The International Banker Summer 2024

THE MAGAZINE OF THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS

The

International

Banker

Back to the future

THE CITY REVIVES ITS MOJO

SUMMER 2024

INTRODUCTIONS

SUMMER 2024

From the Editor

The opportunities in transition finance

The Worshipful Company

Of International Bankers

CONTRIBUTORS

ALEEM WALLANI

ALISON COTTRELL*

ANGELA KNIGHT CBE*

ALI GRIFFITHS*

AVERY AYLSWORTH

BURHAN ALI

CAROLE SEAWERT*

GEORGE LITTLEJOHN*

IRINA ONS VILABOA

JAGO TONER

KATYA GORBATIOUK*

JAMES NISBET

JULIA HOGGETT

LIZ FIELD

LIZ THRUSSELL

ALDERMAN PROFESSOR MICHAEL

MAINELLI

NICHOLAS WESTGARTH

DR ROBERT BARNES

RAJINDER SINGH

ROBERT MERRETT*

SIMON THOMPSON

STACEY PARSONS

*Editorial Panel members

THE WORSHIPFUL COMPANY

OF INTERNATIONAL BANKERS

12 AUSTIN FRIARS, LONDON EC2N 2HE

CLERK: CAROLE SEAWERT

DIRECT LINE: 07538 230438

EMAIL: clerk@internationalbankers.co.uk

www.internationalbankers.org.uk

There was a telling moment in the

Guildhall at the end of May, as this

year’s annual gathering of the great and

good, City Week, dawned. The opening

day had two streams, capital markets

reform – on which see the Master on

page 5 of this issue and Julia Hoggett

of LSEG from page 7 - and climate

finance. The former was expected to be

held in the wide expanse of the Guildhall

itself, the latter in the less capacious

Livery Hall. But as the conference

opened, the venues were switched.

This reflects an intriguing resurgence

in interest in sustainable finance, and

particularly in the huge opportunities

that transition finance brings for the

City of London, and for our WCIB

community. The Guildhall-based

Transition Plan Taskforce (TPT) was

launched in April 2022 to develop the

gold standard for private sector climate

transition plans. Its materials were

informed by global engagement with

financial institutions, real economy

corporates, policymakers, regulators

and civil society.

There is substantial international

engagement in the TPT’s work. The

secretariat has worked with many

jurisdictions on transition plans

to inform their own approaches,

including Australia, Brazil, Ghana,

European Union, France, Germany,

Hong Kong, Japan, Malaysia, New

Zealand, Singapore, Thailand, the

United Kingdom, and the United States.

The TPT is also engaging with many

multilateral groupings of central banks,

supervisors and regulators considering

transition plans including the Financial

Stability Board, IOSCO, the Basel

Committee on Banking Supervision,

the Coalition of Finance Ministers for

Climate Action, as well as ongoing

multilateral processes such as the

G7, G20 and the UNFCCC. A sea of

acronyms.

The basis of the work is that highemitting

industries need additional

investment to develop and deploy

low-carbon technologies. The global

transition finance gap is currently

around US$4 trillion per year -

estimates vary but they are all in that

range. To reach net-zero targets globally

by 2050, a total of about US$5 trillion

annually is required.

To plug that gap, according to Fidelity

International’s Chief Sustainability

Officer Jenn-Hui Tan, “it is vital to have

clear and transparent frameworks

to give both issuers and investors

confidence that capital is being

channelled in a way that supports

broader net-zero objectives.”

Speaking at COP28 in Dubai at the end

of last year, Mark Carney, the United

Nations special envoy on climate action

and finance said “there’s a whole world

of transition finance being created

as we speak.” The conversation has

matured from talking about investing

in climate to investing in transition

– thus the City’s backing for the TPT

project. And one of our number, Simon

Thompson (see page 15) is about to

start working alongside Mark Carney

and Michael Bloomberg to help move

the dial, and rapidly.

And huge thanks on this issue to Past

Master Robert Merrett, Freeman

Alison Cottrell, and as ever to our ace

designer, Lisa Bamford of Stoats &

Weasels.

George Littlejohn

Editor – The International Banker

george.littlejohn@btinternet.com

2 THE INTERNATIONAL BANKER / SUMMER 2024

INTRODUCTIONS

Contents

INTRODUCTIONS

CHARITY AND EDUCATION

The View from the Master 4

The Mansion House Banquet 2024 5

Making a difference 26

LOOKING INWARDS

LOOKING OUTWARDS

The vital work of the Capital Markets

Industry Taskforce 7

City gardens – the £127 million hidden

benefits 10

Sustainable finance in action 13

WCIB members leading the world on

Ukraine’s recovery 16

Bringing investor inclusion to the fixed

income world 17

Now is the time for digital assets and

growth 18

CBDCs: the cyber security and privacy

challenges 19

T+1: is time money and risk? 20

Machine learning methodologies

and index arbitrage 22

Past Master awarded unique accolade

by Lord Mayor 24

The view from the Mansion House 24

The WCIB Communications

Committee and the new website 29

The work of the membership committee 30

Associates go from strength to strength 31

WCIB Military Affiliates news 32

Inter-livery: the high life in France … and

Merchant Taylors’ 33

WCIB sailors take to the seas 34

A lively year of events 36

The view from Austin Friars 38

The Reverend George Bush – an

appreciation 39

Summer in the City – in a spectacular

garden rooftop 40

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THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS 3

INTRODUCTIONS

From the Master

The Worshipful Company of

International Bankers is a modern

livery company and that is very much

demonstrated by those who attend

our sell-out events such as the annual

banquet. With some 700 members,

more than 25% of whom are women,

130 under 35 years old, a fifth

international and three quarters active

in financial services, we reflect the

make-up of the vibrant international

financial industry in the UK, whose

centre is in London. And so we have

some responsibilities.

We need to make sure that

we keep one foot firmly in the

traditions of the livery and

all it stands for, particularly

the huge charitable work for

which the livery is rightly

known. Our other foot

meanwhile is in the issues of

today.

is much talk about Smart regulation.

What Smart regulation should be, is

the ability for regulators to act quickly

and nimbly and make changes that

reduce the unnecessary burdens and

which are required by the market and

the economy.

The UK has always prided itself on

being international in its markets,

high-quality in its business practices,

competitive and leading on corporate

governance and transparency.

However, the involvement of

governance groups such as ISS and

Glass Lewis in determining what

standards boards should adhere to

is at last being seriously questioned.

I sit on the boards of two UK plcs as

a non-executive director and also

on a listed US company board. I see

the recommendations from ISS and

Glass Lewis to my US board and my

UK boards and they are dramatically

different. Those two organisations,

which are globally the most

influential, wave through in particular

environmental and remuneration issues

on US companies, which they Red Top

for UK companies. It is essential that

this differential is properly recognised

and that the UK principle of “comply

or explain” gets restored, as right now

the governance groups and too many

major investors “comply or comply”.

I do not argue for reductions

in standards in any way. What I

do argue for though is common

sense application of international

requirements, proper consideration at

all times of the need for growth in the

economy, swift changes as they are

required and for governance groups’

suggestions to be put clearly in the box

labelled “advisory” rather than the one

labelled “compulsory”.

And there’s a last point: as our

regulators do have a requirement to

take note of both competition and

growth issues, let’s see them do it!

The role of the livery company and

the WCIB is not to be a lobbyist but

through its membership to raise and

consider issues that are important to

the industry in which we all work and

the vibrancy of financial services in the

UK

Angela Knight CBE

And those issues are playing out, in

front of us. Listed companies are

leaving the London Stock Exchange, or

choosing to IPO in other countries and

particularly the US; banks are holding

more and more capital as a result

of how the international standards

are implemented here in the UK and

limiting their ability to lend and so

help grow the economy; and all are

questioning the constant increase in

regulation and associated costs.

The Edinburgh agreement on reducing

some of the regulatory burdens now

we are out of the EU, and the Mansion

House agreement regarding pension

funds and increasing investment

in infrastructure, are all truly great

initiatives. But the changes are taking a

very long time indeed. Too long. There


INTRODUCTIONS

Mansion House Banquet

AN EVENING OF SPLENDOUR IN THE HEART OF THE CITY

Master and top table guests

James Nisbet and Leslie Stephenson

City of London Sea Cadet Corps

Guest speaker The Rt Hon John Glen MP

Master and Wardens

Jago Toner, SSgt Thompson, Frank Moxon

Sheriff Dame Susan Langley and guests

Sir Peter Estlin and Mansion House Scholars


INTRODUCTIONS

The Grand Banquet continues

MEMBERS AND GUESTS ENJOY THE EVENING


LOOKING OUTWARDS

The winds of change in

Britain’s capital markets

JULIA HOGGETT, CEO OF LONDON STOCK EXCHANGE, ON THE REALITIES

BEHIND THIS KEY MARKET’S POSITION

At the first joint Financial Services Group of Livery Companies

meeting of the year, in January 2022, led by Master Angela

Knight, Julia Hoggett, CEO of London Stock Exchange plc

spoke alongside Lord Mayor Alderman Michael Mainelli

about the challenges and opportunities facing the UK capital

markets. She chairs the Capital Markets Industry Taskforce

(CMIT), which is comprised of leading organisations from

across the financial markets ecosystem. Its aim is to drive

forward the development of the UK’s capital markets.

Addressing this challenge is a vision underpinning much of

the regulatory reform currently being undertaken in the UK

– including through the Kalifa Review, the Hill Review, and the

Austin Review.

As the London Stock Exchange, we have taken a much more

front-footed position over the last several years in seeking to

address some of the misperceptions that exist in the public

narrative about our position, and dare I say it reporting, which

I do believe is becoming more nuanced and more engaged.

Firstly, let’s talk about London’s position as a capital raising

venue. The competitive environment for capital market

centres has changed radically over the last 30 years, with

vibrant and large domestically-focused capital markets

growing up in China, India and the Middle East where

previously that activity would have gone more to the UK or

the US. Similarly, China and India in particular have seen rapid

economic growth which has seen the size of their economies

move in to the top five globally.

As of the 1st May, London was the 5th largest Stock Exchange

in the world by total capital raised year-to-date, only behind

NYSE, NASDAQ and the two Indian Exchanges who benefit

from the rules requiring Indian companies to list domestically.

There were no other European Exchanges in the top 10 and

But I also know that when I tell people the

facts about the actual strength of London’s

markets, most people agree that that is not

what you would think if you purely read our

newspaper headlines.


LOOKING OUTWARDS

we were ahead of Tokyo, the Chinese venues, South Korea

and Australia.

Indeed, London has raised double the amount of capital to

date than the next European Exchange and in terms of total

size, London’s market cap is also £1.9 trillion more than the

next European Exchange.

There has been a lot of media focus on delistings in the UK,

and the pressure for companies to go private is something

that we do see here, but it is in no way a uniquely British

phenomenon however. Many of you may have seen Jamie

Dimon’s letter to shareholders this year. In it he bemoaned

the decline in publicly listed companies in the US – where he

stated that in 1996 there were 7,300 publicly listed companies

in the US and today there are 4,300. A 41% decline in just

under 30 years.

Similarly, there has been a narrative that valuations are

higher in the US. On an absolute multiple basis based on the

composition of indices, that may be the case, but that is also

a meaningless number for any individual company. Various

investment banks have looked into this, one that I have

seen found that when comparing like pairs of companies by

sector, and adjusting for growth rates, there were as great a

percentage of UK-listed companies trading at higher multiples

than their US-listed counterparts as there were US-listed

companies trading above UK-listed counterparts and the rest

traded in line. I appreciate, again, not something one hears in

the public narrative.

Finally, there is an argument that UK liquidity is lower. Now,

given the pernicious effects of stamp duty, there are some

structural differences in where the liquidity is traded in the

UK compared to some other jurisdictions but not material

differences in the ultimate total liquidity in the market. We

have undertaken research that illustrates when taking the total

addressable liquidity in the UK market, not solely the liquidity

traded on the London Stock Exchange (which, however

much I would like to be 100% of all traded liquidity in the UK,

is not!) and adjusting for the actually available free float of

securities available to trade, liquidity in London is the same or

in fact higher than in the US.

But these simple examples illustrate the importance of a

nuanced, data- led and balanced discussion about our capital

markets. Given how consequential this discussion is for the

future of our economy and for the companies listed on or

coming to our markets and to the investors in our markets,

we need to make sure we do not allow erroneous assumptions

to become entrenched in how we talk about our capital

markets.

I was asked not long after I joined the London Stock Exchange

what I thought its role was and I said this: to serve the UK

domestic economy and the UK’s place as a global financial

centre.

Despite being the 6th largest economy in the world, we are

the country with the third largest equity capital market by

money raised so far this year and the only European capital

market in the top 10 globally. But over the years, our markets

have not evolved as well to serve the UK domestic economy

and the needs of the remarkable companies we create in the

UK as well as we could have done.

