Bite Needed For London Mkt. Reforms
The progress made by the London market to reform and modernize archaic business practices is moving at a frustratingly slow pace. Although some progress has been made over the past 12 months, much remains to be done, and London still lags behind its competitors in the United States, Bermuda and continental Europe in the area of efficient market practices.
The time has now come to cast aside the traditional “ask nicely” approach and to dump the carrot in favor of the stick. London must act decisively against market participants who stand in the way of more efficient ways of doing business. In particular, we should be setting non-negotiable deadlines and backing these with tough sanctions for those who insist on holding the rest of the market back.
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