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ФЕДЕРАЛЬНОЕ АГЕНТСТВО ПО ОБРАЗОВАНИЮ

ГОСУДАРСТВЕННОЕ ОБРАЗОВАТЕЛЬНОЕ УЧРЕЖДЕНИЕ

ВЫСШЕГО ПРОФЕССИОНАЛЬНОГО ОБРАЗОВАНИЯ

«КАЗАНСКИЙ ГОСУДАРСТВЕННЫЙ

ФИНАНСОВО-ЭКОНОМИЧЕСКИЙ ИНСТИТУТ»

Кафедра иностранных языков



КУРСОВАЯ РАБОТА

Тема: City of London


Автор курсовой работы Гарданова В.Р.

Группа 14-1

Научный руководитель д.п.н. Галишникова Е.М.



Казань 2009

Contents


Introduction

. History

. The City of London as a Financial Center

. The main branches of the Citys development

Introduction

chose this theme because I m very interested in the history of London and especially in the City of London. I d like to search this theme in details.City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of the metropolis of London. It is often referred to as the City or the Square Mile, as it is just over one square mile (1.12 mile ² / 2.90 km ² ) in area. These terms are also often used as metonymies for the United Kingdom's financial services industry, which has historically been based here.City is today a major business and financial centre, ranking on a par with New York City as the leading centre of global finance; in the 19th century, the City served as the world's primary business centre. The City has a resident population of approximately 8,000, but around 340,000 people work there, mainly in the financial services sector. The legal profession form a major component of the western side of the City, in and around the Inns of Court, of which two - the Inner and Middle Temples - fall within the City of London boundary.is a major financial centre providing a wide range of specialised services. The country's economy has for a long time been directed through the great financial institutions which together are known as The City , capital C , and which are mainly located in the famous Square Mile of the City of London. Square Mile in the Roman Times historically emerged on the Thames as the business and industrial nucleus of the future London. Through centuries of business and religious developments the City assumed its role of the world commercial centre as it is known today . When in the 20th century Great Britain lost its empire and other financial centres got established in the world, the city adapted itself to changed circumstances to remain a world financial leader. The City of London has the greatest concentration of banks in the world (responsible for about a quarter of total international bank lending) , the world' s biggest insurance market (with about 1/5 of the international market ), a Stock Exchange with a larger listing of securities than any other exchange, and it remains the principal international centre for transactions in a large number of commodities. A large proportion of Britain's wealth has been invested by the City overseas. The City's annual foreign income roughly double that of the British manufacturing industries. The above proves the City's world significance as a financial centre. Geographically the City is a large office area bubbling with life at daytime and comfortably quiet outside the office hours. It's historical sights like the Tower of London, St Paul's Cathedral, the Museum of London, the Monument and others as well as the beautifully impressive architecture of the office buildings attract crowds of visitors. The only housing project, the Barbican, provides very expensive accommodation along with an arts centre, a school and some official premises.after the mid - 80s financial and related services have started to expand outside the Square Mile though the City of London remains the symbol and actual reality of the country's power.


1. History

City of London has been administered separately since 886, when Alfred the Great appointed his son-in-law Earl Æ thelred of Mercia as Governor of London. Alfred made sure that there was suitable accommodation for merchants from northwest Europe, which was then extended to traders from the Baltic and Italy.City developed its own code of law for the mercantile classes, developing such autonomy that Sir Laurence Gomme regarded the City as a separate Kingdom making its own laws. The City was composed of wards governed by Aldermen, who chaired the Wardmotes. There was a folkmoot for the whole of the city held in the shadows of St Paul's Cathedral. In the tenth century, Athelstan permitted eight mints to be established, compared with six in his capital, Winchester, indicating the wealth of the city.the Battle of Hastings, William the Conqueror marched on London, to Southwark and failed to get across London Bridge or to defeat the Londoners. He eventually crossed the River Thames at Wallingford, pillaging the land as he went. Rather than continuing the war Edgar Æ theling, Edwin of Mercia and Morcar of Northumbria surrendered at Berkhamsted. William rewarded London in granting the citizens a charter in 1075; the City of London was one of the few institutions where the English retained some authority.ensured against attack by building three castles nearby, to keep the Londoners subdued:

Tower of London

Baynard's Castle

Montfichet's Castle.1132, Henry I recognized full County status for the City, and by 1141 the whole body of the citizenry was considered to constitute a single community. This 'commune' was the origin of the City of London Corporation and the citizens gained the right to appoint, with the king's consent, a Mayor in 1189 and to directly elect the Mayor from 1215.City was composed of wards governed by Aldermen, who chaired the Wardmotes. There was a folkmoot for the whole of the city held at the outdoor cross of St Paul's Cathedral. Many of the medieval positions and traditions continue to the present day, demonstrating the unique institution which the City, and its Corporation, is.City was burned severely on a number of occasions, the worst being in 1123 and then again (and more famously) in the Great Fire of London in 1666. Both of these fires were referred to as the Great Fire. After the fire of 1666, a number of plans were drawn up to remodel the City and its street pattern into a renaissance-style city with planned urban blocks, squares and boulevards. These plans were almost entirely not taken up, and the medieval street pattern re-emerged almost intact.18th century was a period of rapid growth for London, reflecting an increasing national population, the early stirrings of the Industrial Revolution, and London's role at the centre of the evolving British Empire. The urban area expanded beyond the borders of the City of London, most notably during this period towards the West End and Westminster.1708 Christopher Wren's masterpiece, St. Paul's Cathedral, was completed on his birthday. However, the first service had been held on 2 December 1697; more than 10 years earlier. This Cathedral replaced the original St. Paul's which had been completely destroyed in the Great Fire of London and is considered to be one of the finest in Britain and a fine example of Baroque architecture.continued and became more rapid by the beginning of the 19th century, with London growing in all directions. To the East the Port of London grew rapidly during the century, with the construction of many docks, needed as the Thames at the City could not cope with the volume of trade. The arrival of the railways and the Tube meant that London could expand over a much greater area. By the mid-19th century, with London still rapidly expanding in population and area, the City had already become only a small part of the wider metropolis.

th & 20th centuries.attempt was made in 1894 to amalgamate the City and the surrounding County of London, but it did not succeed. The City of London therefore survived, and does so to this day, despite its situation within the London conurbation and numerous local government reforms. Regarding representation to Parliament, the City elected four members to the unreformed House of Commons, which it retained after the Reform Act 1832 and into the 20th century. Today it is included wholly in the Cities of London and Westminster constituency, and statute requires that it not be divided between two neighbouring areas.City's population fell rapidly in the 19th century and through most of the 20th century as people moved outwards to London's vast suburbs and many houses were demolished to make way for modern office blocks. The largest residential section of the City today is the Barbican Estate, constructed between 1965 and 1976. Here a major proportion of the City's population now live. The Museum of London is located here, as are a number of other services provided by the Corporation.


