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There will be also discussions on reforms to involve the private sector in presenting the world financial prices. It is the aim of IMF to relieve third world debt to avoid large-scale financial crises.

Among the recent developments it is important to mention the choice of
London as the location of NASDAQ-Europe. In his speech on the 5th of
November 1999, the Chancellor of the Exchequer Gordon Brown it was excellent news for the City of London to launch a joint venture to create a pan-European security market.

Gordon Brown said: ”NASDAQ’s decision to locate its European exchange here represents a massive vote of confidence in the City. NASDAQ - Europe will strengthen the UK financial services industry and reinforce London’s position as one of the worlds’ top international financial centers”. Mr.
Brown added, “NASDAQ’s presence here will be good for the wider economy too, not just in the UK but Europe as a whole. Job creation and economic growth depend on efficient capital markets sending funds to businesses to finance their expansion”.

An important move in the European monetary life was the introduction of a single European currency, the Euro, on the 1st of January 1999. A separate protocol recognizes that Britain is not obliged to join the currency without a separate decision by British Government and Parliament.

So far the Bank of England has not voted to adopt the single currency. On the 6th of September 1999 Mr. Cook , the Foreign Secretary, stated that if the Euro proves to be a success, it would be in Britain’s interest to join it. Britain will first have to test whether there is enough flexibility in
British economy and if the Euro will promote strong international investment and boost British financial services industry.

According to the decision of European Union (EU) Heads of Government single currency notes and coins will be introduced at the beginning of 2002 at latest.

The London Club set up in the 1980s under an agreement in London, comprises over 600 big commercial banks whose credits are not covered by government guarantees or insurance. There is a steering committee of the Club which operates between the Club’s sessions. The Sessions are held at the request of the debtors in different cities of the world.

After the collapse of the USSR, the Soviet Union bank for Foreign Economic
Affairs owed the London Club a total of over 32 Bln Dollars. Under the latest decision on restructuring the Russian debt it was agreed in February
2000 that the debt would be restructured. Nearly one third of the total amount will be written of and Russia will be allowed to have a grace period of seven years, during which it will pay only reduced interest rates on the remaining sum. In return, the Russian Government undertakes the responsibility for the debt and would be considered defaulting if it fails to meet the stated conditions.

Although the London Club is not entirely a British entity the title speaks for the significance of the city of London.

The world-wide network of British banks is not directly represented on
Russian market. Operations available are carried out only through the branches of British banks based in other cities of the world.

Conclusions.

1. Although historically the heart of the financial services sector in
Britain was located in the “Square Mile” of the City of London, and this is broadly the case now, financial institutions have moved outside the area all over the country.

2. The City of London is concentration of British financial power which makes London an angle of the New York-Tokyo-London triangular.

3. Though Great Britain is still a leading industrialized nation and a member of G7 group it real power and international influence centers around its financial activities.

Reference list.

1.David McDowall, Britain in close-up/Longman Singapore Publishers Pte Ltd.

2.Britain’s Banking and Financial Institutions/Reference Services, Central
Office of Information, London.

3. Angela Fiddles, The City of London (the historic square mile).

4. Talking Points on Britain’s Economy/October 1999, December 1999.

5. Банковское дело, выпуск №12, 1998г.

Appendix :

Table 1 .

Net Overseas Earnings of Britain’s Financial Institutions

| |Million |
| |Pounds |
|Banks |6,188 |
|Securities Dealers |1,658 |
|Commodity traders. Bullion dealers |556 |
|and export houses. | |
|Money Market Brokers |112 |
|Insurance Institutions |5,952 |
|Pension Funds |2,044 |
|Unit trusts |724 |
|Investment Trusts |383 |
|Fund Managers |425 |
|Baltic Exchange |292 |
|Lloyd’s Register of Shipping |57 |
|Finance Leasing |40 |
|Non-specified institutions |1,962 |
|Total |20,393 |

Table 2.

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