Equally, it has meant that the value created by those

companies and those around the world that want to come

here are not being shared by investors here. Those investors

ultimately being anyone with a pension, anyone with an

insurance policy and anyone with the privilege of having

income to invest.

Capital markets are a vital cog in the fly wheel of our

economy and it matters to the lives of people up and down

this country that we ensure our markets serve the needs of

existing, growing and emerging companies and our savers and

investors who not only benefit from the economic activity this

investment stimulates but also need those assets to provide

them with an income for life events and old age.

We have all the raw ingredients in this country, it’s about

mixing them correctly and understanding just how important

to our success as an economy that right mix is. Many of the

challenges we face are not UK challenges alone as Jamie

Dimon’s letter illustrated, but uniquely, the UK is midway

through what I think might be currently the most globally

ambitious reform agenda to ensure our markets drive not

only our place as a global financial centre but critically the

domestic economy as well and that is where the CMIT agenda

comes in.

Let me be crystal clear. I don’t mention this as a way of saying everything is fine here, move

along, nothing to see. We need as a City to continue to evolve to meet the challenges of this

century: those that this country faces and those faced by the many countries around the world

that rely on London as their source of capital and solutions.

8

THE INTERNATIONAL BANKER / SUMMER 2024

LOOKING OUTWARDS

The vital work of the Capital

Markets Industry Taskforce

The Capital Markets Industry

Taskforce (CMIT) which Julia

Hoggett chairs is constructed rather

differently from a number of the

bodies that lobby for financial and

professional services in the UK. For a

start, it is not a lobby body.

Instead of representing one

particular part of the industry, it

seeks to represent the full endto-end

ecosystem of issuers

and investors, private to public

and those who support them.

Hence its membership includes

a private company unicorn CEO

(Matthew Scullion of Matillion),

a public company Chairman (Sir

Jon Symonds of GSK), an Asset

Management CEO (Peter Harrison of

Schroders), a Pension/Reinsurance

Chairman (Nick Lyons of Phoenix),

a Venture Capital fund founder

(Klaus Hommels of Lakestar), a

lawyer (Mark Austin from Latham

& Watkins), an auditor/advisor

(Joe Cassidy, head of strategy

from KPMG), an investment banker

(Katharine Braddick from Barclays)

and the CEO of an Exchange (Julia

herself).

Their role is to listen to each others’

experience of using the ecosystem,

what works and what doesn’t and

why, and then to develop a series

of initiatives to drive change across

the capital markets with as much

pace as is feasible. It is not about

writing reports, although it does

from time to time, but it is about

seeking to drive and shape change

in either behaviour or policymaking,

or leaning into initiatives already

underway.

“That listening process is also

critically important,” says Ms

Hoggett. “I know I can say that I have

learned enormously from each one

of my CMIT brethren, understood

much more about their experience,

and in our discussions, also, I hope,

found more useful and effective

routes through challenges.

“One of the reasons that CMIT has

been able to work the way it does

is also because of its purpose. Each

one of us cares passionately about

the role capital markets play, not

for their own sake but because they

are that vital fuel that can drive

economies, both in the financing

of individual companies and indeed

countries, but also in the translation

effect that produces individual

products that enable companies to

invest and grow and people up and

down this country and around the

world to finance their homes, insure

those homes and invest for their

futures. With that in mind, CMIT was

created with one vision, to enable

the UK to build on its remarkable

capital markets history to ensure

that as economies, and within

them, forms of innovation, value

and funding evolve, so too do our

markets to serve the needs of issuers

and investors and thereby the needs

of the wider economy.

“Markets are by nature required in

their operation to be steady and

predictable, but they also need to

make sure that they innovate and

change to meet stakeholder needs.

And that requires an enormous

number of big tent conversations

particularly given the number of

stakeholders they impact.

“And first and foremost it is the

ultimate stakeholders that matter,

those summed up by CMIT’s vision

statement:

How do we create the

best possible environment

in this country for great

companies to start here,

grow here, scale here

and stay here and how

do we ensure that our

capital markets have the

best possible assets for

our policy-holders, our

pensioners and our savers

to have enough money for

life events and old age.

“That, ultimately, is why we do what

we do, and why so many people in

the City of London do what they

do. Its why the evolution of our

markets, to continue to build on

our remarkable strengths, is so

important and it is also why we

need to make sure that the public

conversation we have about our

markets is balanced and accurate.”


LOOKING OUTWARDS

City gardens – the £127 million

of hidden benefits

PAST MASTER ROBERT MERRETT REVIEWS HOW THESE GARDENS ENHANCE

OUR WORKING ENVIRONMENT

The City of London’s gardens and

open spaces play an important role

in enhancing the environment for

workers and residents. But how much

value should we attribute to these

natural spaces? Are the benefits

overlooked when thinking about our

competitiveness? And can generative

artificial Intelligence provide some

inputs to guide us?

VALUING CITY GARDENS

A new report in January 2024,

produced by Natural Capital Solutions

(NCS) for the City of London

Corporation, calculated the value of

the benefits that open spaces deliver

to the public, including through

recreation, health and wellbeing, air

and water quality, and by removing

carbon from the atmosphere.

NCS commented: “Whilst these sites

are small they are vitally important

for recreation, health and well-being

benefits in a densely urban area.”

Going forward, the recommendations

include an increase in shrub cover

and berry bearing plants, including in

hedges, providing nesting cover from

ground to canopy, planting nectar

and pollen rich species, as well as

retaining and increasing dead wood.

These additions will deliver multiple

biodiversity benefits as well as increase

the wellbeing of visitors.

BEYOND THE SQUARE MILE

The City Corporation’s sites include

Epping Forest, Hampstead Heath,

Burnham Beeches and West Ham Park.

The NCS report found that Hampstead

Heath – the capital’s largest ancient

It found that the value

of the benefits delivered

by City Gardens is £126.8

million annually.

These gardens comprise some 200

small sites across the City of London,

including churchyards, plazas, pocket

parks, and highway plantings. They

are dominated by built up areas and

infrastructure. The value is therefore

derived from the recreational

benefits through visits to the gardens,

estimated at £90 million pa., and health

benefits estimated at £36 million pa.

The sites also deliver a benefit to cost

ratio of 87.7, which means that every

£1 spent on maintenance delivers

£87.70 in benefits.

St. Mary Aldermanbury garden

10


LOOKING OUTWARDS

Gardens in the City

Drapers’ Hall Garden Veterans’ Garden 2024

The Flowers in the City campaign, organised by

The Worshipful Company of Gardeners, is a visible

demonstration of recognising the value of the natural

environment in the City. As explained on the Company’s

website:

“A street scene enhanced by colourful planting does much

to contribute to the City’s international reputation as

an enjoyable place to work. Firms which participate also

comment on the uplifting impact an attractive workplace

has on their staff.”

The Gardeners also provide the Veterans’ Garden at

Guildhall for The Lord Mayor’s Big Curry Lunch. This year’s

theme was “Growing Up In An Armed Forces Family”.

Children of military families often have a parent who is

away for periods of time; they move house and school

more often than most other children; and in times of

conflict there is understandable anxiety. The mahogany

bark of Prunus Serrula Tibetica and the dark foliage of

Sambucas Black Lace refer to the darker periods whilst the

glistening white stems of the Betula Jaquemontii and the

bright yellow Primulas portray powerful feelings of pride

and hope. There are also six wonderful paintings showing

the power and innovation of children’s art.

The Garden seeks to remind City workers

what the Armed Forces and their

dependants are called upon to do in the

service of their country.


LOOKING OUTWARDS

parkland - provides recreation and

health benefits worth £48.3 million

a year, and Epping Forest - Essex

and London’s biggest green space -

removes carbon from the atmosphere

worth £4.5 million annually. In total, the

network of internationally important

open spaces (including City Gardens)

managed by the Corporation are worth

£282.6 million each year in benefits to

society, with a predicted value of £8.1

billion over 50 years. 1

The report also found that the overall

benefit-to-cost ratio is 16.4 – meaning

that every £1 spent on maintaining and

protecting these open spaces delivers

£16.40 in ‘natural capital benefits’ for

the public. The Corporation currently

invests around £38 million a year on

managing and maintaining its open

spaces. Many of these sites operate as

charitable trusts and are run at little or

no cost to the communities they serve.

City Corporation Policy Chairman,

Chris Hayward, commented: “These

sites not only have hugely positive

impacts on community health and

wellbeing, but crucially, they combat

climate change, and underpin London’s

offer as a leading global city.”

“Businesses across the world are

increasingly focusing on the quality of

life they can offer their employees, as

they reassess what is needed to deliver

an attractive, modern workplace

environment.”

THOUGHTS FROM ARTIFICIAL

INTELLIGENCE

As per ChatGPT: “City gardens and

open spaces contribute significantly

to enhancing the environment for

residents and workers in places like the

City of London. These green areas offer

numerous benefits beyond aesthetics,

including mental health improvements,

air quality enhancements, biodiversity

support, and opportunities for

recreation and relaxation.

However, their value is often

underestimated when considering

competitiveness. These spaces

contribute to the overall quality of life,

making cities more attractive places

to live and work. They can also boost

productivity by providing areas for

workers to recharge and de-stress

during breaks, ultimately enhancing the

city’s competitiveness by attracting and

retaining talent.

Investing in maintaining and expanding

city gardens and open spaces should

be seen as an integral part of urban

development strategies, not just

for environmental sustainability but

also for economic competitiveness.

Recognizing and quantifying these

benefits can help policymakers

prioritize green infrastructure

investments alongside other initiatives

aimed at enhancing a city’s competitive

edge.”

CONCLUSION

The City of London’s gardens, parks,

woodlands, and forests provide

enormous benefits which are often

under-recognised. The new report

from Natural Capital Solutions reveals

the important role and value that these

sites play in enhancing the natural

environment for workers and residents.

So next time you visit, remember just

how much these open spaces help to

underpin London’s competitive offer as

a leading capital City and enjoy a seat in

the natural wonder of a City Garden.

Robert Merrett was the Master International

Banker between 2020-22. He has been an

enthusiastic gardener all his life and is a

Liveryman of the Worshipful Company of

Gardeners. Robert was elected to the City of

London Council between 2009-2021 for the

Ward of Bassishaw, which includes several

small gardens for public use.

“The capital needs to keep

pace with this investment in

nature and parks to make

it a city renowned for its

living standards as well as

its business prowess.”

1 https://news.cityoflondon.gov.uk/londonand-southeast-englands-most-iconicopen-spaces-are-worth-billions-to-society/

City beehives

Pollinating London Together was created with a specific mission: to enhance

green spaces in central London where all the native pollinators can thrive,

and their green space habitats can be enjoyed by everyone, starting in the

City of London. It was established in 2020 by the Worshipful Companies of

Wax Chandlers and Gardeners, together with other livery companies and

collaborating organisations, each bringing their own expertise and skills.

They have worked to raise awareness of the importance of biodiversity and

pollinators and their substantial recent decline. The longer-term vision is

to create a template for change and action through leadership that can be

implemented in urban environments across the UK.

Further information can be found on their website:

www.pollinatinglondontogether.com

12


LOOKING OUTWARDS

Sustainable finance in action

FREEMAN SIMON THOMPSON, CEO OF THE CHARTERED BANKER INSTITUTE,

ON PAST MASTER SIR ROGER GIFFORD’S SUSTAINABILITY LEGACY

Professional bodies play key roles

in shaping and defining the relevant

knowledge and skills as well as the

standards, norms, values, and practices

in their respective professions.

Recognising this, in May

2019, Past Master the late

Sir Roger Gifford ably set the

wheels in motion, alongside

then Treasury Minister John

Glen MP, to bring together

the main UK professional

bodies to work alongside his

Green Finance Institute in

the world of sustainability

education.

In 2020, the Green Finance Education

Charter was established as a world first,

and the UK’s main policy mechanism

to improve sustainability-related skills

and expertise to support green and

sustainable finance policy delivery.

2023 was a milestone year, as our

Charter was relaunched with a broader

scope as the Sustainable Finance

Education Charter, to better ensure

that finance professionals are equipped

to assess climate-related and wider

environmental and social sustainability

risks and apply their professional

skills and judgements to innovate and

address these.

Our Charter is a partnership between

the Department for Energy Security

and Net Zero, 13 leading, global

professional bodies with more than

1 million members between us, and

the Green Finance Institute. Working

together we aim to ensure that “…

every professional financial decision

takes account of climate change and

sustainability.” Over 110,000 finance

professionals and stakeholders

attended in-person and online events

organised by Charter members in 2023,

and engagement with member curated

content (blogs, magazine articles,

podcasts and videos) is in excess of

600,000 when views and impressions

are included. In a busy year, members

launched 16 new qualifications,

modules and courses, with many more

updated or in development during

the year. Collectively and individually,

we continue to engage our members

and wider stakeholders in the UK and

worldwide on

Capacity- and capability-building are

key if finance is to unlock net zero

and other sustainability goals. It is no

coincidence that “the availability of

skills” received the second highest

number of mentions for the second

year running in the Global Green

Finance Index. Our early identification

of the need to build knowledge and

skills in the finance profession is now

being reflected by work elsewhere

in the UK and globally, which we are

delighted to support. The findings of

our “State of the Nation” Report have

been taken up by the UK Financial

Services Skills Commission, amongst

others.

During the recent COP28 climate

conference, the Global Capacity

Building Coalition was launched,

aimed at helping financial institutions

in emerging markets and developing

economies build their knowledge

and skills. The UAE established the

DIFC Sustainable Finance Catalyst,

which alongside deploying $100bn of

sustainable finance by 2030 will train

one million sustainability leaders by the

same date. Initiatives like these build

on the capacity- and capability-building

activities pioneered and showcased

by the Sustainable Finance Education

Charter. We expect capacity- and

capability-building in sustainable

finance to continue to move up the list

of priorities in 2024 and will support

others in the UK and internationally

engaged in this vital work.

THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS

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LOOKING OUTWARDS

The Sustainable Finance Education

Charter provides a forum for

sustainability action by Chartered and

professional bodies who recognize

the Triple Planetary Crisis of climate

change, pollution and biodiversity loss,

and the strategic, commercial and

moral imperatives to develop clean,

resilient and prosperous economies

that work for all.

Charter signatories

acknowledge the collective

responsibility of the global

community including

the banking, finance and

professional services sectors

to deliver Article 2.1c of the

Paris Agreement and the UN

Sustainable Development

Goals.

This requires developing the knowledge

and skills of individual finance

professionals, and the capacities

and capabilities of the finance sector

overall. The Charter recognises that

Chartered and professional bodies

play key roles in shaping and defining

standards, norms, values, and practices

in finance; and lead and shape the

education and training for current

and future generations of finance

professionals.

The following sets out the key

objectives which Charter signatories

have committed to, accomplished and

continue to work towards since our

inception in 2020:

2020:

• Engaged our members on issues

related to climate change and

environmental issues, with the aim

of raising their profile within our

profession;

• Developed and promoted relevant

resources to our members on green

and sustainable finance;

• Encouraged adoption of relevant

global and national standards,

framework and guidance, including

the Principles for Responsible

Investment, Banking and Insurance

and the Taskforce on Climate- Related

Financial Disclosures (TCFD);

2021:

• Reviewed relevant programmes of

initial and continuing professional

development to ascertain existing

coverage of, and the opportunities

for encompassing green and

sustainable finance;

2022:

• Commenced reviews of professional

Codes of Conduct, and related

guidance, with a view to reflect green

and sustainable finance principles;

2023: A YEAR OF YET

MORE ACTION:

• Mainstream the principles and

practice of green and sustainable

finance into relevant programmes

of initial and continuing professional

development.Additionally, on an

ongoing basis we will:

• Engage with policymakers, regulators,

researchers and practitioners to

identify and promote impactful and

effective best practices in green

and sustainable finance and support

national strategies;

• Collaborate with signatories to this

Charter and with other domestic

and international counterparts to

enhance and promote the integration

of green and sustainable finance

into academic and professional

programmes of education and

training;

• Work with the Green Finance

Institute and other supporters to

engage employers and encourage

commitment to, and take up of green

and sustainable finance programmes

of initial and continuing professional

development (CPD);

Simon Thompson

• Report annually on our progress in

mainstreaming the principles and

practice of green and sustainable

finance.

• Broaden the scope of the Charter

and adopt the new name the

Sustainable Finance Education

Charter with effect from March 2023.

The Charter re-launch was timed to

coincide with the UK Government’s

revised Green Finance Strategy and

reflected the need to engage with our

members on issues beyond climate,

including on biodiversity, naturebased

finance and social sustainability

issues.

• Increase the number of UKbased

professional bodies who

are signatories to the Charter.

Throughout the course of the year,

we met with key professional bodies

and associations interested in the

Charter’s work. As a result, we look

forward to welcoming several new

Charter members in 2024.

• Liaise more widely across the UK

Government and with regulators to

raise awareness of and co-ordinate

activities to enhance and sustain

green and sustainable finance

knowledge and skills in the context

of supporting UK and international

climate action goals. This focused on

extending and strengthening these

relationships, which resulted in:

• The FCA commissioning me as

Chair to contribute an essay on the

role of competence in preventing

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LOOKING OUTWARDS

greenwashing to Discussion Paper

(DP23/1) “Finance for positive

sustainable change”, published in

February 2023.

• The FCA seeking the Charter’s

support in generating feedback to

DP23/1 and its broader sustainability

strategy in organising three

Roundtables, hosted jointly with

the FCA. Each roundtable had a

specific focus: Insurance (led by

CII); Banking (led by the Chartered

Banker Institute) and Investment

(led by CFA UK). The discussions at

these roundtables also informed the

Charter’s own response to the FCA

Consultation on DP23/1.

• Acknowledgment of the UK

Government’s updated Green Finance

Strategy, with Charter members

issuing coordinated external

communications, in particular an

open letter from Charter members

to the UK Prime Minister, calling

for urgent action to accelerate

our progress to meet the 2030

deadline on the UN Sustainable

Development Goals. This campaign

outlined how the Charter could

support policymakers and included

a prominent advert and online

presence in the Financial Times.

• Hosting a joint Roundtable with

the UK Government’s Department

for Energy and Net Zero (DESNZ).

Discussions contributed towards

the development of specific policy

actions relating to building the skills

capacity in the finance sector to

support delivery of the UK Net Zero

and Nature ambition.

• An invitation to me as Chair and to

Vice-Chair Will Goodhart (CEO, CFA

UK) to join the Bank of England/FCA’s

Climate Risk Forum and Strategic

Embedding Working Group.

• Further work to raise awareness

of the Charter and its work

through meetings with TheCityUK,

The Institute of Environmental

Management and Assessment

(IEMA), the Financial Services Skills

Commission (FSSC), the Transition

Plan Taskforce, the Aldersgate Group,

the City of London Corporation, the

new Lord Mayor of London, Michael

Mainelli, and others.

• Engage internationally (with the

support of the UK Government)

to encourage a collective, global

approach to building green and

sustainable finance capacity and

capabilities. Charter representatives

met with the Foreign and

Commonwealth and Development

Office to discuss our engagement

internationally. Charter members

also discussed and promoted our

work to partners around the world,

supporting activities in China,

Europe, Southeast Asia, and the UAE.

Charter members took part in COP28

discussions, and we improved our

web presence, updating our website,

hosted by the Green Finance Institute

and created a new LinkedIn Group.

• Continue to share best practice,

expertise and practical resources

on green and sustainable finance,

especially in emerging areas including

biodiversity and nature-based finance,

and transition planning. In March

2023, we published the findings of our

State of the Nation report on building

UK green and sustainable finance

capacity and capability. Our research

evidenced a need to move investment

in capacity and capability building

up the agenda of all stakeholders.

In our report we made key

NEW ROLE FOR SIMON THOMPSON

recommendations for policymakers,

employers and professional bodies,

with our findings cited in further work

by the FSSC and others.

• A Nature-based Finance Working

Group was established in 2023. This

sub-group is tasked with comparing

the approaches to integrate naturebased

finance to their curricula

taken by Charter members in their

respective education and learning

activities and to share best practice

and innovation in this regard.

All of the above was achieved whilst

continuing to deliver on the core

commitments of the Charter, by:

• Engaging with our members, clients,

customers and the general public to

raise awareness of climate change

and environmental issues, and the

role of the finance professions in

tackling these. Over 110,000 finance

professionals and stakeholders

attended in-person and online events

organised by Charter members;

• Developing a wide range of green

and sustainable finance education

resources for finance professionals.

During 2023 some 16 new

qualifications and courses were

launched by Charter members with

others developed for launch in 2024,

and existing programmes updated to

reflect evolving issues.

The long-serving CEO of the Chartered Banker Institute (CBI), Simon

Thompson, will step down at the end of June 2024 to become the Managing

Director of the new Global Capacity Building Coalition, which was announced

at UN COP28 Climate Summit last year. The Coalition is chaired by Mary

Schapiro, former Chair of the US Securities and Exchange Commission, and

funded by Bloomberg Philanthropies.

Steve Pateman, the CBI President, paid tribute to Simon’s work over 16 years

in creating “a body with global reach, impact and influence on issues from

professional standards to the role of sustainable finance.

“In terms of Simon’s change of role, it is a testament to the Institute’s

pioneering work on green and sustainable finance capacity and capability that

has led to Simon being chosen for this key role to lead this important global

effort. Simon has a great and unique opportunity to continue to influence how

the finance sector will help play its part in combating the changes taking place

in our world and we wish him well for the future and thank him for all that he

has achieved here.”


LOOKING OUTWARDS

WCIB members leading the world

on Ukraine’s recovery

THE CITY HAS PUT ITS BACK INTO HELPING STRENGTHEN THE UKRAINE FINANCIAL SYSTEM

Since Russia invaded Ukraine in

February 2022, the City of London

– including many senior members of

WCIB – have forged closer ties with the

country and its financial system to help

revitalise the economy and investment.

In January 2024, TheCityUK and

London Stock Exchange plc (LSE)

signed a landmark Memorandum

of Understanding (MoU) with the

Ministry of Economy of Ukraine

to support the development of

the Ukrainian financial and related

professional services industry through

“The City-Ukraine Hub”.

The MoU, supported by the UK’s

Foreign, Commonwealth and

Development Office (FCDO), is

establishing a robust framework

and supporting financial market

infrastructure to underpin a private

sector-led recovery. The collaboration

is focusing on modernising the

country’s financial services and

capital markets, and supporting the

Ukrainian Government, regulators and

relevant authorities to make further

improvements to encourage more

foreign direct investment and help

Ukrainian businesses grow.

Under the MoU, work is also being

undertaken to build capacity within

the private sector in Ukraine through

a corporate twinning programme,

including support for SMEs, and to

strengthen the capabilities of the

Ministry of Economy’s investment

promotion agency, among other

financial organisations and

professionals.

Yulia Svyrydenko, First Deputy Prime

Minister and Minister of Economy of

Ukraine, said: “Support from partners

is crucial for Ukraine’s economic

stability during the time of war started

by Russia. In cooperation with the

UK Government, TheCityUK and

LSE, Ukraine aims to create a reliable

environment, supportive infrastructure

and financial ecosystem by developing

the capacity of Ukraine’s Government

and companies to attract investments

and long-term private capital. We

express gratitude to our partners for

their efforts in making this possible.”

Bruce Carnegie-Brown, TheCityUK

Leadership Council Chair, said: “This

Memorandum of Understanding

underlines the industry’s commitment

to actively support Ukraine’s economic

recovery. Given the UK’s status as one

of the world’s leading financial centres,

we will bring our expertise in good

governance and robust regulatory

frameworks to support Ukraine’s

recovery. Equally, we can also learn

from our Ukrainian counterparts in

areas such as technology. Today’s

signing marks a strategic step forwards

in formalising our collaboration to

support the long-term growth and

prosperity of Ukraine.”

Julia Hoggett, CEO, LSE plc, said:

“We continue to be inspired by the

resilience of Ukraine and signing this

MoU fortifies our commitment to

supporting its long-term economic

transformation. Through the sharing

of knowledge and expertise, and

convening the financial markets

ecosystem, together we can help

strengthen Ukraine’s capital markets

and nurture its financial sector from

the ground up. We hope that our

continued collaboration will foster the

flow of both public and private capital

into Ukraine, supporting its innovative

companies and vision for a prosperous

future.”

Martin Harris, His Majesty’s

Ambassador to Ukraine, said: “The

UK and Ukraine’s partnership has

never been stronger, and the UK is

supporting Ukraine to fight for freedom

and defend its sovereign territory. I am

pleased to witness this latest initiative

to help Ukraine rebuild: harnessing

UK expertise from across the City to

back the creation of a strong businessenabling

and regulatory framework

in Ukraine. This will boost investor

confidence and unlock the flow of

much needed private finance to aid

Ukraine’s recovery, now and into the

future. The opportunity to rebuild

Ukraine begins now.”

WCIB Freeman Katya Gorbatiouk,

Head of Investment Funds at LSE

and a native of Odessa (pictured

below), said: “As a native Ukrainian,

I am deeply grateful to all the great

minds of the City of London who have

come together in support of Ukraine’s

future as a destination for institutional

capital. Amidst all the heartbreak and

destruction, Ukrainian businesses

– from tech to agriculture, from

metals to energy – keep innovating,

reinventing themselves, surfacing

new talent, sustaining jobs, economic

activity and have shown unyielding

resolve. Ukraine’s integration into

international capital markets will

require collaborative efforts across

a number of organisations, each

contributing what is in its gift to do. It

would be an impossible undertaking

without a group of passionate, inspiring

and hardworking people sharing the

same vision.”

16


LOOKING OUTWARDS

Bringing investor inclusion

to the fixed income world

FREEMAN STACEY PARSONS AT THE LEADING EDGE OF NEW TECH

IN THE WORLD OF HIGH-QUALITY CORPORATE AND SOVEREIGN ISSUANCE

Capital markets technology firm,

PrimaryBid, has appointed Stacey

Parsons as managing director and

head of fixed income. Parsons’

appointment is expected to accelerate

PrimaryBid’s efforts to unlock investor

access to high-quality corporate debt

and sovereign issuance, using its

technology infrastructure and building

upon its strategic partnerships and the

investor advocacy initiatives PrimaryBid

has led in the UK and EU.

With over 25 years’ industry

experience, including significant

time as a retail gilt-edged market

maker (GEMM), Ms Parsons also

serves as the founder and chair of

the Investor Access to Regulated

Bonds working group (IARB) and is a

member of London Stock Exchange

Group’s Primary Markets Group. She

was previously head of fixed income

strategy at Winterflood Securities.

This appointment comes as UK policy

makers seek to enable and encourage

wider investor participation in public

regulated markets. The UK’s market

regulator, the Financial Conduct

Authority (FCA), recently highlighted

that debt regulation designed to

protect investors had “unintentionally

exclude[d] smaller scale participants

from the best products.” PrimaryBid

says that 1% of current regulated UK

debt issuance is accessible to retail,

even though debt sits higher in the

capital structure to equity. The FCA is

currently consulting on reforms in this

area to be enacted this year.

Anand Sambasivan, CEO of PrimaryBid,

said, “We are thrilled to welcome

Stacey to PrimaryBid. She brings indepth

sector knowledge, an unrivalled

track-record, and superb leadership

credentials. At PrimaryBid we are

committed to delivering more inclusive

capital markets that work for everyone.

Stacey’s appointment will be pivotal in

helping us achieve this goal.

Our infrastructure has turned the

historical challenges of including

individuals and communities into

opportunities, leveraging new

technology and partnerships to make

investor inclusion not just feasible but

seamless and strategic.”

Ms Parsons added “Debt capital

markets remain largely inaccessible

to UK retail investors and wealth

intermediaries in the UK. However,

imminent changes in regulation will

bring the UK in line with other regions

where we have seen an extraordinary

take up of direct ownership of

sovereign and corporate debt. These

reforms will allow issuers to engage

retail capital and offer new listed

investment opportunities for investors.

“PrimaryBid has demonstrated how

an innovative platform can deliver

fundamental industry change by

combining smart client solutions

through technology and deep industry

partnerships. I’m delighted to be joining

such a fantastic team, to champion this

investor inclusion and financial literacy

agenda in debt capital markets.”


LOOKING OUTWARDS

Now is the time for digital

assets and growth

LIVERYMAN DR ROBERT BARNES, CO-CEO OF BPX AND MANAGING DIRECTOR OF ANOPOLIS,

OPENS OUR EYES TO HUGE NEW HORIZONS FOR FINANCE

Well-designed markets facilitate the

transfer of risk capital to working

capital, even – and particularly – during

times of uncertainty. They do this by

remaining open, providing seamless

risk transfer to new beneficial owners

with the chain of ownership updated

and evidenced via legal settlement

finality.

A major evolution took place with the

arrival of the internet. Stock exchanges

introduced order books that become

anonymous, such that buyers and

sellers would lift offers and hit bids

without knowing the identity of the

other side of the trade.

The insight was that it was the

presumption of enforceability of

legal contract – when buyers and

sellers had signed up to the market

rule book – that conferred trust and

confidence such that buyers and

sellers would expect to receive stock

or cash after their anonymous orders

matched. With trust and confidence,

technology enabled markets to scale

larger volumes, products became more

valuable, and Variety increased.

Trust and confidence within the legal

framework enable growth. Adoption

of scalable workflows delivers growth

initiatives.

Innovation and adoption by institutions

of digital assets into straight through

processing work flows can augment

these potent features by adding

compliance, efficiency, and resilience

that can increase trust & confidence,

driving:

a) Growth in volume – of activities

from streamlining business

processes.

b) Growth in value – of products

and services enhanced via digital

implementations.

c) Growth in variety – of new products,

new actors and channel partners.

Recent UK legal moves enable another

opportunity that positions the UK

and London’s international financial

centre as the attractive destination for

innovation and adoption – of digital

assets. What has happened in the

past year that makes this so for digital

assets?

2024 is the first year of legal clarity

following the June 2023 release of the

Law Commission’s Digital Assets final

report concluding for the first time

that Common Law can accommodate

Digital assets. Why does this matter?

Because, for the first time, financial

institutions can now refer to these

public documents recognised in law

and by regulators when presenting to

their respective governance and risk

committees to aid internal approvals

towards adoption of digital asset

innovations.

20 September 2023 was important

– the day the Electronic Trade

Documents Act came into effect. This

provides for certain electronic trade

documents, including electronic bills

of lading, to be accorded the same

legal status as their paper equivalents.

Why does this matter? Because it

enables us for the first time to consider

the potential of fully electronic

origination and consummation of

legal contracts which further can

support straight through processing of

electronic business process workflows.

Higher volumes, at lower costs, fully

compliant – all these add to increased

productivity, profitability, and growth.

Next, 8 January 2024, the date the

Financial Services and Markets Act

2023 (Digital Securities Sandbox)

Regulations were enacted into law, with

HM Treasury delegating to the Bank

of England and FCA the overseeing

of testing and use of developing

technology, such as distributed ledger

technology (DLT), in the carrying on

of Financial Markets Infrastructure

(FMI) activities and recommendations

for further policy reform – followed

by 3 April 2024, The Bank of England

and FCA issue joint consultation and

draft guidance on the Digital Securities

Sandbox.

Why, together, do these matter?

Because, these recent legal moves by

the UK make it possible for Financial

Professionals to embrace truly digital

first market architectures. Progress

here can position UK as the attractive

destination for innovation and

adoption of digital finance to boost

Growth, driving Productivity and Jobs.

Now is the time to broadcast the news

and encourage Institutions to get

involved.

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T+1: is time

money and risk?

ALEEM WALLANI ON THE SIGNIFICANCE OF THE RECENT

NORTH AMERICAN SHIFT TO T+1 SETTLEMENT

In a world where money can be

transferred in seconds, the trade

settlement system for stocks, bonds

and ETFs lags behind. By how much?

That depends on where you are on

the globe. In May 2024, the United

States, Canada and Mexico shortened

their settlement cycles from two days

after the trade date (“T+2”) to next

business day settlement (“T+1”). Why

just those three countries and not a

coordinated global effort, including the

UK?

The North American move comes

from action taken in February 2023

by the U.S. Securities and Exchange

Commission (SEC). “After the SEC

took its decision, the UK started efforts

to consider its move to T+1 and is

working through options, as is the EU.”

According to global compliance expert

Mark Berman, a former SEC/LSE lawyer

and founder and CEO of CompliGlobe

Ltd., the UK will follow in 2026/27.

A quicker UK move to T+1 would

help address uncertainty and market

stability. The move to T+1 involves

compressing timescales for a range of

interconnected tasks from confirming

trades, FX transactions to fund trades,

handling arbitrage (ADR and listed

equities) recalling lent securities and

shorted assets and closing out FX

transactions. The move will also need

to consider time zone differences and

local country holidays.

The United States accounts for more

than 40% of global market share in

equity securities. As global portfolios

are, in the main, dollar denominated,

the U.S. move to T+1 might result

in trade arbitrage. Cross-border

transactions will require shortterm

financing to cover the longer

transaction cycle (Europe to United

States) or generate ‘hot money’ as

U.S. trades settle faster (United States

to Europe). There are also concerns

for market description and financial

instability, driven by “unknowns” and

“uncertainties”.

What can UK firms do? If you are an

asset manager or have exposure to

ADR/equity trades and baskets you

should ensure that as you record pretrade

allocations you have adequate US

dollars to cover purchases or complete

a same day spot FX transaction. Back

office policies and procedures will need

to be upgraded to record everything

from allocations to confirmations and

affirmations and staff will, of course,

need to be trained to cover FX issues,

mismatches (particularly around

weekends and public holidays), margin

calls and short sale deliveries.

It is Berman’s belief that the

UK needs to learn its “lessons

learned” quickly and move to

T+1 sooner rather than later,

as a matter of priority.

Aleem Wallani has worked for the UK

Treasury and is an active investor. A March

webcast to WCIB members on this theme by

Mark Berman is available on the Company’s

website.


LOOKING OUTWARDS

CBDCs: the cyber security

and privacy challenges

LIVERYMAN RAJINDER SINGH TUMBER MBE SURVEYS THE THREATS

“There are two main security risks posed by a CBDC. First, individual accounts could be compromised through

weaknesses in cyber security. Second, the centralised CBDC ledger, which would be a critical piece of national

infrastructure, would be a target for attack from hostile state and non-state actors.”

UK House of Lords economic affairs committee report 2021–22

WHAT IS A CBDC

A “CBDC” - Central Bank Digital Currency - is a digital form of

fiat currency, issued by a country’s central bank. Therefore,

it can be considered a form of legal tender, which can be

exchanged for goods and services. A CBDC is similar to a

cryptocurrency - it works through blockchain technology,

but its value is fixed by the central bank. Although physical

currency is still widely exchanged and accepted, countries

are exploring and developing CBDCs, and a few have

implemented them. Therefore, CBDCs will impact our society,

and cyber security has its part to play in this digital arena.

As of spring 2024, three countries had a functioning CBDC:

the Bahamas, Jamaica, and Nigeria. The Eastern Caribbean

Currency Union halted its CBDC for technical reasons and

started a new pilot programme. There are 36 CBDC pilots

in operation and 19 of the G20 have them in development.

The BRICS countries—Brazil, Russia, India, China, and South

Africa—are exploring a CBDC.

CYBER SECURITY & PRIVACY

Whilst there are a variety of issues created by CBDCs – and

see the full paper on the Company’s website, link at bottom

- the scope of this article is cyber security and privacy. Cyber

security: Cryptocurrencies have been a lucrative target for

hackers. A CBDC will attract the same bands of thieves.

Therefore, robust efforts will be needed to prevent system

penetration and the theft of assets.

Privacy is one of the most significant drivers behind

cryptocurrency. CBDCs require an appropriate amount of

intrusion by authorities to monitor for financial crimes.

Monitoring may also be said to be supported, in order to

combat money laundering and financing terrorism.

Federal Reserve Chair Jerome Powell recently listed “cyber

risk” as his number one worry relating to financial stability.

Supporting Jerome’s concern, a UK House of Lords economic

affairs committee report concluded that a CBDC poses two

main security risks. Firstly, individual accounts could be

compromised through cybersecurity weaknesses. Secondly,

a centralised CBDC ledger could be a target for attack from

“hostile state and non-state actors”. The report added that

while no system design can guarantee absolute security, any

CBDC system “will need to be adaptable to emerging security

threats and technological change, including fast-developing

quantum computing”.

The cyber security and privacy of CBDCs has major challenges

to overcome, if a CBDC is to be issued for the UK, or any

other country. This isn’t only due to the possibility of a hacker

stealing the digital equivalent of gold stored at the Bank of

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England, but also because the digital currency may collect,

centralise, and store vast amounts of citizens’, creating

significant privacy concerns. This may include details of

everyday transactions. For example, a CBDC could contain

large amounts of personally identifiable information (PII),

ranging from what prescription medication you buy, or where

you travel daily. This could be extremely valuable if stolen by

hackers or nation-states – seeking to destabilize a country’s

financial system.

While a CBDC would be subject to many of the risks for

the existing financial system (e.g. data exfiltration by

insiders, identity theft, etc) a new set of potential risks

would be created. These may include:

• Increased centralisation of payment processing with PII,

building an ever-increasing treasure trove, with a large

attack surface and many points of failure.

• A financial system combined with PII may involve oversharing

of information between the authorities/third parties

and the banks. Insider exfiltration could result.

• Invasive and wide-scale authority oversight could lead to

reduced human freedom, e.g. unfair controls being applied

to an individual’s spending ability, without appropriate and

timely judicial oversight.

Therefore, CBDCs not only need to maintain financial

stability, but be built securely, protecting the individual’s

data. To deploy a CBDC with robust cyber security and

privacy in-mind, the following points should be adopted:

• Incorporate risk management frameworks, regulations and

judicial reviews: Policy makers, regulators and the justice

system to determine which areas of a CBDC’s ecosystem

are to be under their authority, to provide adequate

security and privacy protection for the system and its users

– including the protection of citizens’ human rights.

• Audits and testing: The government must carefully consider

who will possess full access/oversight to the security testing

and independent audits for the CBDC. These will not just be

financial audits, but security audits – along with penetration

testing to identify and remediate vulnerabilities in the

CBDC system. Clear rules and policies must be in-place to

ensure accountability for errors, breaches and resulting

consequences.

• Interoperability: A CBDC must be interoperable with

the country’s existing financial infrastructure. Global

interoperability would follow, with assistance from

intergovernmental political and economic forum’s, such as

the Group of Seven (G7).

• Encryption and authentication: Implement strong

encryption protocols to protect transactions and PII. Use

robust authentication methods to ensure secure access to

the CBDC system.

• Secure infrastructure: Ensure the underlying infrastructure

supporting the CBDC is resilient against cyber attacks. This

includes secure networks, firewalls and intrusion detection

systems.

• Blockchain security: Leverage secure consensus

mechanisms and smart contract auditing to prevent

vulnerabilities, such as double-spending and unauthorised

transactions.

• Data privacy: Implement strict data privacy controls to

protect users’ PII. Use anonymisation techniques where

possible, to minimise data exposure.

• User identity protection: Employ effective identity

verification processes to prevent fraud and unauthorised

access to CBDC accounts.

• Monitoring and incident response: Continuously monitor

the CBDC network for unusual activity and promptly

respond to any security incidents or breaches.

• Public awareness and education: Educate the public about

cyber security best practices when using CBDCs, to reduce

the risk of social engineering attacks, e.g. phishing.

• Collaboration and information sharing: Foster collaboration

with other central banks, financial institutions, and cyber

security experts, to share threat intelligence and best

practices.

CONCLUSION

The nature of a CBDC is to accumulate sensitive payment

information and PII at an unprecedented scale. If

successful, benefits could be seen by different parties,

e.g. financial inclusion (improved access to digital

payments for the unbanked and underbanked) for the

masses, reduced transaction costs, faster transactions,

and reduced tax evasion. These are understood to be

some of the benefits realised since the launch of the

“sand dollar” by the Bahamas in October 2020. But a

CBDC does have a darker side. It imposes a dependence

on technology (consequently resulting in potential

financial isolation) among the older generation. In the

wrong hands, the CBDC data could be used to not only

steal money, but spy on a citizens’ private life, and worse

– unfairly control a citizen’s ability to live freely in society.

If implemented and adopted without proper cyber

security and privacy controls, a CBDC could substantially

amplify the scope and scale of today’s threats in the

existing financial system.

Full paper and references available on WCIB Linkedin.


LOOKING OUTWARDS

Machine learning

methodologies and

index arbitrage

THIS YEAR’S LOMBARD PRIZEWINNER AVERY AYLSWORTH

SURFS THE AI WAVE IN PREDICTING MARKETS

Our study explores the “index effect” –

notable stock price changes following

additions or removals from major

indices like the S&P 500—and the

resulting “index arbitrage” strategy.

This strategy poses challenges for

portfolio managers by enabling

arbitrageurs to trade stocks based

on these changes. In response to the

increasing interest and amount of

assets in index-tracking investments,

we focus on the 'prediction index

effect,' a proactive method to

anticipate future index additions or

deletions before they are publicly

announced. This approach offers

significant risk management and alpha

generation opportunities, yet remains

relatively underexplored in academic

research.

We aim to predict S&P 500

deletions before their official public

announcement, using a systematic

method to anticipate changes ahead

of the index's expected rebalancing.

Unlike indices like the FTSE, Russell,

or DAX, which have scheduled

rebalances, the S&P 500's as-needed

reconstitution policy introduces

significant complexity to our predictive

efforts. Our strategy is to forecast

deletions up to four days in advance,

considering empirical data, strategic

considerations, and market dynamics.

This method is designed to optimize

deletion detection while balancing the

increased likelihood of false positives,

a result of the unpredictability of S&P

Index Committee decisions.

The study analyses S&P 500

constituents and their discretionary

deletions from December 1st, 1989, to

December 30th, 2022, utilizing CRSP

and Compustat data from WRDS.

We developed over 450 features for

each constituent based on trading,

market capitalization, financial

statement ratio, and idiosyncratic

volatility data. To identify the most

important features, we used two

feature reduction techniques: Principal

Component Analysis combined with

Random Forest Classifiers, and Random

Forest Classifiers alone. Both methods

were enhanced using Point Biserial

Correlation significance scores, leading

to the identification of four key feature

sets for deletion prediction.

Each feature set is then applied across

three predictive models: Logistic

Regression, Random Forest, and XG

Boosted Random Forest, to predict

discretionary deletions from the S&P

500. Although these models increase

in computational complexity, they are

selected for their efficacy in binary

classification tasks, specifically to

differentiate between securities that

will be deleted from the S&P 500 and

those that will not.

To identify the most effective

hyperparameters for each model,

we employ 2-fold cross-validation,

focusing on maximizing accuracy

metrics such as the Receiver Operating

Characteristic Area Under the Curve

(ROC AUC) score. We then perform

out-of-sample tests using the optimal

hyperparameters for each model and

feature set, assessing them through

ROC AUC, F1, and Precision Scores.

The results indicate that the optimal

feature selection for Random Forest

and XG Boosted Random Forest

models is achieved with PCA-selected

features, as evidenced by higher

accuracy metrics. At the same time,

Logistic Regression yields better

results with features identified through

Random Forest Classification. In a

comparison of overall performance,

22


LOOKING OUTWARDS

the more complex Random Forest and

XG Boosted Random Forest models

demonstrate significantly greater

accuracy and predictive power than

Logistic Regression.

We identified the top-performing

predictive model and its corresponding

feature set for each prediction

method, resulting in three final highperforming

models. A Monte Carlo

simulation permutation test assessed

whether these models significantly

outperformed a random-chance

approach in predicting deletion

candidates. The results showed that

each top-performing model from the

prediction methods achieved statistical

significance, significantly surpassing

random selections. This finding not

only challenges the strong-form

Efficient Market Hypothesis but also

supports the feasibility of systematically

forecasting index deletions before their

public announcement.

The Random Forest model, using PCAselected

features, proved to be the

most effective, accurately predicting

32 out of 37 discretionary deletions

and excelling in Precision and F1

Scores. Along with the top-performing

XG Boosted and Logistic Regression

models, it demonstrated statistical

significance at the 99% confidence

level in the Monte Carlo permutation

test, highlighting their robust predictive

abilities and effectively rejecting

our null hypothesis in favour of the

alternative - confirming the potential

for systematic prediction of S&P 500

index deletions before their public

disclosure.

Therefore, this study suggests new

avenues for enhancing alpha generation

and risk management strategies. Future

research might explore optimizing

hyperparameter settings, implementing

neural network-based models, and

broadening data sources to include

alternative and macroeconomic factors

to refine the accuracy of predicting

S&P 500 deletions.

The full paper is available direct from Avery,

whose contact details are in the members

section of the Company website.

The Lombard Prize

for Best Dissertation

Originally from San Jose, California, Avery began his MSc Finance and

Investment degree at Durham University in 2022. He submitted his

dissertation, “Machine Learning Methodologies for the Systematic Prediction

of S&P 500 Index Deletions” to WCIB as part of our annual competition open

to all universities affiliated with the Company – the Lombard Prize.

All entrants submit a 700-word executive summary of their work – reproduced

opposite - and an oral presentation recording in response to two questions set

by the WCIB. The Lombard Prize dates to the early 1990s and winners receive

a solid silver Armada dish inscribed with the Company and winner’s names,

along with a cash prize of £1,500 and a certificate of merit. The winner is also

offered Honorary Membership of the Company for one year and is be invited

to the WCIB Annual Banquet to receive the Prize.

AN OUTSTANDING DISSERTATION

Dr Kumushoy Abduraimova, Assistant Professor in Finance and Avery’s

dissertation supervisor commented, “…This is an excellent academic work that

at the same time offers valuable insights for practitioners. The significance

of the paper goes beyond a prediction exercise. The existence of risk premia

in index removals prediction and demonstrated ability to extract it have

important implications for market efficiency argument.”.

Reflecting on our annual banquet, Avery said, “[There were] so many

interesting people from so many different backgrounds all gathered in one

place, it was truly a wonderful evening. Being surrounded by such incredibly

accomplished people was great and I am very excited to get more integrated

into the Company and represent Durham well”.

Professor Julian Williams, Head of the Finance Department was delighted with

Avery’s success. “Avery came from a previous degree at Loyola University,

Chicago and did his degree with us, has an excellent job in London and has

now also been proclaimed best overall MSc Business/Finance student in

the UK. This is the second year in a row and 3rd in 5 years for us to win the

overall Lombard Prize for best UK dissertation. A fantastic achievement for

the Department and the School. It highlights the calibre of graduate that our

globally ranking Master’s in Finance attracts”.


LOOKING OUTWARDS

Past Master awarded unique

accolade by Lord Mayor

FRANK MOXON IS APPOINTED FIRST UNDER WATER BAILIFF FOR OVER 160 YEARS

Our esteemed Past Master Frank

Moxon has been appointed to the

honorary post of Under Water Bailiff

of the City of London. Personally

appointed by the Lord Mayor of

London, he is the first holder of this

ancient post for over 160 years.

Two such long-extinct posts, the other

being the equal-ranking position of

Water Bailiff, have been recreated as

honorary positions, with the approval

of the Court of Common Council, to

assist the Lord Mayor with some of

his initiatives to reconnect the City

of London with its long, historic and

ongoing links to the River Thames and

to promote its maritime heritage.

The Water Bailiff and Under Water

Bailiff of the City of London are offices

that date back to the 14th century.

The Water Bailiff was concerned with

overseeing commercial activities,

including customs and tolls, along

the River Thames within the City’s

jurisdiction. The Under Water Bailiff

was a separate office (it did not report

to the Water Bailiff) responsible for

regulating fishing, navigation safety,

riverbank maintenance and enforcing

laws relating to river usage. Both were

essentially law enforcement officers,

elected by the Court of Common

Council, and also served as esquires to

the Lord Mayor.

Their roles often overlapped in some

respects but focused on distinct

Frank Moxon with the Master and RNLI crew members

aspects of managing and policing the

Thames within the City. Both positions

became obsolete by the mid-19th

Century as changes in river usage,

industrialisation and the transfer of

jurisdiction over the Thames to other

regulatory bodies made them less

relevant. Nevertheless, some provisions

governing these offices remain extant

and have been suspended with respect

to these two honorary appointments.

Before the installation of locks on the

Thames the river was tidal as far as

© Laura Lewis

Staines. The London Stone there

marks the original westward extent of

the City of London’s authority which

would have been exercised on behalf

of the Lord Mayor by the two Water

Bailiffs. A limited number of places

will be available for boat owners to

join the flotilla on the final day and,

on the previous two days, there will

also be places on some boats for

passengers. The Lord Mayor has

declared that all funds raised will go to

the RNLI, which celebrates its 200th

Anniversary this year.

One of Frank’s early duties, working alongside the Water Bailiff, will be to

help organise The Lord Mayor’s River Progress. This will involve a threeday

progression (28 to 30 June 2024) by river from the City of London to

Staines where the Lord Mayor, accompanied by the Mayor of Staines, will

visit the London Stone.

24


LOOKING OUTWARDS

Mansion House

2023-24 MAYORAL THEME PROGRESS UPDATE: 1 ST MAY 2024

“At the halfway point of this mayoralty, I am filled with enthusiasm and motivation as

our collective efforts blossom. Both domestically and internationally, stakeholders

consistently commend our City for its remarkable, diverse Knowledge Miles. I extend

my heartfelt gratitude to everyone involved in making this journey possible and look

forward to working with you over the next six months.” Lord Mayor Michael Mainelli,

Honorary Freeman

CONNECT TO PROSPER IN ACTION

PLANET

NZD Summit: Confirmed Key speakers include Commonwealth Secretary

General & Chair of the Network for the Greening of the Financial System.

Veracity WebApp: Development continues, focus on getting the App ready for

the Livery Weekend.

Space Protection: Discussed space debris solutions in Italy. SPADRIB’s proposal

gained parliamentary support.

PEOPLE

Knowledge Miles Webinars: 56 scheduled, 39 delivered. 46,000+ views.

Coffee Colloquies: 23 scheduled, 9 delivered.

Ethical Al Initiative: 3000+ candidates registered for CISI course from 350+

firms and 50+ countries. 100+ registered for BCS course, which has been

nominated for 2 assessment awards.

University Partnerships: Meeting with VC of LSE. UCL and City University

attending Science and Tech Breakfast. Event with Birmingham University in

Dubai.

Royal Mathematical School Bursary: Two founding partners and a total of

£582,750 fundraised, which funds two full RMS Scholarships.

Galenos Mental Health: Galenas has published its first living systematic review.

PRODUCTIVITY

Constructing Science: ‘Launch of the Cancer Workforce Fund’ event with the

European Cancer Organisation 4 Apr. ‘Life Sciences Roundtable’ 9 May.

Smart Economy Network: 20+ Businesses participating in Smart Economy

Network, led by Worshipful Company of World Traders with support from City

University.

Tech & Investment: Science & Tech Breakfast on ‘AI Regulation’ 23 Apr.

EXPERIMENTS

Delivered

Outstanding

Scheduled

• Launch of Polly AgriSound, a

new device to map and monitor

pollinator activity across the City.

• Successful event celebrating the

launch of the Experiments Series

and the completed Time Dilation

demonstration.

• Participation in the City of

London’s BioBlitz in City Nature

Challenge.

“The Lord Mayor’s Connect

to Prosper programme has

linked businesses, technology,

and academic leaders,

building the City’s reputation

for ethical, responsible and

innovative use of Al.”

Rashik Parmar, Group CEO, BCS and

Recipient of the Freedom of the City.

TRAVEL

• China – 16-23 Mar

• Italy – 7-12 Apr

Upcoming

• Gulf (Apr/ May)

• Japan & Singapore (May)

• Channel Islands (Jun)

LIVERY ENGAGEMENT

• Livery Linked In Community:

1,600+ members.

• 35 companies participating in Livery

Experience, 14 guests hosted.

• 7 international ‘Livery-Coffee-

Connect-Teas’ (Dubai, USA

(2),Ireland, India, Hong Kong

& Beijing.

MEDIA

• The first event in the Connect to

Prosper Experiment Series featured

on the front page of The Times.

• 123+ broadcast, digital and print

engagements.

OTHER

• 96 speeches to 40,000+ people.

• 41 new recipients of ‘Freedom of the

City’ award in a Ceremony held in

Mansion House – 19 Apr.

• Mansion House Children’s Party –

11 Apr.

For more information, visit:

www.cityoflondon.gov.uk/

about-us/about-the-city-of-londoncorporation/lord-mayor/connect-toprosper


CHARITY & EDUCATION

Making a difference

VOLUNTEERING WITH WCIB PARTNER CHARITIES

Education and charity have been central to the role of livery

companies since mediaeval times, and they remain at the

heart of the WCIB’s activities. The Company provides grants

to a range of charities, focusing on work that will make a

difference to the lives of disadvantaged young people in

London through education, financial literacy, employability

and raising aspirations. Funding comes from a variety of

sources, including very importantly the annual donations

of WCIB members. This is supplemented by other

fundraising events and by legacies, and – very recently –

by the BBA Legacy Fund (see the last edition of the

International Banker, for details), the first distribution

from which was made this year.

For the charities we partner with, however, the potential

value of WCIB support extends well beyond the financial

aspect. Also important is the personal input of WCIB

members able to lend their skills and experience to the

charities’ work, whether on a one-off or regular basis or with

respect to particular projects. That experience may be very

valuable when it comes to mentoring young people, providing

interview practice and CV feedback for students or adults,

speaking about careers and working life, helping develop

numeracy or literacy skills, providing venues and hosting

events, judging essays and competitions, or in a range of

other activities that bring benefits to both the recipients and

– as so many WCIB members will attest – the volunteers also.

In this article we spotlight both examples of opportunities

to help our partner charities, and reflections from some of

our volunteers on what they have gained and learned from

the experience. What is clear is that there is no one type of

volunteering opportunity, or stereotypical volunteer; rather,

there are lots of ways of making a difference and lots of scope

to do so.

GET INVOLVED

If you would like to be part of making change happen,

the important step is to register your interest on the

WCIB volunteer database.

We will then be able to let you know when we receive

requests for help from our partner charities and schools.

Joining the database does not imply any obligation to

participate in any scheme; what and how much you

choose to do is entirely up to you.

So why wait? If you haven’t yet joined the many who have

done so, sign up now at https://tinyurl.com/yc645r69 and

make sure you’re the first to hear about all the ways that

you could make a difference!

UpRising

www.uprising.org.uk

UpRising provides a range of leadership, mentoring and

employability programmes to help young people from

underrepresented and underserved communities realise their

potential and promote positive change.

Supported by WCIB funding, Uprising is launching in 2024 a

new six-week leadership programme called “Making Change

Happen.”

The first of three cohorts throughout the year will start in

May, with participants aged 18-25 and drawn from across

East London. The programme will include an in-person

careers and employability event, taking place on 7 June, at

The University of Sunderland in London campus.

You may have responded to the invitation in the last WCIB

newsletter to volunteer at this event (registration for which

has now closed). If so, thank you. You will be providing

valuable help in running practice interviews, providing

feedback on CVs, and participating in career panels and

networking events; all ways of drawing on your own

experience to provide some very practical support to young

people at the start of their working lives.

If you think you could help at similar events for future cohorts

of this programme, please do make sure you’re registered on

our volunteer database. Sharing your experience in this way

will make a difference to so many young people.

ClementJames

www.clementjames.org

ClementJames, based in Kensington and Chelsea, works with

some of the most marginalised communities in the borough

to address underachievement and social exclusion. The

WCIB is currently supporting the charity’s work with young

people at risk of exclusion from school. While this particular

26


CHARITY & EDUCATION

programme is not appropriate for volunteers, ClementJames

would welcome WCIB members’ help with their wider work

including:

• Employment Support ClementJames holds employmentfocused

day events every two months. These help

participants develop their skills and confidence, and

volunteers from business play a key role in this; helping

participants develop their interview skills, for example, or

build their confidence in public speaking.

• Wellbeing Support Another important aspect of

ClementJames’ work is enabling people to relax, have

fun and socialise with other members of the community.

Their wellbeing initiatives include festive celebrations

such as a pre-Christmas lunch, with volunteers sought to

help with food and contribute to creating a safe space. In

the summer, volunteering on wellbeing moves outdoors,

with the opportunity to support the charity’s gardening

activities.

• Children & Young People In August, a chance to bring

out your (and others’) artistic side by helping young people

paint their banners and create costumes for the Notting Hill

Carnival.

All of these activities will take place in groups. Volunteers

will be supported by ClementJames staff and introductory

training provided as appropriate, so that this experience is

as beneficial as possible for both the participants and the

volunteers themselves.

The Brokerage

www.thebrokerage.org.uk

The Brokerage is a social mobility charity that, for many of

its 28 years, has worked with the WCIB as a close partner. It

helps school and university students achieve their potential,

including learning about and accessing professional jobs in

finance and more widely. The Brokerage believes in equal

access to opportunity, irrespective of background or race.

Eligible students can sign up to Brokerage programmes

via the charity’s website and join events such as career

workshops, CV preparation and interview training. Following

participation in a number of events they can then apply for

work experience and internships through the Brokerage’s c.30

corporate partners.

The contribution of professionals from banking, financial

services and consulting is crucial to providing the guidance

and support that these bright, aspiring individuals need. This

may involve:

• Career Guidance – sharing your knowledge to help open

students’ eyes to possibilities

Our charities at work


CHARITY & EDUCATION

• Mentorship Magic – offering encouragement and acting

as a sounding board

• Interview Ready – practice sessions to help students shine

• Creating a Winning CV – guidance on writing and tailoring

a resume

• Workplace Visits – could your organisation host a 45 min

visit with Q&A for 15-17 year olds?

If you would like to help in any of these ways, just register

with the WCIB volunteer database and find out more about

how you can help someone make their first career steps.

The WCIB Prize and the

Lombard Prize

The Company has a long tradition of working with and

supporting universities and business schools. This can

take a number of forms including mentoring students and

speaking at events. For each institution with which we have a

relationship, it also includes awarding an annual WCIB prize

to the student with the best dissertation or extended written

work as assessed by the faculty.

Unlike the WCIB Prize, the Lombard Prize is judged by the

WCIB itself. Members volunteer to read and rank a selection

of fascinating and high calibre essays, generally in late

January/ early February. To help with the judging process

for the next Lombard Prize, make sure to register on our

volunteering database.

The WCIB School Essay

Competition

Every year the WCIB runs an essay competition for students

in Years 12 and 13 at state schools in east London. Students

from 26 schools entered the competition in 2023; they were

asked to write a 1000 word letter to the Prime Minister

about the opportunities and challenges that AI could bring to

education, and how to respond to them.

This is a great exercise and owes much to The Brokerage who

help organise it, the teachers who support their students, and

the WCIB volunteers who contribute the time to read and

judge the submissions. If you would like to be part of this and

read some thought-provoking essays this autumn, sign up on

the volunteering database and prepare to be inspired!

Each institution’s prize winner then qualifies to compete

for the annual Lombard Prize, presented at the Company’s

Annual Banquet. This Prize was created by the late Alan

Moore CBE in the early 1990s when Chair of the Lombard

Association, and has been supported by the WCIB since our

formation in 2001. Initially open to students at Bayes Business

School (then City University), its scope was extended in 2009

to include all universities and business schools affiliated with

the Company.

28


LOOKING INWARDS

The WCIB

Communications

Committee and

the new website

COMMITTEE CHAIR ALI GRIFFITHS

REPORTS ON A BUSY FEW MONTHS

The Communications Committee

has led a project to transform the

Company’s website and membership

communications software, with great

support from the Master, Senior

Warden and Clerk. After an extensive

tender process, Summit Digital, based

in Winchester, were chosen to deliver

this work.

The website is due to launch by early

June, and we are all excited to share it

with you. More information will follow

closer to the time.

Our aim is to deliver:

• A fast, modern website to attract

new members and retain existing

ones, encompassing e- commerce,

event booking and management, and

a secure, GDPR-compliant membersonly

area.

• An easy to use, integrated website

and membership platform, built on

secure, future-proof technology,

to meet the needs of current and

prospective members, partners, and

the Clerk.

• Technology and automation to reduce

the administrative burden on the

Clerk.

Updating our member records is critical

to the success of this project, and we

will need the input and support of

all members. Once your record has

been updated, you will then be able

to automatically access the ‘Members

Only’ area of the website, with

numerous new features.

Prior to launch, members will receive

a series of emails asking you to check

and update your individual member

record. In particular, we will ask for a

personal email address as your primary

contact, so that if you move to another

employer, we won’t lose touch.

Other new features include noting

volunteering preferences, or if you have

an events space in your office building

which we might be able to use for a

future event.

The Committee is grateful to WCIB

Freeman Madison Reamsbottom for

sharing her expertise in membership

communications platforms.

Beyond the work on the website, other

projects continue! Liveryman Sidney

Ross has overseen the development

of a new member recruitment and

company video (with many thanks to

Alex Knight of Neurotic Pictures). This

is due for completion shortly, and will

help us bring to life most vividly the

varied nature of our Company for new

audiences, both on the website and on

our social media.

On LinkedIn, our primary social

platform, our engagement continues

to grow, with over 3,900 followers to

date, an increase of 9% since January

this year alone. A task-force comprising

Mark Henthorne, Scott Levy and Onur

Cetin are now considering appropriate

guidelines to help us drive active digital

engagement still further.

As ever, if you are keen to get

more involved in the life of the

Company, and would like to be

considered for membership of

the Communications Committee,

please do get in touch.


LOOKING INWARDS

Membership committee

CHAIR LIZ FIELD ON HOW MEMBERS CAN HELP BUILD THE COMPANY

The membership committee has been focusing its efforts

internally for a few months as we refine the processes

of interviewing prospective members who do not have

sponsors, provide buddies for new members and review exit

questionnaire data to establish the reasons for people leaving

and consider actions to mitigate against that. Our focus is just

as much on retention as it is on recruitment.

On recruitment, members are encouraged to

nominate individuals to WCIB membership

and, where possible, if you are not a

Liverymen, to get a Liveryman to be the

seconder to the nomination.

This speeds up the process for individuals to join WCIB and

start getting involved in our activities. On retention, if you are

considering leaving WCIB, whilst we would rather you did not,

we recognise there are always reasons so you are encouraged

to get in touch with either the Clerk or the membership

committee to discuss this. It may be there are areas of our

work of which you are unaware and we can shine a light on

these and if you have examples of the types of events you

would like to see, then please let us know.

In the meantime, membership goes from strength to strength

and we are delighted to have welcomed 19 new Freemen so

far this year. We have also been organising a joint event with

the Association of Foreign Banks. The Deputy Chair of the

membership committee Rafael Leffa and committee member

Madison Reamsbottom organised and curated a panel of

WCIB speakers which was introduced by Middle Warden

Tim Skeet, and consisted of Junior Warden Ali Miraj and two

former Masters, Karina Robinson and Jane Platt CBE, plus

Giles French from AFB. Our thanks to the Bank of China for

hosting an event on 11th March, which saw us talking to and

networking with 100 individuals from foreign banks.

Finally, looking forward to the Summer event, you are

encouraged to bring guests with you so we have the

opportunity to talk about the WCIB and the benefits of

membership. I hope to see you there.

30


LOOKING INWARDS

Associates go from

strength to strength

COURT ASSISTANT AND CHAIRMAN OF ASSOCIATES JAGO TONER REPORTS ON BOOM TIME

The WCIB Associates section continues to grow and is

currently thought to be the largest of any Livery. As of

April 2024 the section boasts 117 members across 4

different sections.

Section

Number

Associates aged 25 to 35 64

Associates under 25 28

Students 18

Mansion House Scholars 7

Total 117

The final Associates event of 2023 was a guided tour of

the Houses of Parliament kindly arranged via the office of

Nickie Aiken, Member of Parliament for the Cities of London

and Westminster. Demand for the event was huge, with a

waiting list having to be opened less than an hour after it was

announced. On the evening, 15 Associates enjoyed the tour

with most retiring to a local hostelry afterwards to compare

notes.

On 12th of February Rayan Soltana captained a team of

WCIB associates taking part in the Young Livery Inter Livery

Quiz 2024 at Merchant Taylors’ Hall, hosted by the Guild of

Young Freemen. Our team was made up of Harry Lim, Idrees

Khan, Burhan Ali, Tin Lau, and Jieru Ying who collectively

reported back enjoying an evening of spirited competition

and camaraderie.

Continuing the competition theme, in mid-February we were

approached by the Associates section of the Leathersellers’

Livery and challenged to a seven-a-side football match. The

Leathersellers’ already had an established team and had

recently played matches against the Dyers and Watermen

but we were keen to take up the challenge. After a rallying

call in our WhatsApp group we managed to put out a team

made up of Samad Islam, Charlie Samra, Joel Sandler, Gabriel

Fernandes, Charles Cox, Kit Saxton, Amir Sattar and captained

by Rafael Leffa. After the game the team hosted that of

Leathersellers’ for refreshments.

The Associates at Westminster

The Associates WhatsApp group is the best way

to reach out to fellow members and to stay up to

date with events so please contact Jago.Toner@

marianainvestments.com to be added to the group.


LOOKING INWARDS

WCIB Military Affiliates news

LIVERYMAN COMMITTEE CHAIR JAMES NISBET HIGHLIGHTS OUR WORK WITH TWO REGIMENTS

100 (YEOMANRY) REGIMENT ROYAL ARTILLERY

We have been associated with this regiment (formerly

National Reserve HQ Royal Artillery) since 2005. They

approached the City of London Corporation to ask if they

could suggest a livery company to affiliate with and were

directed to us.

The regiment is based at Woolwich Barracks, which boasts

the 2nd largest parade ground in Europe and the Georgian

façade of the main building is the longest in the UK. The

regiment’s primary role is the provision of Army Reserve

officers and soldiers to support operations and exercises.

The CO of the regiment is also commandant of the barracks,

which as well as our regiment is home to the King’s Troop

RHA and a number of other regiments. Our relationship

with 100 (Yeomanry) has been mutually satisfying – we have

helped fund their annual expedition, they have welcomed

us to their splendid HQ, and once a year the CO chooses

the winner of the WCIB Soldier of the Year prize. Major Paul

Pepper, XO 100 (Yeomanry) Regiment RA received the WCIB

prize certificate on behalf of the winner, Gunner Tulki Jenkins

at the Annual Banquet at Mansion House.

306 HOSPITAL SUPPORT REGIMENT (HSR)

306HSR is a fascinating unit which acts as a reserve providing

specialised personnel (brain surgeons, plastic surgeons,

anaesthetists, midwives, mental health nurses, etc) to NATO

field hospitals either as individuals or small teams. Members

of the Regiment have seen a significant amount of frontline

service in recent years, taking part in a variety of military,

peacekeeping and humanitarian operations including tours in

Bosnia, Iraq, Afghanistan, and Sierra Leone.

In February the Master, Past Master Frank Moxon (immediate

past WCIB liaison for 306 HSR) and David Stringer (New

in post WCIB liaison for 306 HSR) attended the Regiments

Training weekend in Strensall, near York. A packed agenda

included weapons handling tests, scenario training around

managing complex medical and ethical situations in forward

operations field hospitals and a Mess Dinner to celebrate

the achievements of the year. It was also an opportunity for

the Master to meet SSgt Hannah Thompson who was this

year’s recipient of the WCIB Leadership Trophy in advance of

the presentation of her certificate at the Annual Banquet at

Mansion House.

Below: Major Pepper and SSgt Thompson with Liveryman Alexander Rottenburg, Frank Moxon, The Master and James Nisbet

32


LOOKING INWARDS

Inter-livery: the high life in France

… and Merchant Taylor’s

LIVERYMAN BURHAN ALI ON THE LATEST INTER-LIVERY OUTINGS

INTER-LIVERY SKI COMPETITION

Embarking on an adventure amidst the snowy peaks

of Morzine, France, was a thrilling experience for the

Worshipful Company of International Bankers as they

joined the Inter-Livery Ski Competition for the first

time. Surrounded by the breath-taking Alpine scenery,

WCIB members enjoyed a week packed with snow,

sunshine, and friendly competition. The event began

with a charitable twist as the team participated in the

Team Triathlon event. This involved a mix of athletic

challenges - a team slalom race down the Nyon piste, a

precision biathlon shooting contest, and a scenic snowshoe

hike - all in support of a worthy cause. The team’s

efforts not only showcased their sporting skills but also

demonstrated their dedication to giving back. Through

their collective efforts, valuable funds were raised for

the designated charity, reflecting the generous spirit of

the company and the Livery community.

The competition peaked on days two and three as

the team joined more than 200 participants from

various Livery Companies for thrilling parallel and giant

slalom races. Against the backdrop of pristine slopes

participants skilfully maneuvered down the slopes, and

the camaraderie lit up every run with a roaring cheer.

Special thanks go to The Ironmongers’ Company,

Snow Camp, and Ecole du Ski Français for organising

an unforgettable event filled with skiing, après-ski fun,

and well-deserved recognitions. The Inter-Livery Ski

Competition holds its place as a highlight of the yearly

Inter-Livery calendar.

INTER-LIVERY QUIZ EVENT

The annual Young Inter-Livery Quiz held at the

prestigious Merchant Taylors Hall was not just

an evening of competition, but a celebration of

camaraderie among members of various Guilds and

Livery companies. With nineteen other respected

organisations in attendance, the event highlighted the

sense of togetherness in a playful manner within the

livery community.

Attendees from diverse backgrounds and skillsets came

together to put their knowledge to the test. Whether

facing rapid-fire questions, guessing classical songs,

or showcasing artistic talent in the drawing round, the

team gave it their all.

As the competition unfolded, it became evident that

the goal to obtain the Coopers Cup was real, with some

teams racing ahead vying for first position. Each team

brought their A-game, but ultimately, congratulations

were in order for the triumphant team. Their success

secured a generous donation to a charitable cause of

their choosing, underscoring the philanthropic spirit

that defines the essence of the livery community.

While the WCIB team may not have emerged as

champions in the drawing round, their performance

was commendable nonetheless. As we reflect on our

participation in the Inter-Livery Quiz, we take pride

in the friendships forged and the memories created,

knowing that it’s not just about winning but about the

shared experiences that enriches the livery tradition.


LOOKING INWARDS

WCIB sailors take to the seas

LIVERYMAN LIZ THRUSSELL OF THE WCIB SAILING CLUB ON ITS WELCOME RETURN

The recently resurrected WCIB Sailing club was delighted to

kickstart its activities by participating in the City Livery Yacht

Club’s (CLYC) Annual Inter-Livery Regatta, in Cowes on the

Isle of Wight. The Inter-Livery Regatta takes place in the

second half of May each year, where entrants battle it out for

the Lord Mayor’s Cup. After heroic efforts by Commodore

Selina Chotai to secure a boat (Holly Blue), a Beneteau

Oceanis 31, and an experienced skipper (Leigh Gibson) at

short notice, the team met at Haslar Marina in Gosport on

Friday 17th May. The WCIB boat crew (see photos) consisted

of Selina, Idriss Khan, David Pfeiffer, Liz Thrussell and guest

Harry Boyle.

We met the skipper, Leigh, and sailed away to Cowes at 17:30

hours. Sunny and light winds, we sailed across practising

tacking techniques, including an impromptu man overboard

drill to fetch Selina’s waterlogged cap which blew off in the

wind. We arrived in Cowes around 19:30 hours, and rafted up

to two competitor boats, Red Kite and Dodger. After a quick

freshen-up and change out of our sailing gear, we enjoyed

an excellent supper at the Red Duster restaurant in the town

centre, with a further nightcap on board.

Saturday was race day so an early start for all crews. Leigh

and Selina attended the dockside briefing at 08:30 hours

while the rest of the crew cleared away breakfast and

prepared to set sail.

Other Liveries racing included Leathersellers, Plumbers,

Innholders, Gunmakers and Carpenters. The format was two

races around a series of racing buoys in the Solent, followed

in the evening with a dinner and prize giving at the Royal Yacht

Squadron. Boats were placed in two race classes and given

handicaps determined by Island Sailing Club classifications.

WCIB were in Class 2.

We cast off in Holly Blue at 09:00 hours, flying the Bankers

burgee, to allow the boats we had moored alongside to leave

after us. The Solent was a mill pond, no waves and no wind.

We waited for our racing orders over the VHF radio at 10:00

but due to lack of wind, racing was postponed for an hour.

Close to 11:00, another postponement was announced, with

Class 1 race start time set at 12:15 and Class 2 starting at

12:25, the timing set to when the wind was expected to pick

up. We made use of the extra time by taking a tour of Cowes

Harbour, with a running commentary from the skipper. A

short first race around four racing buoys, we finished the

course at 13:34. The Lord Mayor, Professor Michael Mainelli,

an experienced yachtsman himself, joined First Rule (not

racing) and cheered us on.

We had just enough time for a quick lunch on board, and to

watch some very noisy powerboats roar past, having raced

round the Isle of Wight in just half an hour, before the second

race was due to start at 14:10. Our first buoy was Gurnard

and tacking against a light wind and strong tide proved

difficult as we were repeatedly swept away from the Cardinal

mark. After a determined attempt to edge forward against

the elements, we eventually abandoned the race at 4pm. Four

other boats also resigned the second race for similar reasons.

Overall, we came 7th, not bad for a new team that had not

raced together before, nor sailed on Holly Blue.

The crew headed to the marina bar for a well-deserved postrace

drink before getting ready for the prizegiving dinner. The

dinner was held in the Pavilion at The Royal Yacht Squadron,

with stunning views of the gardens and sea. A champagne

reception was followed by an excellent supper where the

Lord Mayor gave an entertaining speech and presented

the Lord Mayor’s Cup to the winning boat, Kusima, for the

Leathersellers.

34


LOOKING INWARDS

The following morning, we had a leisurely sail back to Gosport

with lots of practice on helming, and lunch on board as we

sailed. Arriving back in Gosport on time to hand the boat

back at 4pm, we wistfully said our goodbyes and all agreed it

was a fun and exciting weekend. With thanks to our skipper

and all the crew for their efforts, teamwork and camaraderie

throughout the weekend. I am looking forward to further

sailing events and hope this encourages more WCIB members

to join in the fun.

Future Events (dates to be announced – look out for more

information in future e-updates)

SOCIAL EVENTS

• Pirates of the Caribbean night with rum tasting – open to all

WCIB members and guests

• Model Yacht Club spectator event

• Club socials at a reciprocal yacht club (in the City or around

Fulham/Putney riverside)

• Inter-livery social events

PRACTICAL SAILING EVENTS

• More Regattas now the sailing season is under way

• Dinghy sailing evening events where members can improve

their wind-awareness skills in a few hours of 1:1 tuition on

the Thames / Docklands (weekdays)

• Weekend cruising events (The Solent or further afield)

• Seaview Mermaids racing weekend (September 2024)

QUALIFICATIONS / TRAINING EVENTS

• RYA Day Skipper Tidal Qualification (spread over a few

weekends)

• RYA VHF Radio course

• RYA First Aid Course

WCIB SAILING CLUB – THE BACKGROUND

The WCIB Sailing Club was set up in 2012 by Selina

Chotai and Kerttu Alpass. Kerttu ran it for a few years

before passing on the baton.

Club ceased activity for some years due to not having

anyone to run it - and covid.

We have just resurrected it in April 2024 and there seems

to be plenty of appetite from members to go out sailing,

enter races and get some new qualifications / training to

become better sailors.

There is also a fantastic social side to sailing (think beer,

wine and rum after hours!) and a great camaraderie that

is quickly built while working a boat and sleeping in close

quarters.

There’s plenty of opportunity for anyone who wants to

give sailing a go to join us, no experience needed. Not

intimidating – come

along to our next

meeting to find out

more.

Please contact Selina.

chotai@gmail.com for

more information – and

to join!

Selina Chotai, Liveryman

and Chair/Commodore of

WCIB Sailing Club

All WCIB members and their guests are welcome to join

these events, whether you’re new to sailing or have some

experience the sailing theory and practical events are geared

to be accessible to all.


LOOKING INWARDS

WCIB events

EVENTS COMMITTEE CHAIR IRINA ONS VILABOA ON A HECTIC SCHEDULE

We have included details below of

recent events that the Company

has organised and participated in. It

shows the great variety of fellowship

and networking opportunities that

we provide for our members. Please

let us know if you have ideas for

future events or would like to join the

Committee to help organise. Most

importantly we look forward to your

attendance at our wonderful events for

the remainder of the year.

NOVEMBER 2023

“Are the Economic

Gloomsters right”?

Dr Andrew Hilton, founder of the

Centre for the Study of Financial

Innovation, provided a fascinating

presentation on this topic during an

online event for our members, now

available on the website. Andrew

is not your typical dry economist,

as anyone who has read his weekly

Heretical Times substack will know. He

gave an interesting and entertaining

commentary on the issues of the day,

with refreshing openness. Read more

of Andrew’s work at hereticaltimes.

substack.com

WCIB Christmas party

The Master and Wardens welcomed

around 80 members to our Christmas

drinks party at Equitable House,

which looks over London Bridge,

Fishmongers’ Hall and Glaziers’ Hall. It

was a great way to socialise and kick

off the festive season in true WCIB

style! It was also a good opportunity

to wish fellow WCIB members all the

best for the festive season, with some

of us needing extra time to do this in

the nearby pub as well. The events

committee is looking forward to

organising this year’s party and is asking

for your support in hosting the event.

Carol Service

WCIB members were able to continue

the seasonal festivities when they

attended our annual carol service at

St Mary-le-Bow on Cheapside. We

were joined by livery colleagues from

the Arbitrators, the City Solicitors

and the Scriveners, and all enjoyed a

sparkling wine and mince pie reception

afterwards. It was the last carol service

given by our Honorary Chaplain, the

Reverend George Bush, before his

retirement in February (see P39).

JANUARY 2024

FSG Panel with CISI: “Is

the UK savings industry

allocating enough capital to

UK private assets?”

At Mansion House in July 2023, the

Chancellor announced a package of

reforms designed to improve the

functioning of capital markets in the

UK. This event focussed on the area of

pension reforms and what they mean

for the City and wider UK financial

services sector. WCIB members joined


LOOKING INWARDS

colleagues from the Financial Services

Group of Livery Companies, CISI and

LIBF. There were keynote addresses

from the Lord Mayor, Alderman

Professor Michael Mainelli, and the

London Stock Exchange CEO, Julia

Hoggett. The WCIB Master, Angela

Knight, then moderated a panel

discussion on the likely outcomes.

FEBRUARY

FSG Networking drinks

The Financial Services Group of Livery

Companies organised a social evening

at the historic ‘Hand & Shears’ public

house in the Barbican. The event

gave members from across the broad

financial services sector the ability to

meet and mingle, with no agenda apart

from serendipity and no cost apart

from what they spent at the bar.

WCIB Networking drinks

The Events Committee were pleased to

organise a very successful networking

event for members, at Harry’s Bar,

Abchurch Yard. The event saw 40+ turn

out, including the Master and other

Court members as well as prospective

members; this truly showcases the

fellowship spirit of the company. These

networking events are a great, light

touch introduction to the company.

Lord Mayor’s lecture given by

Middle Warden Tim Skeet

Members were invited to hear Tim

Skeet provide an informed view of the

bond capital markets. This was part of

the Knowledge Miles series of lectures

organised by Lord Mayor Michael

Mainelli. The talk provided an overview

of the key mechanisms employed to

direct capital towards alleviating climate

change or meeting other sustainability

goals. Tim commented that the bond

markets can be a useful tool if harnessed

properly but outlined why countries can

often lose market credibility.

Annual Banquet at Mansion

House

WCIB hosted another very successful

annual banquet in February, a highlight

of our livery year. Master Angela Knight

CBE oversaw the event and gave out

several prizes during her speech. Our

guest speaker was the Rt Hon John

Glen MP, Minister for the Cabinet and

Paymaster General. It was a soldout

event for over 300 members

and guests, all of whom had a great

opportunity to network and enjoy the

surroundings of Mansion House, as

shown by the pictures elsewhere in this

magazine. Many thanks to our Clerk

Carole Seawert for organising.

MARCH

Networking event for WCIB

and the Association of

Foreign Banks

WCIB was pleased to jointly host a

networking reception together with the

Association of Foreign Banks (AFB)

and Bank of China. The event began

with a panel discussion where we

heard insights from senior members

from WCIB as well as the banking

industry. This was followed by a

drinks networking session. It proved

to be a great way to discover how

both WCIB and AFB can assist you in

advancing your career, expanding your

professional network, and building your

business in the City. Further details

found in the Membership Committee

update.

United Guilds’ Service at St.

Paul’s Cathedral

The 80th service of the United Guilds

of the City of London was held at St

Paul’s Cathedral in mid-March. This

event for livery companies remains a

firm favourite for WCIB members. It

provides for a colourful celebration of

the fellowship and good work of the

historic Guilds in the City of London.

After the service, a number of WCIB

members joined other livery companies

for a convivial lunch at Butchers’ Hall.

‘T+1; Is time money and risk?’

Freeman Mark Berman presented an

introduction to the US and Canadian

moves to T+1 settlement and outlined

some of the interesting issues that flow

from the consequences of the May 28

move. A very informative and useful

online event for our members. See

page 19 for analysis.

APRIL

WCIB networking drinks

The Events Committee organised

another enjoyable networking event

for members, this time at The Banker

pub near the River Thames. The event

saw another great turn out with several

associates having a chance to learn

more about how the Company works

and meet the existing members. Tim

Skeet represented the Court, bringing

a potential member with him to

introduce to the Company. Liveryman

Gesche Basile came with her mentee

from the Mansion House Scholarship

Scheme, Wubedel Asfaw, on their way

to the mentoring catch-up dinner.

WCIB Common Hall

The Master and Wardens hosted our

annual Common Hall via Zoom. Over

60 members joined the call live to

hear about the work and plans of the

Company. James Nisbet, who chairs

the Liveryman Committee, fielded a

lively Q&A session.

The Lord Mayor’s Big Curry

Lunch at Guildhall

WCIB attended the annual lunch event

to support veterans and members of

HM Armed Forces. Since its inception

in 2008, this event has focused on

helping support veterans of all the

services into sustainable employment

in the civilian world. It is now a spicy

favourite in the City calendar.

Tim Skeet and Peter Green smell curry


LOOKING INWARDS

The view from Austin Friars

CLERK CAROLE SEAWERT ON PROGRESSION THROUGH THE RANKS

If you are a WCIB Freeman and don’t

yet have your Freedom of the City

of London, there’s a straightforward

process to follow.

Contact the Chamberlain’s Court on

Court.Assistant@cityoflondon.gov.uk

and they will send you the application

form.

You will need to attach your full birth

certificate and your Freedom certificate

from the WCIB. There are details on

the form of how to make your payment

(currently £180).

This then goes to the Court of

Aldermen who will assess your

application. Following this, the

Chamberlain’s Court will get in touch

with you. There is currently a threemonth

waiting list for Freedom

ceremonies – although we try and

overcome this by holding joint

ceremonies. (Ie: if one WCIB member

already has a date for their ceremony

and is happy to have others join them.)

The next deadline to get your

application in is 2 July as the Court of

Aldermen next sits on 16 July.

BECOMING A LIVERYMAN/LIVERYWOMAN

Once you have your Freedom of the City, the next step in your WCIB journey

is to become a Liveryman/Liverywoman. Anyone who has been in the

Company for a minimum of two years can apply. There is no age restriction.

If you wish to apply to progress, you need to send me an email (clerk@

internationalbankers.co.uk), answering the following three questions:

• Your reasons for wishing to progress within the Company

• Your involvement with the Company and within the City of London to date

• Your future objectives within the Company as a Liveryman

You also need to include the url of your LinkedIn profile and attach your CV.

The Livery Admissions Committee holds Zoom interviews once a quarter. The

interviewers will be keen to understand your involvement with the WCIB in

the past and your future plans for involvement. This can include attendance

at events, working with a committee, acting as a mentor or helping with the

Company’s charitable activities. Involvement in the City of London is also

considered, such as membership of a Ward club. The committee will also be

keen to hear your views on the Company’s future development.

We look forward to seeing more WCIB members gain both their Freedom of

the City and progress to becoming a Liveryman/Liverywoman.

Carole Seawert

38


LOOKING INWARDS

The Reverend George Bush

– an appreciation

NICHOLAS WESTGARTH, HONORARY FREEMAN AND CLERK 2013-2022, WRITES

George Bush is an Honorary Freeman of the International

Bankers Company and, until his retirement earlier this year,

was Honorary Chaplain to the Company. He is also Patron of

the World Marmalade Festival.

I have been asked to write a few words about George and

the part he played in my life as Clerk to the Company. Our

years of service with the WCIB almost coincided, George had

been Rector of St Mary-le-Bow since 2002 although he only

became Honorary Chaplain to the Company in 2012. This was

at the instigation of Past Master and former Lord Mayor the

late Sir Roger Gifford. Roger was Alderman for Cordwainer

Ward in which George’s church of St Mary-le-Bow sits on

Cheapside. There is a splendid memorial to Sir Roger on the

wall of the church and the unveiling was attended by the then

Master John Bennett in 2022.

In addition to appearing at major Company functions such as

the annual banquet and the Installation Dinner (apart from

the year that the banquet took place on Ash Wednesday

when he, quite properly, declined the invitation) George

played a much more subtle role in my life as Clerk. The

Honorary Chaplain and the Clerk are the two constants in the

Company whilst the Master, Wardens and Court all change.

George was also Honorary Chaplain to several other livery

companies and thus had a privileged insight into the affairs

of Great XII and Modern Companies and the relationships

between the Companies and their Clerks.

the Secretary of Thomas Carpenter’s Educational and

Apprenticing Foundation of which he was a trustee.

To mark the WCIB’s association with St Mary-le-Bow, in 2019

Mark and Helen Sismey-Durrant presented a plaque with the

Company’s Coat of Arms to be fixed to the Master’s chair in

the church. George was delighted that this completed the set

of Coats of Arms of ‘his’ Companies. He was also delighted

that his farewell Evensong in January this year was attended

by several Past Masters including Michael Llewellyn-Jones

who was gowned and sitting in the Master’s chair.

After the farewell Evensong the Grocers’ company held a

reception for George where the tears of laughter flowed

almost as quickly as our glasses were refilled.

Enjoy your retirement George and please stay in touch.

It was enormously helpful for me from time to time to be

able to talk to George in confidence about my greater or

smaller cares as I carried out my duties as Clerk. George, with

unfailing courtesy, ensured that the confessional venue we

used was the Bow Wine Vaults next to his church. I know that

George was also a friend to many members of the Company

and to several Masters, they may rest assured the George

never betrays confidences and whatever they may have said

about the Clerk was never passed on.

George cares deeply about people and tries to help where he

can. It is through his efforts that the WCIB came to support

the Young Homeless Charity based at St Mary-le-Bow and

to be involved in the stimulating debates of the Just Share

Organisation. Further intellectual high jumps were provided

by the annual invitations for the Master and Clerk to attend

the Boyle lecture for which George was the Convener

whilst Rector at St Mary-le-Bow. I shouldn’t have been in

the slightest bit surprised when, soon after my retirement

from the WCIB, George manoeuvred me into becoming

Reverend George Bush


Events

Summer in the City – in a spectacular garden rooftop

You and a guest are cordially invited to the WCIB Summer Rooftop Party on

Tuesday 2 July 2024, 18.30 to 21:30. This exceptional hidden venue – the rooftop

garden at Natixis by the Thames at Cannon Street - has spectacular views of the

river and the City’s landmark buildings in a beautiful setting. You and your guest

can enjoy tasty canapés and inclusive drinks from the bar while catching up with

WCIB friends and meeting new members. We are very grateful to Natixis for

sponsoring this event and for providing the venue. A summer party not to be

missed! Book via WCIB website.

MORE EVENTS TO FOLLOW IN THE SECOND HALF OF THE YEAR AND INTO NEXT

4 July City Beerfest (and General Election)

24 July WCIB networking drinks

29 September Sheep Drive and Livery Fair

30 September Election of Lord Mayor, and lunch

14 Oct Installation Dinner at Merchant Taylors’ Hall

24 October WCIB networking drinks

12 December Carol Service at St Mary-le-Bow

27 February 2025 Annual Banquet at the Mansion House

Merchant Taylors’ Hall

Two very special people

At this year’s Mansion House Banquet, the Master made special awards. In her own words:

The Joseph King Memorial

Trophy is awarded

each year to someone

who has performed an

exceptional service to

the WCIB. I have huge

pleasure in awarding it

to the individual who

over countless years has

interviewed all those candidates for membership

of the WCIB that did not have sufficient sponsors,

Liveryman Robert Owen. In other words, he knows

more about our membership than anyone else.

Last year, the City gave a fond and heartfelt

farewell to one of its great names. Brian

Winterflood. Builder of the eponymous

Winterfloods, Brian’s hand stretched far and

wide giving support, help and assistance to a

very great many people and charities. As with

all truly successful people, he did not do it

alone. And in Brian’s case, far from it.

He had in Doreen Winterflood an equal partner in every respect. We

would like to thank her for everything she has done for the City and

honour her in her own right Honorary Freedom of the Worshipful

Company of International Bankers.

The International Banker Summer 2024

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