2. The City of London as a Financial Center, its Main Institutions

has been a long tradition in Britain of directing the economy through the great financial institutions together known as the City , which until 1997 were located in the Square Mile of the City of London. This remains broadly the case today, though the markets for financial and related services have grown and diversified greatly., insurance companies, the Stock Exchange, money markets, commodity shipping and freight markets and other kinds of financial institutions are concentrated in the solemn buildings of the City and beyond its borders. The City of London is the largest financial center in Europe. London is also the world's largest international insurance market and has the biggest foreign exchange market.'s financial service industry gives about 6.5 % of its gross domestic products (GDP) and contributes some 35 thousand million pounds a year. The largest contributors are banks, insurance, institutions pension funds, and securities dealers. To help Britain's financial services to respond to the competition and at the same time to protect the public investment, the Government introduced 3 pieces of legislation to supervise financing the industry: the Financial Services Act (1986), the Building Societies Act (1986) and the Banking Act (1987). Under these acts investment businesses need to be authorized and they have to obey rules set in the legislation. The main responsibility to supervise were the Bank of England, the Building Societies Commission, the Treasury and the Department of Trade and Industry. The Serious Fraud office was set up to investigate and prosecute significant and complex fraud.Bank of England.Bank of England was established in 1684 by Act of Parliament and Royal Charter as a corporate body. Its entire capital stock was acquired by the Government under the Bank of England Act in 1946. It is the heart of the City of London and Britain's central bank. The Bank's main functions are to execute monetary policy, to act as banker to the Government, to issue banknote and to provide central Banking facilities.is responsible for the financial system as a whole; it is lender of last resort . The Bank's main objective is to support the Government in achieving low inflation. Unlike some other central banks the Bank can not act independently of the Government. Decisions on changes in the interest rates are taken by the Chancellor of Exchequer. The Bank's role is to advise the Chancellor and to carry out his decisions. The 1999 (November) interest rate was 5.5%.banker to the Government the Bank of England is responsible for managing the National Debt. It has the sole right in England and Wales to issue banknote. The note issue is no longer backed by gold but the Government and other securities. The Scottish and Northern Ireland Banks have limited rights to issue notes and those must be fully covered by holdings of the Bank of England notes. Coins can be provided by the Royal Mint.Bank of England can influence money market conditions through discount houses. If on any day there is a shortage of cash in Banking system, the bank relieves the shortage either by buying bills from the discount houses or lending directly to them.Bank of England is responsible for supervision of the main wholesale markets in London for money, foreign exchange or gold bullion.behalf of the Treasury the Bank manages the Exchange Equalization Account (EEA). Using the resources of EEA the Bank may intervene in the foreign exchange markets to check undue fluctuations in the exchange rate of sterling.Houses.Discount Houses are unique to the City of London (and to Britain as a country). They occupy the central position in the British monetary system. They act as intermediaries between the Bank of England and the rest of the banking sector promoting an orderly flow of funds between the Government and the banks. In return for acting as intermediaries the discount houses have privileged daily access to the Bank of England as lender of last resort ..in Britain developed from the London gold miths of the 17th century. By the 1920s and the 1930s there were five large clearing banks with a network across the country. In February 1996 there were 539 institutions authorized under the Banking. Act of 1987. In British banking retail banks should be described as dominant.banks primarily serve personal customers and small to medium-sized businesses. They operate through more than 11.350 branchers offering cash deposits withdrawl facilities and systems for transferring funds. They provide current accounts, deposit accounts various types of loan arrangements and a growing range of financial services.main banks in England and Wales are Barklays, Lloyds, Midland, National Westminter and the TSB group. The major Scottish banks are the Bank of Scotland, Clydesdale and Royal Bank of Scotland.a relaxation of restrictions on competition among financial institutions major banks have diversified the services they provide. They have lent more money for house purchases, have more interests in leasing and factoring companies, merchant banks, securities dealers, insurance and trust companies. They provide low facilities to industrial companies ands now support a loan guarantee scheme under which 70% of the value of loans to small companies is guaranteed by the Government.card technology has revolutionized cash transfer and payments systems. There are around ninety two million plastic cards in circulation in Britain. There are different types of cards but they often combine functions. Cards can be used overseas too to obtain cash from bank ATM ( Automated Teller Machines). Cash machine cards have greatly improved customers' access to cash. All retail banks and building societies participate in nation wide networks of ATMs. About two thirds of cash now is obtained through Britain's twenty one thousand ATMs. .A lot of them are located different places at supermarkets, for instance.banks offer electronic payment of cheques, telephone banking, under which customers use a telephone to obtain account information, make transfers or pay bills. Other innovations include computer-based banking (through home computer) services over Internet and video links.banks.traditional role of merchant banks was to accept bills of exchange, to provide funds for trade and also to raise capital to British companies through the issue of bonds and other securities. These activities continue, but the role of Britain's merchant banks has diversified enormously in recent years. Although they are called banks they are more involved in providing a range of professional services, such as corporate finance and investment management, than in lending money.societies.societies are mutual institutions owned by their savers and borrowers. They have traditionally concentrated on housing finance, long-term mortgage loans against property - most usually houses purchased for occupation. Services have been extended into other areas, including banking, investment services and insurance. The Societies are one of the main places were people deposit their savings - around 60% of adults have a building society saving accounts. Building societies offer a variety of accounts with interest rates related to the time for which a saver is prepared to tie up his money. So they are major lenders for house purchases. Four of the largest Societies are planning to become banks. The largest Societies, the Halifax, Abbey National and Nationwide owe 45% of the total assets of the movement.Savings Bank.National Savings Bank is run by the department of National Savings. It provides a system of depositing and withdrawing savings at twenty thousand post offices around the country or by post. The National Savings Bank does not offer lending facilities. Its deposits are used to finance the Governments public sector needs.Institutions.investing institutions are those which collect savings and invest them into securities market and other long-term assets. The main investment institutions are insurance companies, pension funds, unit trusts and investment trusts. Together they make a vast resource of funds which are invested in securities and other assets. They own around 58% of British shares. The British insurance industry is highly sophisticated and serves millions of policyholders in Britain and overseas. Policyholders include governments, companies and individuals. The British insurance is the forth largest in the world and in proportion to its GDP is the highest in any country. There are 2 broad categories of insurance: long-term insurance for many years, such as life insurance, permanent health (medical) insurance; and general insurance for a year or less, which covers risks of damage, such as loss of property, accidents and short-term health insurance. In 1995 there were about 830 authorized to carry on insurance business in Britain. The industry as a whole employs some 207.000 people, plus about 126.000 are employed in activities related to insurance.'s is an incorporated society of private insurers in London. Originally it dealt with marine insurance. Today it deals with other classes of insurance, today it deals with other classes of insurance. Long-term life and financial guarantee business is not covered. Insurance brokers as intermediaries are a valuable part of the insurance market. Lloyd's insurance brokers play an important role in the Lloyd's market.of London Underwriters was formed in 1984 as an association for marine underwriters. Today it provides a market where member insurance companies transact marine, energy, commercial transport and aviation insurance business. The Institute issues combined policies in its own name on risks which are underwritten by member companies. About half of the 58 member companies are branches or subsidiaries of overseas companies.Funds.Funds collect savings Pension Funds collect savings from occupational pension schemes and personal pension schemes. Pension contributions are invested through intermediaries in securities and other investment markets. Pension fund have a become a major force in securities markets because they hold about 28% of the securities listed on the London Stock Exchange. Total Pension fund assets are very big. To protect them the Pensions Act was introduced in 1995 to increase confidence in the security of the funds.institutions.origin of the London Stock Exchange goes back to the coffee houses of the 17th century, where those who those who wished to invest or raise money bought and sold shares of joint-stock companies. Brokers later opened their own subscription rooms and in 1773 this was named the Stock Exchange. During the 19th century the Stock Exchange developed as the demand for capitol grew with Britain's Industrial Revolution. The Exchange also financed the construction of railways, bridges and dams across the world. Today it is one of a number of highly organized financial markets of the City. It provides trading platform and the means of raising capital for British and foreign companies, Government securities, eurobonds and depository receipts. Official list is the Exchanges main market, while AIM, the Exchanges new market is for smaller rapidly growing companies. It opened in 1995. Companies which apply for a listing on the Exchange must provide a full picture of their operations, i9ncluding their financial record, management and business prospects. If a company wants to join AIM the rules are less strict. Such companies include multimedia and high technology business.the Exchange has moved away from face-to-face dealing on the trading floor to system of dealing from member firms' offices. The quotations are displayed on electronic screen. Before 1986 only British companies were allowed to operate. In 1986 deregulation, known as the Big Bang allowed any foreign financial institution to participate in the London money market. Other changes involved a system under which negotiated commissions were allowed instead of fixed rates and dealers are permitted to trade in securities both as principals and as agents. Traditional retail stockbrokers are facing growing competition from operations running by large banks and building societies.Exchange has its administrative center in London, with regional offices in Belfast, Birmingham, Glasgow, Leads and Manchester.companies raise new capital on the London money market. The quiet-edged market, that is the market of Government shares, allows the Government to raise money by issuing stock through the Bank of England.Exchanges now going through a further period of change which has been described as the most significant period since The Big Bang .markets.'s money markets channel wholesale short-term funds between lenders and borrows. These operations are conducted by all the major banks and financial institutions. The Bank of England regulates the market. There is no physical market place; negotiations are conducted mostly by telephone or through automated dealing systems. The main financial instruments are CDs (Certificates of Deposit), bills of exchange, Treasury and local authority bills and short-term Government stocks.Futures and Traded Options.futures are legal contracts for the purchase or the sale of financial products, on a specified future date at a price agreed in the present. Trading and financial futures developed out of the numerous futures markets in commodities which originate from London's position as a port and from Britain's need to import food and raw material.are contracts which give the right to buy or sell financial instruments or physical commodities for a stated period at a predetermined price.futures and options are traded on the London International Futures and Option Exchange (LIFFE) which was established in 1982..Exchangesremains the principal international center for transactions in a large number of commodities, though the consignments themselves never pass through the ports of Britain. The need for close links with sources of finance, shipping and insurance services often determines the locations of these markets in the City of London. There are futures markets in cocoa, coffee, grains, rubber, sugar, pigmeat, potatoes there., oil for heating and petroleum are traded through the International Petroleum Exchange, Europe's only energy futures exchange., lead, zinc, nickel, aluminum, aluminum alloys and tin are treaded through the London Metal Exchange (LME), the world's largest non-ferrous base metals exchange.Baltic Exchange is the world's leading international shipping exchange. It contributed to 292 Mln pounds in net overseas earnings to Britain's balance of payments in 1995. Baltic dealers handle more than a half the world's bulk cargo, transportation of oil, ore, coal and grain. All Britain's agricultural futures markets are operated from the Baltic Exchange and physical trading and commodities is also carried out there.


. The main branches of the City s development

.City houses the London Stock Exchange (shares and bonds), Lloyd's of London (insurance) and the Bank of England. There are over 500 banks with offices in the City, with established leads in areas such as Eurobonds, foreign exchange markets, energy futures and global insurance. The Alternative Investment Market has been a growth market over the past decade, allowing London to also expand as an international equity centre for smaller firms.1991 Canary Wharf a few miles east of the City in Tower Hamlets, has become a second centre for London's financial services industry and now houses banks and other institutions formerly located in the Square Mile. However, fears that the City would be damaged by this development appear to have been unfounded with growth occurring in both locations. Canary Wharf may have been of great service to the Square Mile by providing large floorplate office buildings at a time when this was difficult within the City boundary, and therefore preventing companies such as HSBC from relocating abroad. In 2008, the City of London accounted for 4 percent of UK GDP.government.City of London has a unique political status (sui generis), a legacy of its uninterrupted integrity as a corporate city since the Anglo-Saxon period and its singular relationship with the Crown. Historically its system of government was not unusual, but it was not reformed by the Municipal Reform Act 1835 and little changed by later reforms.is administered by the City of London Corporation, headed by the Lord Mayor of London (not the same as the more recently created position of Mayor of London). The City is a ceremonial county, although it has a Commission, headed by the Lord Mayor, instead of a Lord-Lieutenant.City contains two independent enclaves (extra-parochial areas), Inner Temple and Middle Temple. These form part of the City and ceremonial county, but are not governed by the City of London Corporation. The Corporation governs the rest of the City and is responsible for a number of functions and owns a number of locations beyond the City's boundaries.City is made up of 25 wards which have recently had their boundaries changed, though the number of wards and their names have not changed.City has a unique electoral system. Most of its voters are representatives of businesses and other bodies that occupy premises in the City. Its ancient wards have very unequal numbers of voters.City has its own independent police force, the City of London Police - the Corporation is the police authority. The rest of Greater London is policed by the Metropolitan Police Service, based at New Scotland Yard.City of London has one hospital, St Bartholomew's Hospital. Founded in 1123 and commonly known as 'Barts', the hospital is at Smithfield, and is undergoing a long-awaited regeneration after many doubts as to it continuing in use during the 1990s.City is the third largest UK funding-patron of the arts. It oversees the Barbican Centre and subsidises several important performing arts companies.Port of London's health authority is also the responsibility of the Corporation, which includes the handling of imported cargo at London Heathrow airport. The Corporation oversees the running of the Bridge House Trust, which maintains five key bridges in central London, London Bridge, Blackfriars Bridge, Southwark Bridge, Tower Bridge and the Millennium Bridge. The City's flag flies over Tower Bridge, although neither footing is in the City.flag of the City of London.Latin motto of the City of London is "Domine dirige nos", which translates as "Lord, guide us". The City has its own flag and coat of arms. The red sword is commonly supposed to commemorate the killing of Peasants' Revolt leader Wat Tyler by the Lord Mayor of London William Walworth in 1381, but in fact is the symbol of the martyrdom of Saint Paul, London's patron saint..City has only one directly maintained primary school. Sir John Cass's Foundation Primary School at Aldgate (ages 4 to 11). It is a Voluntary-Aided (VA) Church of England school, maintained by the Education Service of the City of London.residents may send their children to schools in neighbouring Local Education Authorities, such as Islington, Tower Hamlets, Westminster and Southwark.City controls three very well regarded independent schools, City of London School (a boys school) and City of London School for Girls (girls) which are in the City itself, and the City of London Freemen's School (co-educational day and boarding) which is in Ashtead, Surrey. The City of London School for Girls has its own preparatory department for entrance at age seven. It is also the principal sponsor of the City of London Academy which is based in Southwark.City is also home to the renowned Cass Business School, the Guildhall School of Music and Drama and parts of three of the universities in London: The Maughan Library of King's College London's Strand Campus, and the business school of London Metropolitan University. A third business school in the City is a campus of the University of Chicago Graduate School of Business at Ropemaker Place. The College of Law has its London campus in Moorgate.

Conclusion

city london financial center

In conclusion, I would like to say, that the City has diversified away from near exclusive office use in other ways. For example, several hotels and the City's first department store have opened. A shopping mall is being built at New Change, near St Paul's Cathedral. However, large sections of the City remain very quiet at weekends, especially those areas in the eastern section of the City, and it is quite common to find pubs and cafes closed on these days.trend for purely office development is beginning to reverse as the Corporation encourages residential use, although the resident population is not expected to exceed 10,000 people. Some of the extra accommodation is in small pre-World War II listed buildings, which are not suitable for occupation by the large companies which now provide much of the City's employment.



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