12
December
2023
|
11:31
Europe/London

City of London Corporation to open first ever US office to expand UK-US financial services cooperation

The City of London Corporation has today (11 December) announced the opening of their first ever offices in the US at a reception hosted at JP Morgan’s headquarters in New York. There will be a second reception at the UK Embassy in Washington DC on 12 December.  

 The announcement was made by Policy Chairman of the City of London Corporation, Chris Hayward, to an audience of prominent US businesses, financial regulators, congressmen and other US officials. There will also be speeches by a senior representative from JP Morgan; Deputy HM Trade Commissioner for North America, Kunal Khatri; and the Lord Mayor of the City of London Michael Mainelli. Chair of the US Commodity Futures Trading Commission, Rostin Behnam will be speaking at the Washington reception.

 The opening of the offices will build on the already close relationship between the two largest financial service centres in the world. US-UK trade in services increased by 22% over the last year to over £182bn. The UK is also the second largest foreign investor into the US, investing over $600bn, and supporting well over a million jobs.

The City Corporation will appoint Edward Price as Managing Director of the offices. He will start in late January and will lead on the City’s existing engagement with US officials, regulators and businesses to foster closer UK-US financial regulatory cooperation, improve US market access for UK firms and attract greater US investment into the UK.

 

UK Economic Secretary to the Treasury Bim Afolami said:

“It’s great to see the City of London opening up new offices in the US. London and New York are two of the biggest financial centres in the world – the US is one of our closest allies and we want to be doing everything we can to encourage closer trade and investment between our two countries.”

  

Policy Chairman of the City of London Corporation, Chris Hayward said:

“I’m proud to announce the opening of our offices in the US and the appointment of Ed Price as Managing Director. Since becoming Policy Chairman, I’ve looked to develop relationships with US policymakers and business leaders, so that today’s launch could be possible.” 

 “With so many challenges requiring an international response, we see potential for greater policy collaboration shaping global approaches to financial stability, sustainability, innovation. Being present in-market will allow us to forge deeper ties and collaborate on cutting edge issues that are at the forefront of finance. Whether that be fintech, asset management, insurance or professional services. The US represents shared cultural and business values and great opportunity for UK firms.”

 

Managing Director of the US at the City of London Corporation, Ed Price, said:

“I look forward to this new role. At a time of great global challenges, it is important for the US and the UK to work together. Our nations promote strong trade. We promote investment. And we should better align on policy for financial and professional services. That’s why we've created this role.

“The US is a global financial centre. It is a natural partner for London and the UK as we address key issues such as sustainability, productivity, growth, and technological innovations from digital assets to artificial intelligence.”

 

ENDS

 

Notes to editors

 

About the City of London Corporation

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk