to downturn� Most

methodologies used to assess passive indexing assume a greater degree of informational efficiency in the financial markets than is actually the case at present� So what should be the focus for an active investor?

• Beawarethatyouareoperatingin a complex and adaptive environment, not a simple or static one� The financial markets continue to be mercurial� An ability to calibrate and value individual companies upon sound financial axioms will facilitate rewards in 2015 and beyond� With potential rate hikes on the horizon and a possible end to QE, active managers have the ability to remain nimble and tailor fund exposure� An acute sensitivity to wider market movements can set up active investors for greater long-term returns�

• Trackrecordcounts.Analyticalskills and the ability to value individual investments should set active managers apart� Of course luck will play a part in a fund’s returns, but sound strategic foundations pay off when the market is down and investors are scrambling�


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• Assumethatthemanagementexercising control over the companies you invest in will have the most influence over the future success of the stock� A positive outcome is most likely to be achieved primarily through the long-term allocation of “productive capital” and not via short-term financial engineering�

• Understandthatthecostofcapital is best viewed as an opportunity cost� Successful long-term investing involves measuring, calibrating and valuing opportunities based on their intrinsic characteristics� Simply using an index as a comparative measuring stick will not stack up for investors�

• Knowthatcapacityistheenemyofoutsize returns� Excessive amounts of capital under management mean increased costs and unrealistic profit margins� Capping a fund at a reasonable size allows managers to more effectively mitigate indirect investment costs�

We may perhaps have reached a disruptive turning point in the asset management world when it comes to indexed products� However, the latest research suggests that

the market changes we are currently observing aren’t sizeable enough to suggest a new global order. With the right strategy and careful analysis, the opportunities for active investors remain strong�

The Regulation of Shadow Bankingby Simon HillsAt the Brisbane G-20 summit in November the work on fixing the perceived fault lines in our industry were declared substantially completed� Banks now hold more and higher quality capital, there are quantitative liquidity requirements for the first time, banks do less proprietary trading and clear OTC derivatives centrally�

When a balloon is squeezed air moves but does not disappear� Similarly with financial services regulation, as one set of problems is solved, is another created as risks are displaced to shadow banks? In 2009 (Lord) Adair Turner, then Chair of the Financial Services

Authority, asserted that in the future regulation should be based on economic function, not legal form, saying that if it looks like a duck, waddles like a duck and quacks like a duck, then it is a duck. So if an entity does bank-like activities - maturity transformation, credit risk transfer, accepting quasi-deposits or providing sources of funding - it should be brought out of the shadows and regulated like a bank; and as a banker I think that is right and proper, the same risks should be regulated in the same way�


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There are a broad array of institutions engaged in bank-like activities, hedge funds, private equity groups, special purpose securitisation vehicles and money market funds, which do not have access to central bank sources of liquidity� So almost inevitably a crisis in the shadow banking sector will spread to the commercial banks as leverage builds and ‘runs’ on shadow banks take hold� So what is being proposed?

Money market funds - quasi deposit takers - will have to hold very much more high quality, short-term liquidity and keep a capital buffer too�

The Financial Stability Board (FSB) is proposing minimum requirements on the collateral pledged by shadow banks when borrowing short-term from banks and is thinking about applying them also to repo transactions between non-banks�

It is important to avoid regulatory arbitrage but the question remains as to who will do this� Is indirect regulation, for instance the FSB’s proposals that banks will police the collateral provided to them, in fact the regulators outsourcing the process of regulation to banks? If it is, I am not sure that it will deliver the best outcome�

The John Griffith-Jones InterviewThe Master and Mark Cazaly (Deputy Editor) visit the North Colonnade at Canary Wharf

Trust is a hot topic throughout the industry and it’s high on the agenda of the FCA’s Chairman, John Griffith-Jones� From a meeting room in the FCA’s Canary Wharf headquarters (it moves to the Olympic Park in 2018), Mr Griffith-Jones set out how he sees the industry’s recovery from cultural and ethical problems of the past� Clear on the fact that the industry must play a major part in restoring trust, John also highlighted the role the regulator can play in providing an environment where banks can rebuild relationships with customers� Trust isn’t just a reputational issue, it has a profound impact on how businesses operate: running a business without trust is very dangerous - there will be very little tolerance from customers and investors for any mistakes or poor performance� This shows just how important regaining confidence is and the Chairman is encouraged to see this beginning to take effect right from CEO level, with a number of specific initiatives, as well as wider cultural change� This shows a positive picture of an industry recovering from past scandals� There is plenty to do, and it can always be done faster, but

cultural change is real, “not just a fashion accessory”, so this valuable process must be given time to ensure it provides effective, thorough and lasting change�

An important part of this cultural change, and a means to quantify it, is the role of professional standards� It helps then that John was ‘upbeat’ about the role of the new Banking Standards Board and its excellent leadership� The Chairman sees a real role for the new Board in positively instilling ethical values in individuals – particularly when they first join the industry – in a way that regulation cannot really do� This creates a powerful team to tackle wrongdoing and develop a professionalised industry which can take greater pride in its workforce and command greater respect from its customers and international competitors� Again ‘JGJ’ comes back to how important these values are in maintaining a good business model, relying on an ethical culture throughout an organisation is a far better safeguard than relying on compliance�

John Griffith-Jones


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Moving on to how the relatively new regulator is working, JGJ is pleased with the progress the FCA is making� Staff have a mix of both industry and regulatory experience and provide a holistic view of how the industry works - important when overseeing its operation� While there are often complaints of a ‘revolving door’ between the regulator and the industry, from the Chairman’s point of view, this only helps to foster good practice and ensure the regulator stays at the cutting edge of developments in industry�

Rounding off we discussed some more philosophical issues around calls on the industry and how it should be seen by others� Many are calling for banks to be ‘broken up’ in an effort to bring greater competition or reduce the risk of malpractice� Noting these concerns, JGJ says that it is only natural for larger firms to need to pay disproportionately greater attention to compliance and ethical issues; It is however not for the regulator to make these judgments for companies - that is for shareholders and customers to decide as they are nimble, thoughtful and can move with their feet�

As is often the way, the most striking point came at the end of our discussion� Giving an overview of the role of the regulator, JGJ was keen that his role isn’t seen as just

preventing markets from working badly, but actually to drive success and ensure markets work well. This gives customers what they need, investors a solid incentive to participate in the industry and competitor markets a good run for their money� The banking system is firmly part of the national

infrastructure and it must now seek to show where it can add value, not just take profits.

Can Western banks have emerging market customers under the anti-money laundering rules?By Jeremy Bennett, Vice-Chairman of the Disasters Emergency Fund and former senior banker

Economic weapons are in the ascendancy� Pariah states are targeted increasingly with sanctions not bombs� As companies become more global, then services, products and commodity flows become useful tools of large countries with political and economic clout� Trade has always been a weapon, but in early economies based on local agriculture, commodities and local industry, the weapon was imperfect and weak� In

a joined-up world, the weapon gets more powerful�

Just as business or philanthropic organizations cut through state boundaries, so do terrorist, religious or criminal movements� Subjecting these global movements to national laws is very tricky� Political borders, whether in the EU or Somalia, are increasingly porous� The WWW makes everyone next-door neighbours� Nation-to-


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nation conflict may indeed already be yesterday’s game� So when a politician calls for a war on terror, or a war on crime or a war on ideology, policy makers need new weapons for their armoury�

Finance is one of the new “weapons”� Banks are unpopular, have money and are global� They are easy political targets for those who want cheap weapons but want others to pay for them� Getting banks to police the World is a hell of a lot cheaper for the taxpayers than soldiers, drones or electronic warfare� Banks are also concentrated in the G20, where big countries, particularly the USA, can exert huge influence� The US dollar is the global currency� No remotely international bank can afford to be “banned in the US”� The BBC’s Robert Peston said “if HSBC had been indicted for [US for money laundering failures in Mexico and Saudi Arabia], that would have meant that the US government could no longer have conducted business with it, and most US companies would have followed suit, which would have been humiliating and highly damaging�” So they settled for $1�9 billion�

FATF defines money laundering as the processing of criminal proceeds to disguise their illegal origin, but it is the destination that is often the issue, not the origin. A criminal in one country is not a criminal in another� This asymmetry is a huge challenge for banks� Banks do not have MI5 or the CIA departments in-house, and would be deeply unpopular in many emerging markets if they did�

So can Western banks have Emerging Markets customers under anti-money laundering rules? The answer is still yes, but with some serious caveats� The risk for the bank, and therefore the pricing for these customers, has gone up and will continue to do so�

When mistakes lead to dollar billions of downside for the likes of HSBC and Standard Chartered, the profits need to be bigger� The cost of monitoring goes up and the risk of mistakes goes up� The slack is likely to be picked up by local banks offering cheaper hassle-free services in the Emerging Markets, but this splintering of the global financial network will not help development� The huge inflows of Western capital had in SE Asia in the 90’s and 00’s, drove those countries from struggling, corrupt dictatorships to vastly improved and fairer economies with better justice systems� I wonder whether such flows would happen so readily now?

Very early in the development of money (gold and silver coins) it became international� It became international because even two nations at war with each other could still grab each others’ “money” and use it to trade� Money had no “political” attachment� It was simply a means to smooth out the exchange of things of value, free of the baggage of where it came from and where it was going� What happens if we “politicize” money? What if we make money unequal in value, depending on who holds it or where it came from? What if all money has to come with a data trail of who carried it?

A balanced approach to politicized money is needed� Organizations that preach dogma and threaten World peace are vile and despicable�

They need to be challenged, but we should caution against politically cheap but crude ways of getting at them� The World’s flows of money are highly complex and fraught with unintended consequences� Even if this was not the case, we all can probably agree that commercial bankers make lousy sleuths�

What is the EU’s Capital Markets Union and why is it important ?Graham Bishop, Past Master World Traders and EU Adviser

Since Commission President Juncker set “Capital Market Union” (CMU) as a goal for his five–year term of office, the financial world has been agog to discover the real meaning of this vague concept, and how quickly it might happen in practice; moreover, for the City of London, could this help cement Britain’s role at the heart of Europe – or could it trigger “Brexit”?

As CMU came onto the radar screen in mid-2014, I coined the following 130-word definition to reflect the breadth of the concept: “It is the smooth flow of capital – at savers’ own risk - from them directly to users throughout the European Union, so both stakeholders in society benefit from cutting the cost of intermediaries. The credit standing of users will range from outstanding to just-acceptable, and the maturity of transactions will range from overnight to decades. The financial institutions that intermediate these flows will be regulated by the EU’s single rulebook for all participants in financial markets. As savers are taking the investment risk, they must be suitably educated/


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informed but protected against non-investment risks. CMU would complete financial integration and bolster financial stability, as well as promoting the effective implementation of euro monetary policy in all parts of the Eurozone economy. Crucially, it is profoundly de-centralising of economic, and thus political, power.”

In February, the European Commission published its consultation document (Green Paper) and set four goals:

I have not found anyone who is against these concepts BUT (and it is a big “BUT”) many observers are

concerned that CMU has the potential to divide Britain from the Euro area – even though it is explicitly a plan for all 28 Members States of the European Union and not just the 19 Euro area states� However, the Euro area states cannot avoid framing such policies in the context of the commitment by all EU members - except the UK and Denmark - to join the euro area eventually� By the end of the CMU design phase in 2019, the next five-year `European’ term may well bracket a substantial increase in the number of euro area members� Already, the Euro area would win a Qualified Majority Vote (QMV)� Within a decade, the Euro `outs’ could be inconsequential if matters come to a vote, so the City (and thus the UK) must argue its case on the intensely practical grounds that it can add something “socially useful” – in (Lord) Adair Turner’s memorable phrase�

The direction of policy travel is clear� As an example, the Brussels-based think-tank Centre for European Policy Studies (CEPS), argued that “union” should mean “better and more coordination of oversight and more specific centralised forms of supervision” but doubts the

EU’s resolve, so “This lack of resolve will simply mean that the ECB will gradually take over more powers in this domain”.

The House of Lords EU Committee has just published a report on CMU – “a timely and important initiative“

- saying it “could be a major engine for stimulating growth in Europe Committee… warns that it must be rolled out carefully, with the protection of investors’ money at its heart.” The CityUK said “We welcome the core principles, in particular that a CMU should encompass all 28 Member States…”

Success in creating a genuine CMU will not come easily: the Green Paper identifies the need for some harmonization in areas such as securities, company and insolvency law� These are accepted as necessary, but have long been shelved as “too difficult”. Has Commissioner Hill drawn the short straw of history and is now condemned to tackle the problems that his predecessors ran away from? If the UK wants the massive benefits offered by CMU, does it have to accept a further, substantial integration of the EU’s commercial life?

1� “improve access to finance for all businesses and infrastructure projects across Europe;

2� Help SMEs raise finance as easily as large companies;

3� Create a single market for capital by removing barrier to cross-border investments;

4� Diversify the funding of the economy and reduce the cost of raising capital”


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The Archbishop Speaks to the Company550 Members and their guests, after a good dinner, listened to four good speeches at the Annual Dinner in Guildhall� The Senior Warden spoke of the Company’s recent achievements particularly in supporting The Brokerage Citylink, MyBnk and Ark Schools, the Master encouraged Members to find new ones and presented awards to the WCIB Lombard Prize Winner and our defence units, the Lord Mayor, Alan Yarrow, spoke for and to the City on taking pride in its excellent ‘product’ and the guest speaker, Justin Welby, Archbishop of Canterbury, explained that regulation does not matter ultimately - “No regulator will do more than catch the sleeping horse which has not noticed the open stable door”� Rather we should have confidence in ourselves individually and in leading our profession based on good moral principles� All in all an excellent evening in the atomspheric environment of the Guildhall enjoyed by so many� Thank you Nicholas, Gaye and Ankita for making this possible�

all photos courtesy of Jeff Jones


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What’s next for Singapore?By Peter BuergerSingapore turns fifty this year marking a half-century of independence from Malaysia� But just how happy an anniversary is it? Well, from an economic standpoint, it’s hearteningly upbeat� This compact, 716 square kilometer island punches well above its weight� It’s the world’s fourth largest financial centre with the third largest per capita income (but with wide income inequalities)�

The future’s promising too, albeit resting on two underlying dynamics: the openness of its economy and the influx of foreign talent� The latter dynamic has increased Singapore’s pool of resources by a third� However, there’s still a shortage of experienced talent that continues to impact overall service quality�

As in other countries, Singaporeans are apprehensive at the prospect of increasing immigration� But then, it has one of the lowest birthrates in Southeast Asia� Consequently, the debate here will have to lead to a well-measured decision that doesn’t unduly lower growth prospects or competitiveness�

Importantly, rather than being divisive, this debate has also brought about a stronger awareness of the pluses and minuses of Singapore’s status as a global city. It also concentrates minds on the economic model that the country must pursue�

In the past, financial services and their ancillary sectors have benefited most from Singapore’s prosperity� In the teeth of the 2008 financial storm, it continued its steady investment drive, building an imposing new financial district while simultaneously steering its banking sector on a conservative course with high capital and liquidity ratios and little exposure to financial innovation� This traditional approach stood out as an enviable example to other shaken financial centers around the world�

A further example of Singapore’s prescience is its Wealth Management sector, a pillar of a long-term, strategic growth plan adopted in the late 1990s� Private Banking benefits from Singapore’s safe haven status, its political stability and the investment

needs and choices of some 6 – 7m millionaires across Asia� The big opportunity for private banks now is to help their regional clients invest their money on a more global basis�

Singapore like other countries in South East Asia, is taking the European Union as a model that influences the design of ASEAN, a union of approximately 600million people� They are looking with some apprehension at the centrifugal forces currently facing Europe� Being a surplus nation, Singapore is a significant overseas investor, including in the UK� The UK should therefore be mindful of any impact on its attractiveness for inward investments from this region should its position within Europe change significantly�

Lee Kuan Yew has left Singapore on firm foundations from which the City State is well positioned to remain successful for years to come� On the eve of its golden jubilee Singapore is already planning for the next half-century in the confident knowledge that squaring the immigration/talent-sourcing circle will provide the platform for further solid growth�

Image courtesy of Erwin Soo


15

“Multinational in life, domestic in death” - Overcoming the challenges of cross-border resolution By Adam Cull, BBAUndertaking a cross-border resolution of a bank is complex� There’s no two ways about it� Different countries have different legal regimes, policy objectives and politicians with affected voters; but that doesn’t mean it’s impossible; recent initiatives have brought us to a point where the mechanisms are in place to mean it could be done�

The Basel-based Financial Stability Board (FSB), led by Mark Carney, has directed work to address the issue� The result has been the agreement of a set of principles – or ‘Key Attributes’ which provide the broad rules of the road to follow when implementing laws to govern the orderly resolution of a failed bank� The G20 countries are very different and so the Key Attributes are not prescriptive� Inevitably, when adopting the framework, countries have taken decisions equivalent to deciding to drive on different sides of the road� It nevertheless represents a huge step forward compared to before the crisis; at least they are all heading in the same direction� The Bank Recovery and Resolution Directive, effective from 1st January 2015, is the EU response�

Most noteworthy are the requirements for financial institutions to prepare Recovery & Resolution Plans – popularly known as ‘living wills’ – and for authorities to have the power to impose losses on creditors and convert debt interests to equity, aka bail-in� For a global group, there is the development of Crisis Management Groups� These bring together the main countries in which a group operates with a mandate to plan what would

happen in the event of a stress or failure�

In planning for resolution, thinking has developed along two strands: ‘Multiple Point of Entry’ for groups which operate through a network of standalone subsidiaries and ‘Single Point of Entry’ for integrated banking groups with a parent holding company� Under the former, the separate parts of the group would be resolved on a standalone basis; under the latter, the resolution action would take place at the parent with losses and new resources flowing between it and the operating companies below� Although few banks can be considered purely MPE or SPE, the choice of resolution strategy is increasingly being seen as a driver of business model and commercial practice�

A coordinated cross-border resolution requires a high degree of trust between countries. Under an SPE strategy, the host authorities must have faith that the home country will coordinate the resolution in an equitable manner�

The latest initiative from the FSB is intended to promote this by setting out how resources which can absorb losses and provide new re-capitalisation following bail-in are distributed across a large group� The ‘TLAC’ proposal looks set to require that a group holds a minimum of 16 to 20% of its Risk Weighted Assets, not including the Basel III capital buffers (an additional minimum of 3�5% of RWA), in this form� Critically, an element of the group requirement must be pre-positioned at the level of the operating entity� This is intended to give the host country greater certainty that there will be resources available to support the activities in its jurisdiction in the event of failure� It does, however, come at the obvious cost that the group loses the flexibility to direct resources to the part of the group which is experiencing stress�

Taken together, these developments mean that the cross-border resolution of a global group is much more possible than ever before� It does, however, leave two questions� Do authorities now trust one another sufficiently to rely on the new framework? And, if they do, is it still attractive for banks to be global?

The answer to the first is encouraging� Agreements are being put in place between countries (such as the UK and US) and ‘war-gamming’ is taking place between key authorities� The answer can, however, never be known until a failure occurs�

The answer to the second is less clear� There’s an ever-growing list of incentives in the regulatory system against being big or global� Coupled with a business desire to focus scarce resources on delivering returns in areas of competitive advantage, this has manifested itself in a retrenchment to home markets and a reduction in risk profile by many organisations� As the new rules of the road to promote cross-border resolution are finalised

and implemented, we should not forget the benefits of global banking for clients and economies, nor the strengths which arise from diversification�

Lehman Brothers New York


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A Year Abroad as a Young ManFrank Moxon, Middle Warden, on the benefits of footloose and relatively fancy free travel

Aged 22 and only four months out of university the only travel I had undertaken without adult supervision was largely that between home and campus and the commute to work� Firmly believing that every corner of the world would roll out the red carpet for an Englishman I therefore challenged myself to travel for a year�

Several friends had done this in pairs, heading East, but none had returned on speaking terms and two had allegedly sued each other. So I decided to go solo and head West� My employer, a London stockbroking firm, held my job for a year and arranged a six week posting to its New York office� I also had family in California and Texas and friends in Arizona and Singapore�

My brilliant plan, with a one-way ticket to New York and about US$1,500 in travellers’ cheques, was to “wing it”� Whilst providing complete freedom of manoeuvre, this approach had its disadvantages� Naively surprised to find Manhattan hotels rather expensive, I spent my first week abroad at the YMCA� Without a rigid itinerary, I spent ten months in the US, just two in the Far East and had to skip Australia, India and Africa; but I did make it to New York, New Jersey,

Connecticut, Washington DC, Arizona, Texas, Louisiana, California, Hawaii, Mexico, Hong Kong, Singapore, Malaysia and Thailand�

Mainly earning my living from clerical jobs, I also undertook work as a gardener, a roadie, a van driver, a baby-sitter (once – that was enough), turned down an offer to publish my poetry and almost became a fashion model (sadly I did not have quite the right look and it was further determined that my fingers weren’t perfect enough for even the consolation of a hand cream advert)� I rented my first apartment and my first house and stayed in various hotels, a tent, private homes, and even a maximum-security prison compound - in the Warden’s house� When not exploring fascinating new cities, I climbed mountains, swam in rivers, lakes and oceans, crossed jungles and deserts, sailed, water-skied, shot rapids, scuba dived and tried all manner of new foods (including alligator, snake and dog)� More importantly, I benefited from the kindness of strangers, made many new friends, learned about other cultures and, of course, discovered that an Englishman is not universally revered�

That year was a life-changer. I left England a mere boy and came back a young man.

Do you really understand what the much talked-about ‘Dark Pools’ are?By Robert Barnes, CEO of Turquoise, the European trading platform of London Stock Exchange GroupDemographics

The European Commission estimates four persons are working for every one that is retired but predict this number will be closer to 2:1 by 2050� As the number of pensioners increase, public pension pots funded by Governments alone cannot meet the growing liabilities� The result is greater reliance on financial markets�

In 2001, The Committee of Wise Men on the Regulation of European Securities Markets noted that European capital markets needed to be more competitive for meaningful long-term investment returns� The findings of the Wise Men report led to the European framework that became the Markets in Financial Instruments Directive (MiFID) designed to encourage competition, transparency and investor protection�

What followed was a raft of new entrants and innovations that included single order books that could admit for trading securities from multiple countries via a single connection. Complementing these new ‘lit’ order books were ‘dark pools’� Today, the term ‘dark pool’ refers to an electronic order book where the price and size of an order are not displayed pre-trade�


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Why were dark pools created and what are the benefits?

Dark pools have evolved to facilitate trading of large orders by institutional investors who do not wish to impact the market with their activity� Dark pools play a significant role for large financial institutions including pension funds and therefore for private investors who ultimately own these funds�

Modern equity market trends include global passive indexation and the desire to outperform benchmarks by trading block liquidity, increasingly in mid and small caps, diversified by geography� Today European real returns are near zero, so professionals focus increasingly on the efficiency of trading clearing and settlement at instant of investment to minimize slippage costs to enhance long-term returns�

What are features of Lit and Dark order books?

‘Lit’ order books display price and size of bids and offers on screen so that orders are visible prior to execution� The benefit is certainty of trade� The challenge is potential market impact�

Dark order books mitigate potential market impact by allowing orders to reside in an order book where the price and size of an order is not displayed until after the trade� Users of a dark book, therefore, have no certainty – pre-trade – that another order is in the dark book�

The benefit of a dark book is the ability to place orders – from small to very large – without revealing one’s intention, pre-trade. Furthermore, an investor can peg the non-displayed price of the order in the dark book to follow the mid-point of the bid and offer displayed on the reference lit Exchange�

After a trade, the price and size of the completed order is published� This is important as it adds to transparency for all investors, because post-trade transparency is pre-trade transparency for the next trade�

How does a dark pool work?

On a traditional stock exchange, prices and order sizes are displayed prior to a trade� For example, Stock A might show a bid price of 98 for 5,000 shares

and an offer 4,000 shares at a price of 102� If we want to buy 1,000 shares, we can tell our broker to lift the offer and pay 102 x 1,000 shares� The insight is that we have to pay a higher price, 102, for immediacy to complete our order�

Consider a second example where a broker that receives an order to buy 1,000 shares from one customer (us) and a sale of 700 shares from another customer� One logical action is to match the buyer (us) and seller for 700 shares at a fair midpoint price halfway between 98 and 102, that is 100, and work the balance of our purchase of 300 shares in the market by lifting the offer and paying 102�

In the first example, we pay 102 x 1,000 shares = 102,000� In the second example, we pay 100 x 700 shares = 70,000 plus 102 x 300 shares = 30,600 for a total of 100,600� The effective price in the second example is 100,600 divided by 1,000 shares = 100�6 average price paid�

In more recent years, this process of brokers matching of buyers and sellers in the ‘dark’ on the way to the ‘lit’ market has become automated�


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The Lord Mayor’s Coach – Preparing for the Big DayBy the Editor

Have you ever thought about where the Coach that the Lord Mayor rides in in the annual Procession comes from? It’s a strange and fascinating story�

To start with the Coach itself – built in 1757 for the inauguration of Sir Charles Asgill as the ‘New Grand State Coach’� An army of architects (for the design), coach makers, wheelwrights, carpenters, shoemakers (for the leather), tailors (for the cloth, silk and velvet upholstery) worked on it – at a cost of £860� But is it the Coach we see today, 250 years later? The design, frame and some of the painting is original (the top had 83 layers of varnish on it), the rest is probably restored over the centuries� The difficult choice between restoration and replacement remains today, complicated by the unusual need for a museum exhibit to be roadworthy� Originally there were no brakes – now there are wooden block ones� The Coach has also changed over time - in the 1770s the Coach was painted blue and gold, not the original bright red and gold it was – and is again today�

The 3 ton coach stands majestic, and seemingly immovable, in the City

of London Museum for visitors to admire� Moving it to the Guildhall takes skill and strength� Ingenious metal skates under the wheels enable

it to be turned in the Gallery but it still takes six strong people to move it onto the ramp which leads to the street below – with a 10 centimetre clearance to the wall on each side. The formal handover to the City Corporation, as the Coach’s owner, then takes place with a Police Escort and Land Rover awaiting it- to tow it a little undignifiedly through early morning traffic to the Guildhall, where it stands in state in its specially constructed glass box until the great day of the Procession� The City Corporation’s preparations continue with the dress rehearsal one quiet morning – the sight of six horses pulling the jingling and creaking Coach along a deserted Cheapside at 3�15am one dark November morning must stir the City’s ghosts – and cause late night pedestrians to wonder whether they have time-travelled� The new Lord Mayor and his companions can have an early experience of the

bounce and sway of the Coach’s body - suspended only on leather straps – no springs�

And then the Great Day arrives when it leads the procession – and it passes in a shimmer of moving red and gold – but neither it nor the resplendent footmen are the stars of the Show – all eyes are upon its passenger as he or she leans out of the window to wave the tricorne hat� Lord Mayor Alan Yarrow described his experience of riding in it “It’s fantastic fun! You’re right in the middle of the biggest, oldest show

in the World, bumping along in a golden coach, waving out the window and having the whole World wave back. Everyone’s rooting for you, and you’re rooting for them. Best bit is being smack in the middle of the action – the sights and sounds are electric”.

And then back to sleep for the next eleven months�

(with thanks to the Museum of London and the City Corporation)


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City Insider: Worshipful bankers receive the Welby effect

Worshipful bankers: The Welby effect

To the Guildhall, for the Worshipful Company of International Bankers’ banquet on Wednesday night. The audience — among it new Barclays chairman John McFarlane — heard Lord Mayor Alan Yarrow bemoan

the erosion of the notion of innocent until proven guilty. He said: “We can’t get to a place where a mistake made years ago is gleefully uncovered and used to skewer” senior bankers. He can’t possibly have been talking about HSBC, at the centre of a Swiss tax evasion scandal. Its chairman (for now) Douglas Flint was much in evidence at the dinner. But the evening’s highlight was the speech by (old Etonian) the Archbishop of Canterbury, a former school friend of livery master Mark

Seligman. Justin Welby mused that “we all inherit baggage from our predecessors” and reassured the audience: “We [the Church] know more about losing the plot than any of you”. Banks should “change the way they operate and interact.” The impact was immediate. One top banker in the audience, who won a sweepstake on the length of the Archbishop’s speech (16m 21s), was about to pocket the winnings. He then thought better of it. And offered the money to charity.

Justin Welby, Archbishop of Canterbury


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Charitable ActivitiesThe new Charitable StrategyBy Jean Stevenson, Chairman of the Charity and Education CommitteeOur Charitable and Educational Purpose

Hopefully by now many of you will have seen the excellent flyer which sets out a lot of what we have been doing in the Charity and Education space� If not, don’t worry as copies are available in the office or on request from the Clerk� However, we thought it would be helpful to outline in brief why we have made the choices that we have, so that if you believe that you know of an appropriate cause you can let me, as Chair of the Charity and Education Committee, or the Clerk, know about it�

Our aspiration is to make a real difference to the lives of the people we support� Our current priority is helping underprivileged young people and because of constraints of both time and money, we are currently focused on London� Our aim is to help as described in the box below�

How we achieve our goals

We do not see the Company as a grant-making body; we achieve these aims through strategic partnerships with organisations whose aims fit with ours� Although the partnerships will change over time, we believe that the most benefit can be derived from developing relationships over the medium term� This is where beneficiaries such as The City Brokerage, MyBnk and Ark fit in� We have also initiated a number of projects such as the Lombard Prize, the Annual Schools Essay Competition and the WCIB City Experience which help us to deliver our vision� Of course all bodies are happy to

receive money but we believe our involvement should make a significant difference over and above any money which we donate.

We have relationships with 17 Business Schools which, in addition to fitting within our charitable goals , provide us with a mechanism for furthering the profession by

• Educatingstudentsandprofessorsabout the profession, the Company and the role of City Institutions

• Presentinghighethicalandprofessional standards

• Encouragingstudentstoentertheprofession and join the Company�

How you can join in

We manage our projects and our relationships with strategic partners and business schools through relationship managers drawn from the Company� If you are interested in getting to know more about what we do and getting involved, please contact me or the Clerk.

Finally, the Company also gives a proportion of its available funds as donations to charities which are not necessarily strategic partners� Ideally the donation is for a specific purpose and the requirements are that the charity should be:

• BasedinLondonorcontiguousboroughs, or

• ConnectedwiththeFinancialServices industry, the Corporation of London or a member, or

• Supportingdisadvantagedchildrenor young people�

A more detailed explanation of our strategic direction is available from the Office on request, and good examples are shown in the next pages�

• IncreasingFinancialLiteracy

• Supportingeducation

• Raisingaspirationsforeducationandemployment

• ImprovingthelikelihoodofEmployment.


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The ever-expanding Company Schools CompetitionBy James Howl of the Schools Working Group

On 1st December 2014, the Schools Working Group (SWG) hosted its annual Awards Ceremony� This is now a well-established event in the Company calendar, and this Year it was kindly hosted by Liveryman Gerald Walker at ING’s office on London Wall�

This event really does capture the essence of what the SWG is aiming to do� Much of its regular work through the year tends to be spent reaching out to Schools across London and looking to inspire Students to expand their knowledge, gain new experiences and test themselves against their peers; however come

the end of the year, the Awards Evening represents a rare opportunity for students to see the City for themselves as we invite them, along with their parents and teachers, to collect their Awards and then to mingle with Company members and other interested parties who could offer further ideas, support and inspiration� The key is to break down barriers between Students and the wider industry, hopefully encouraging them to envision a career for themselves in the City should they wish to pursue one�

Court Assistant and former Chair of the SWG Jean Stevenson, acted as master of ceremonies, introducing the host Gerald who offered some interesting insights into how the City today is more open to all talented students who show drive and determination to succeed, and how the modern industry is not limited to people inheriting privilege or entitlement� He also though noted how intense the competition is to obtain a role in the City these days, and how Students who are interested in a career there need to be confident and focused�

The main focus of the Awards Ceremony itself is the Annual Essay Competition� Running since 2008, the format of the Competition has varied to keep it interesting and relevant – e�g� while often the theme involves addressing a topical question, in 2009 the task was to prepare a letter to George Osborne, then new Chancellor of the Exchequer, with recommendations for his upcoming priorities� This year, Students were invited to address the question “Does the UK as a whole benefit from London’s pre-eminence in financial services?”� Liveryman Tony Rhodes co-ordinated the Competition with our partners at the Brokerage CityLink, to ensure that as many Schools as possible were able to participate, and this Year 16 Schools took part�

The success of the Competition is partly due to the fact that Students have multiple prizes to aim for� Every School that entered was able (with certain minimum requirements) to award a cash prize for the winners and the runners-up, with the School itself also receiving a matching donation for their support� Each winning essay is then entered into a pool and a Company Awards team, led by Court Assistant Tom Newman, selects an overall winner together with other prizes for essays that are highly commended�

The overall winner this Year was Fatheha Shaid, from St Saviour’s and St Olave’s Church of England School� Immediate Past Master Jane Platt gave out the 124 certificates, and made an excellent speech on what it takes to become successful in the City, which seemed to resonate strongly with a lot of the Students�

Even more exciting this year was the announcement by Liveryman John Naish that the overall winner and the two highly commended Students would each be offered a week’s work experience at Willis Group commencing in August 2015�

This is the first time the offer of work experience has been given in this way, and shows how the Company’s Annual Competition continues to expand and go from strength to strength�

The SWG moves on now looking further into 2015 to continue its support to London Schools� This consists of a variety of activities, and it would welcome any Company members who would like to get involved, whether it be to a greater or lesser extent� Those interested should speak to James Howl, who can be contacted through the Clerk.


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What is happening at The Brokerage Citylink ?Bridget Gardiner joined as Executive Director in January 2015 Eight weeks into my new role at The Brokerage, and I could not be more positive about all the work we deliver to inspire, motivate and encourage young people to pursue careers in this exciting sector�

We are grateful to the Company for its generous support for our work since 2003, notably our flagship schools programme “Working in the City” which aims to increase young people’s understanding of the City, with a view to raising their career aspirations� As we reach the end of the most recent three year funding stream 2012

-2015, I am extremely proud of what our Schools team has accomplished over the period, delivering 220 workshops to 3628 young people from 78 Schools - with more to go this academic year� To achieve this, we worked with 38 companies that generously hosted workshops on their premises, and with 835 of their staff volunteering to present and speak to the groups of young people�

This trusted and much-sought after programme for Years 9-13, provides two half-day Workshops to small groups of students (usually around 20) from Schools across the 16 London Boroughs we work with� There they learn about careers that people in the City through interactive exercises, e�g� “The Trading Game”, and by talking with ‘real’ employees who outline their job roles, education and career paths to date�

Reflecting on her involvement with the programme over the past three years, Katrina Arnold, Head of Compliance Monitoring and Testing, GBM at HSBC and Company Member said: “Some of the young people I have met at workshops have stayed in contact, telling me of their successes in examinations and onward

progression to university. Among the most memorable was being thanked by a student for encouraging her to aim higher with a university choice (she succeeded!). She is indebted to The Brokerage for encouraging her to network.”

We could not offer the large number of workshops available in the “Working in the City” programme without the tremendous support we have from so many companies who allow us to use their meeting rooms, presentation space and staff time for free� We are always keen to develop new relationships with more City firms and individuals, and invite Company Members to approach us if they are interested in getting involved� Host companies also benefit as staff gain valuable skills, experience and fulfilment by engaging with young people�

Education policy is now focused on improving careers information and guidance to young people throughout their school years�

All Schools must help every pupil develop high aspirations and consider a broad and ambitious range of careers, and are inspected on this. Our “Working in the City” programme ticked all these boxes long before government policy introduced statutory requirements� Raising aspirations amongst disadvantaged young people and creating diversity in the City by providing experiences and opportunities in the financial sector has been the motivation for all our work since we were founded in 1996 and the support we receive from the Company and its Members is invaluable�

For more information, please contact:

Bridget Gardiner (Mon-Fri) – [email protected] – 0207 628 9904

Peta Cubberley (Thurs-Fri) – [email protected] – 07855 838233

Working in the City


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A London School Partner - Thomas Tallis By Stephen Henderson

Thomas Tallis is a very large comprehensive school in South-East London close to the ‘Kidbrooke Village’ development� There are 1,900 Students at the School including almost 600 in the Sixth Form� We also have dedicated provision for deaf and hearing-impaired Students, and speech and language units� The School has specialisms in Visual and Media Arts and strengths in many other areas� We moved into our current building in November 2011 which provides state of the art facilities including a dojo gym, Multi-use Games Area, TV broadcast studio and a photography studio� Most of our Students are from the surrounding areas - Kidbrooke, Blackheath, Eltham and Lee, although some Sixth Formers and Students attending our dedicated provision units travel much further� Our vision is ‘Education to understand the world and change it for the better’

and underpins everything we do� We have been involved with the Company for many years and have developed a partnership which we feel benefits both sides.

Jean Stevenson has been a pivotal member in our Career Academy Local Advisory Board, being a critical friend and offering support and guidance� Her experience and talents have been crucial in the development of the Career Academy� Recently Company members shared their wisdom with a group of Students embarking on their paid internships in an ‘Etiquette in the Workplace’ training session� The Students benefited from the positive encouragement, experience and examples of what to do (and what not to do!)� This helped the Students prepare adequately for their placements�

For several years, the Company has also volunteered a judge in our annual ‘Tallis Apprentice’ Residential Competition, helping to judge presentations by the teams and giving words of advice and guidance� This year a member of the Company was able to secure a work placement for one of our Students, helping to develop experience and strengthen the CV�

Thomas Tallis has submitted entries for the annual WCIB Essay Competition, which is open to all Year 12 and 13

Students� The standard from the School is always high and we are thankful to the Company for the opportunity to take part in it. This helps Students think about wider issues, and several Students have commented on how useful it is to plan and present a longer piece of writing before they apply to University� The WCIB Essay Competition also provided the first public outing for our Y9 band which demonstrated its talents to the audience, and was very well received�

We are always open to new contacts to help develop the schemes we have and open up more opportunities for our Students� You can read more about the School and our community through our weekly newsletter here (http://www�thomastallisschool�com/tallis-newsletters�html)� If you would like to get involved with the School or wish any further information, you can contact Stephen Henderson at [email protected]


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Lombard Appeal UpdateBy John Winter, Chairman of the Lombard Appeal Committte provides an update on progress with the Company’s £1million Charity Fundraising Appeal

Wine Tasting

The Lombard Appeal Committee would like to thank everyone who attended the wine tasting on 19th February raising over £1,500 for the

Charitable Trust. Company members and guests enjoyed a fantastic range of interesting, quality wines and good food� Special thanks to Paul Tompsett for organising such a great event.

Charity Dinner at the Mansion House 2015

We are looking forward to this prestigious black tie dinner and auction at the iconic Mansion House on 30th April 2015 attended by the Lord Mayor and Lady Mayoress of the City of London�

Not only is this a great opportunity to network and meet old friends but most importantly, all funds raised are in aid of “Enterprise in a Box” in association with MyBnk and ARK Schools� This project provides much needed financial and enterprise education to young people from the most disadvantaged backgrounds�

If you require further information about tickets or corporate sponsorship opportunities please contact John Winter Chairman of the WCIB Lombard Appeal�

Tel: 020 3551 8991 or via email: [email protected]


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2015 Sporting ChallengesThis year, we have put together an exciting programme of sporting challenges throughout 2015� These sporting challenges have been organised for members and non-members� No prior experience or training is required�

Spring 2015 - Abseiling the ArcelorMittal Orbit at the Olympic Park

The first of four exciting sporting challenges will take place on Sunday 24th May�

This is the UK’s highest freefall abseil, allowing participants to admire breath-taking views 20 miles across London, including iconic buildings� The entry fee is £100 per participant� Participants are encouraged to raise funds in addition to the entry fee� All funds raised will go to the Charitable Trust�

Summer 2015 - Tandem Skydiving with the London Parachute School

Participants will jump from up to 13,500 feet attached to an instructor using a specially designed dual harness� The instructor controls the freefall, parachute opening and landing, leaving participants to enjoy the view and the sensation of freefall�

Summer 2015 - Dragon Boat Racing along the River Thames

This ancient and fascinating sport requires no previous experience and caters for all ages and abilities in one crew� The race consists of sixteen people paddling side by side in a boat forty-foot long�

Autumn 2015 - Climbing the O2 Arena, Greenwich

The O2 is 52m at its highest point, the walk lasts circa 90 minutes� The first part includes a participants briefing and time to get into climb gear� The climb itself takes about an hour�

If you are interested in taking part or if you would like further information, please contact Lombard Appeal committee members Chet Champaneri ([email protected]) or Katrina Holford ([email protected]).


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Some of our Other Activities

What is happening at the Court of Assistants ?

At the latest Court Meeting on 27 January, the main themes were –

• ThechangeofChairmenoftheCharity & Education Committee (Jean Stevenson succeeding Mark Sismey-Durrant) and of the Events Committee (Jason Van Praagh taking over from Marianne Wood);

• Approvaloftherestructuringofthe C&E Committee with a number of sub-groups with different responsibilities such as Annual Competitions, overviewed by the C&E Committee;

• ApprovaloftheexpansionoftheLiverymens’ Committee through setting up a number of groups for different roles eg mentoring;

• Howbesttoutilizetheknowledgeand skills of Past Masters;

• Encouragingthecross-membershipof Committees to co-ordinate activities;

• TheLombardAppealCommittee’splans for this year’s events, particularly the Dinner at Mansion House on 30 April;

• Encouragingnewmembersthrougha personal letter from the Master to existing members; and

• ArrangementsfortheAnnualBanquet held in Guildhall on 11 March�

The Clerk describes a ‘normal’ weekBy Nicholas WestgarthThere never seems to be an average week in a Clerk’s life but there are some that seem to be typical� Looking back through my diary I see that one week in mid-January gave a good flavour of what I have been doing recently:

Monday� I give a talk at the annual City briefing day for Clerks� It’s an opportunity to catch up with friends and compare notes on what our major issues for 2015 are� There is concern about the high turn-over of Clerks, not unrelated to the increased workloads everyone seems to face� I advocate using technology as much as possible to ease the burden and give examples of what we are trying to do in the Company� We discuss introducing workplace pension schemes� At lunch I sit next to the Lord Mayor’s Private Secretary and check that arrangements are in place for the Lord Mayor to attend the Company’s banquet on

11th March� In the afternoon Ankita Patel and I go through the December 2014 P&L and membership figures� We have a monthly monitoring session particularly to check cash flow and subscription payments; the figures look better than comparable ones for the previous year but I remain concerned about the delay in some members paying their subscriptions which were due on 1st October�

Tuesday� It is Master’s Committee this afternoon so I need to check that I have the papers ready, add any last minute updates and highlight points for the Master when we go through them before the meeting� Today’s meeting is in the City of London Club rather than Furniture Makers’ Hall so I check I get everything over to the Club in good time to avoid the embarrassment of finding I’ve forgotten something�

Nicholas Westgarth


27

Wednesday� An office day until the evening when I attend the Chief Commoner and Remembrancer’s dinner� Gaye Murdoch, Ankita and I review the Company banquet� With 2 months to go bookings are coming in steadily and we fix the date to send out a final reminder in order to maximise the take up but avoid a last minute rush� We also agree deadlines for table planning and printing and I report back suggested changes following the ‘tasting session’ the Master and Mistress held with the caterer last week�

Thursday� I write up the Minutes from Master’s Committee, highlighting action points so I can get them issued ahead of the Court Meeting next week� There are a few queries about data so I do some research to make sure I have the answers

for the Court� It is also a day to try to catch up on e-mails from members, invitations for the Master to attend other livery company events and to process some membership applications. In the evening I attend a livery company fund raising dinner as a guest which gives me some useful tips for the next Lombard Appeal fundraising event� I get home at midnight and reflect that working four days a week is great for my work/life balance but there always seems to be a ridiculous amount of washing up in the kitchen although I have hardly been in the house since Monday morning�

What is the Liverymens’ Committee doing ?By John Elder, ChairmanThe Liveryman’s Committee continues to work towards its goal of defining and analysing the role of Liverymen within the Company� We have a number of initiatives in the pipeline which will be discussed at Committee and communicated in future articles as we put flesh on the bones�

We have presented a paper to Court on Mentoring and the recommendations have been

accepted� Consequently, we have a sub-committee, under the Chairmanship of Liveryman Danny Cox, tasked with delivering mentoring to Associate Members. This will be in addition to the current mentoring programme we participate in for Mansion House Scholars�

We will shortly be looking for volunteers from the Livery to put their names forward to participate in the Mentoring scheme� Ideally we would like to have sufficient numbers to be able to offer mentoring to every one of our Associate Members� The success of the scheme will depend on assessing the needs of the Mentee, to ensure that the Mentor has the skill sets and experience required by the Mentee to help them and to ensure that both the Mentee and Mentor achieve the maximum benefit from the exercise�

Danny Cox stepped down as the Liveryman’s Court Observer at the Court Meeting in September, replaced

by Alex Rottenburg� The Court Observer is responsible for reporting the proceedings of Court to the Liverymen’s Committee, and Liverymen more generally, on an independent basis�

We have initiated the role of Wandsmen (the term is generic to encompass both male and female Liverymen)� They will be elected to help the Master and Wardens ensure that our guests are met, escorted and introduced to our Members at official events� They will also be available generally to assist the Master and Wardens at events if needed�

There will be four Wandsmen and the post is a two-year election� The first two Wandsmen are in place their tenure is for one year only to allow us to start a programme of electing two Wandsmen each year� The first two year Wandsman has been elected and the role opens opportunities for Liverymen to become more widely known to their peers� As we move to election to the Liverymen’s Committee and potentially to the Court it is important that Liverymen are known to their peers�

John Elder


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Our Sea CadetsBy Danny CoxThe City of London has its “own” Sea Cadet unit based on HMS Belfast and our Company is lucky enough to be one of its two Affiliated Livery Companies (the second is the Worshipful Company of Shipwrights)� The Unit forms part of the wider Sea Cadet Corps now under the banner of the Marine Society and Sea Cadets� This is a volunteer-based

youth organization set up to promote the Sea and the Navy, and to give 12-18 year olds self-confidence, discipline and life-skills, through multi-disciplinary activities�

The Unit has been successful in achieving the highest rating within the Sea Cadet Corps in academic, sporting achievements and in annual

inspections� That it fully meets its goals can be seen through the quality of people it has produced and continues to do so - ex-cadets include a serving Rear-Admiral in the Royal Navy, two senior officers in London Fire Brigade, a full-time RNLI Helm on the Tower Lifeboat covering the Thames, at least ten people still serving in Her Majesty’s Armed Forces and three bankers, including one International Banker who has held a number of board positions! At a recent reunion of ex-cadets where over fifty turned up, only one was not in employment - which is significantly better than the national average�

The Company’s funding to the City of London Sea Cadets, and the time certain Members have given over the course of the relationship (which has been running for nearly 7 years

now), has seen us contribute to some of these activities which otherwise wouldn’t have been possible; and the Cadets acting as Carpet Guards at our Guildhall Dinner have given them an insight into some of the formalities of the City of London whilst being proud of what they do, and of promoting their organization�

The Unit is always happy to see its “Sponsors” and if any Members have a particular interest in this Affiliation, or the Sea Cadets in general, then I would be happy to organize a trip to meet them - something that has been done most recently by our immediate Past Master Jane Platt and the Clerk - and a number of times in the past by a small gathering of the Past Clerk and some Liveryman� Please contact the Clerk.


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Associates CommitteeBy Mark Cazaly, Deputy EditorIn this Edition we offer some reflections on the role of younger employees in banking and look forward to our City Debate and Dinner with a Twist�

We’re keen to hear what our Associate members are up to, professionally and personally, so do get in touch� Always looking to add more to the Associate offering, we welcome any feedback on our events and other activities to make sure we’re delivering for the Company and furthering its causes� Please drop me a line at markcazaly@gmail�com or contact any of your Associate Committee with your thoughts and ideas�

Think piece - Banking on the next generation

I was lucky enough to interview the Chairman of the FCA along with our Master recently, and the themes emerging from the discussion prompted me to think about what the future holds for the next generation of our industry� We’ve seen the banking sector come through a number of scandals and poor behaviour in recent years but the important thing is to look to what lies ahead of us and ensure a sustainable industry for the future�

One thing that was clear from our interview was that culture plays a huge role in our industry� A number of previous failings can, to a greater or lesser extent, be put down to an improper culture� When bad practice becomes too lightly overlooked, or even encouraged, it is inevitable that

serious problems will arise; but the shocks of recent years have given us all a poignant reason to refocus on good business principles� And thankfully the future looks bright� We have a new regulatory framework which is getting deep under the bonnet of the industry and taking an active approach to horizon scanning for potential future problems; but the regulator can only do so much, it is up to individuals to take responsibility for their own actions� That’s where professional standards come into play; not just through the Banking Standards Board (although they obviously play a leading role) but through all sorts of professionalisation improvements� While the regulator oversees the actions of companies, professional standards deal with the conduct of individuals� It’s far easier to

ensure an honest and successful sector if its employees all value and embody the right virtues as a de facto means of doing business, not simply window dressing to hide bad habits� Our own Lord George Principles (see photo) are just one example of how bankers can add their own take on this important discourse and we should be proud to have taken such initiative�

Of course business doesn’t run on good conduct alone however� But a business which is based on poor practices and dubious ethics is doomed to fail;

but a business based on good principles will outlast it’s less scrupulous competitors. Customers don’t put up with poor service for long, nor investors with poor performance�

Young members of the profession are a sign of just how much hope there is� Those recent joiners to the world of banking start at a very exciting time� Cultural change is well underway and they join an industry working to repair its reputation, which in itself provides an opportunity for leadership, but also means they don’t run the risk of being exposed to a number of examples of poor conduct� Their careers will be forged along lines of good business ethics, a focus on customer outcomes and an understanding of the economic and societal consequences of their actions� All of that has to be a good thing for banking, its customers and its investors, not to mention London’s world-beating reputation as a financial centre�

PrinciplesTo act honestly and fairly at all times when dealing with clients, customers and counterparties and to be a good steward of their interests, taking into account the nature of the business relationship with each of them, the nature of the service to be provided to them and the individual mandates given by them.

To act with integrity in fulfilling the responsibilities of your appointment and seek to avoid any acts or omissions or business practices which damage the reputation of your organization and the financial services industry.

To observe applicable law, regulations and professional conduct standards when carrying out financial service activities and to interpret and apply them according to principles rooted in trust, honesty and integrity.

To observe the standards of market integrity, good practice and conduct required by or expected of participants in markets when engaged in any form of market dealings.

To be alert to and manage fairly and effectively and to the best of your ability any relevant conflict of interest.

To attain and actively manage a level of professional competence appropriate to your responsibilities, to commit to continued learning to ensure the currency of your knowledge, skills and expertise and to promote the development of others.

To decline any engagement for which you are not competent unless you have access to such advice and assistance as will enable you to carry out the work competently.

To strive to uphold the highest personal and professional standards.

Observance of the 8 principles above is wholly compatible with comparable notions of good behaviour which may be expected or mandated by applicable law or financial or other regulations or by the membership requirements of any relevant professional association or by any other applicable code of good conduct.

These principles comprise the general standards of conduct that are expected of members of the Company in their business relations. Their observance carries a hallmark of trust and a commitment to fair and honest dealings with colleagues, clients, customers and counterparties and to good stewardship of customer interests, whether wholesale or retail. A material breach of the principles would be incompatible with continuing membership of the Company.Conduct

Lord George Principles


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The WCIB City Debate

The Associates Committee is already lining up for its next City Debate where we will host a panel of influential policymakers, writers and industry leaders to discuss a topic which affects us all both professionally and personally� Our last debate was a discussion of whether banking needs an evolution or a revolution to keep London’s place at the forefront of global finance� This year we will be looking at something more local in scale and political in nature� Topics under consideration are the role of the UK in Europe and the ‘cost of living crisis’� Both of these issues play a huge role in the banking industry in London and give us much cause for reflection�

With 2015 being a particularly political year and the two topics in the running for our event being at the forefront of the current political agenda, this should prove to be an exciting and poignant discussion� More details will follow in due course but expect an evening of creative and thought-provoking debate in November�

Dinner with a Twist

One of the yearly traditions of the Associates is our Dinner with a Twist� Previous years have seen us dine ‘Dans le noir’, break bread aboard a spaceship on the Gingerline and enjoy the seemingly inedible at Archipelago� After scouring some of London’s most alternative eateries we have arranged to dine at London’s very own Fawlty

Towers� With a setting and staff to replicate the TV comedy classic we will be in the hands of Basil, Manuel and co. as we taste the delights of the ‘English Riviera’. Keep an eye on your inbox for the invitation which will be coming out shortly for a date in June�

PS Don’t order the Waldorf Salad��

Events Committee EvangelicalBy Jason Van Praagh, Chairman Having just been given the reins at Events, I would first and foremost like to thank the Master and the Court for their faith and support� I hope I do not test either too strenuously over the next three years!

I thought it might be useful to take this opportunity to briefly reaffirm what we see as our mission on the Events Committee� Before I do that however, I would like to highlight the amazing work of the outgoing Chairman, Marianne Woods, who has in my opinion presided over the most vibrant and dynamic events schedule in my time with the Company� It is a very tough act to follow� Marianne will thankfully, or perhaps mercifully in my case, be staying on with the Committee to continue to lend us her inspiration and wisdom�

My first experience of the Company, or The Guild of International Bankers as it was back then, was to be the guest of Simon Hills at a gallery exhibition� Simon had previously invited me to attend a couple of other events which, for reasons now lost to the sands of time, I was unable to accept� So this was my first impression, and as they say, first impressions count� I joined the Guild straight away�

Consciously aware therefore that the first interaction a person has with our Company is attending an event,

I believe it is crucial that we continue to produce a first-rate schedule that appeals to the widest possible audience. This not only supports our membership drive but is also the cornerstone for the Fellowship aims of the Company� Our events give us a showcase with which to promote the role of the City, a forum to extol our charitable aims and the opportunity to advocate the values, ethics and professional behaviour that our Company stands for�

Back in the here and now, the list of events for 2015 is already fantastic - see Gaye’s Diary and the back page for the full SP� We are always on the lookout for bright ideas and ways to

spice up the variety of events� From hard-nosed business briefings to purely social affairs, and everything in between, if you have an idea we would love to hear from you. The Events Committee is keen to promote opportunities for small-scale sponsorship of Company events� From first-hand experience I can testify to the rewards, personal and professional� Given the low barrier to entry this is especially well suited to small and medium-sized enterprises� Does this sound like your firm? If so we would love to hear form you�

Saving the best for last, I would like to thank the extraordinary Gaye Murdoch (Assistant Clerk, Events) for the tireless work she does behind the scenes making every event run like clockwork� Gaye, I know I speak for the Committee and Membership at large when I say you are a star, and we are very lucky to have you! Thank you again�


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Gaye’s Events Diary2015 began with a private visit to the British Library including an overview of the Topography Collection� The curators had selected maps especially for us of cities before they were financial centres such as New York – a map of exquisite colours with Wall Street marked, which was presented to George III – Hong Kong, Sydney (if I had been an arriving convict I think I might have been tempted to turn back!); a map of Geneva, which was then the centre of the international financial world, and some wonderful maps of London pre the Great Fire� It was so popular there will be a second visit in June�

There was a full house on 11th February to hear James Leigh-Pemberton, Executive Chairman of UK Financial Investments talk about “Banks in Britain: what does Her Majesty’s Government want” and an equally popular private visit to the Mansion House on 26th February which included a tour and tea with the Lord Mayor� The tour took in the Plate Room exhibiting the fabulous gold and silver – someone asked what it was insured for but there did not appear to be an answer! Apparently the Lord Mayor gives 800-900 speeches during his year in office – I should think one would want to go into retreat in a monastery after that!

On 24th March we were taken on a tour of the Museum and Private House at Hoare’s Bank. Amazing family history since 1665 and 1672 when they were legally entitled to trade – illustrious customers included Lord Byron� I really liked their first cheque which was signed “Your Loving Friend” – must try that on HMRC, maybe a response from George Osborne!

James Leigh-Pemberton talks to the CompanyBy the EditorIt was a novel experience for James Leigh-Pemberton, as Chairman of UKFI which manages the Country’s shares in RBS and Lloyds Bank, to answer the exam question ‘Banks in Britain – what does the Government want ?’ – and to do so without notes� The Members present were delighted to be taken behind the scenes to see the different Government objectives of ‘never again’ for Government bail-outs, and encouraging the

banks’ role as maturity transformers and risk assumers in funding corporate Britain – a challenge for bank executives� However these approaches can be harmonized to meet everyone’s expectations - there is a blueprint out there for a strong profitable banking sector making

smaller but more reliable profits,

focused on providing good service in wholesale and retail markets and creating steady shareholder value. To do so, they will have responsible strategies and the right culture – the lack of both contributed to the crisis, and the painful wiping out of some banks’ shareholders� James then volunteered to answer as a banker a wide range of

questions about competition in the retail UK banking market, the role of challenger banks in this, the future size of larger banks, the funding of SMEs� The many Company Members who came were well satisfied with the discussion, and grateful to ING for the excellent breakfast�


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Show your support with these splendid shield cu� inks. Hand enamelled with opaque enamel and covered with an epoxy resin. � e dragon is laser

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Please contact Ankita Patel to place your order (email: [email protected] )


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And finally………��A recent military book I have enjoyed………What do you really know about Waterloo ?

Michael Llewelyn-Jones reviews Bernard Cornwell’s book

Most will know Cornwell from his fictional characters Sharpe and Uhtred and there is no doubt that academic historians have been a bit snooty about this book “lots of inaccuracies” etc� although not ones which affect the overall story� To my mind it appears well researched whilst avoiding the somewhat tedious minutiae which characterize a lot of current academic history books – you’ll have to decide�

Waterloo was certainly the seminal European battle of the first half of the 19th century and was clearly a key turning point following years of French domination of the Continent� It led to the opportunity for Britain to dominate the globe for the next hundred years as the leading industrial and military power and reinstate its long-term policy objective of maintaining a balance of power on the Continent�

The story starts with Napoleon’s escape from Elba, but then leads very quickly to the three battles over four days� I think many will find these both fascinating and exciting as a prelude to the human dramas that are later played out� It is vibrant and dramatic, the final result hinging on key decisions, or lack of them – with Marshall Ney throwing away the advantage of the French cavalry towards the end of the battle - key to the end result� It does not glorify war but tells of the momentous clashes, both from the viewpoint of the

leaders, as well as from that of ordinary soldiers� This is only right as it was such a bloody battle that Wellington is said to have wept openly on receiving the casualty lists�

I came away having learnt much about the context of Waterloo and

the heroism and frailties of all the key combatants� Cornwell demonstrates what we continue to learn, to paraphrase von Moltke, that no plan survives contact with the enemy…� an excellent read!


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‘The Most Dangerous Enemy’, Stephen Bungay - reissued Arum Press 2009

Vincent Mercer reviews a more recent battle

Given the critical importance of the Battle of Britain it is surprising that there are so few texts specifically on the subject� In this well researched and presented analysis of the events as they unfolded, Stephen Bungay gives us a very different take on the Battle� Whilst he does not in any way diminish the role of that small band of brave young men who doubtless saved the nation from invasion, he disputes that it was in any way the close run encounter history would have us believe�

The title is a quote from the head of Luftwaffe Intelligence who recognised that the RAF was a better equipped and prepared Air Force than any they had encountered in over-running Europe� What Luftwaffe Intelligence had not realised was that the RAF had been preparing and planning for just such an air war since the end of World War One� Unlike the Luftwaffe , the RAF had survived the previous War intact, and with the practical experience of fending off air-raids� The elaborate system of Air Defence the UK developed between the Wars, largely by Air Chief Marshall Dowding, allowed the early detection and tracking of

incoming aircraft, even without radar, Operations ensured that intelligence was effectively disseminated so that the RAF had its aircraft in the right place at the right time� The Luftwaffe was literally making it up as they went along, and turning their attention to Blitzing London, far from the saving the day, simply had no impact�

In his book, Stephen Bungay examines the events leading to the Battle, reviews the equipment, assesses the key players and gives a detailed day-by-day account of the Battle� Whilst at times I felt the depth of detail was too much, it was an excellent read�

‘Taiko’ – The man who unified Japan

Frank Moxon finds another who changed his country

Taiko by Eiji Yoshikawa (translated by William Scott Wilson) was written during the Second World War by an author famous for his revisions of Japanese classics, in this case Taiko-ki, a 20 volume work published by Oze Hoan, a Confucian scholar, in 1626� This novel is effectively a biography of Toyotomi Hideyoshi who unified Japan during the sixteenth century Warring States period, so completing the work started by Oda Nobunaga� From humble beginnings as Nobunaga’s sandal-bearer, Hideyoshi rose to become Kampaku (regent or chief adviser) to Emperor Ōgimachi and his successor, Emperor Go-Yōzei� This court title of the highest imperial nobility, made him effective ruler of Japan� A retired Kampaku becomes Taiko, a term that has subsequently come to commonly refer to Hideyoshi� The book is an epic tale of Japanese feudal politics and warfare covering Nobunaga’s achievements and demise and Hideyoshi’s contemporaneous and subsequent rise to power� Tokugawa Ieyasu, the ally who would later defeat Hideyoshi’s second son and successor, Toyotomi Hideyori, and become Shogun, has only a supporting role while Hideyoshi’s subsequent appointment as Kampaku and failed attempts to conquer Korea as part of a plan to invade Ming Dynasty China, form a mere footnote in the epilogue�

WCIB Forthcoming Events

2015

21st May Dinner at Vintners’ Hall. Speaker The Rt Hon the Lord Heseltine CH

2nd June Repeat visit to the British Library

16th June Lunch at Watermen’s Hall. Speaker Alex Chisholm, CE, Competition and Markets Authority

1st July “Summer Event” an evening reception in a secret and wonderful location

9th July Private afternoon visit to Lambeth Palace including tour and tea

23rd September Installation Court Dinner. Speaker Adam Crozier, CEO, ITV

6th October Harvest Festival Service at St Mary-le-Bow and Reception at NORD/LB

22nd October Breakfast at ING. Speaker Lady Barbara Judge CBE on “Nuclear Energy: is it still viable after Fukushima?”

4th November Early evening discussion at Citi, Canary Wharf “The future of culture and ethics in Financial Services” followed by a Reception

24th November Evening Reception for Members and Prospective members at Taylor Wessing

Photographs on front and back covers and of the Monument, courtesy of the Editor

The International Banker Spring 2015

Documents

Transcript of The International Banker Spring 2015