Agenda:

08:00 – 08:15 Registration

08:15 – 08:20 Welcome - Simon Mills Z/Yen

08:20 – 08:30 Introduction “Citalia di Londra – a proud history of trade and cooperation” - Alderman Professor Michael Mainelli, City of London

08:30 – 08:40 Maximising Opportunities for Anglo-Italian Trade and Partnership - Domenic Pini, Chairman, Pini Franco

08:40 – 09:20 Discussion “Ways Forward” With short opening comment from: Italian Embassy representative

Topics for discussion to include:

• LSO and Paganini’s Il Cannone
• Clarence Bicknell exhibition at Guildhall Art Gallery
• Genoa float in the Lord Mayor’s Show
• Italy ‘tour’
• National Day

09:20 – 09:30 Closing remarks Alderman Professor Michael Mainelli, City of London

Remarks by Domenic Pini, Chairman, Pini Franco:

"Maximising Opportunities for Anglo-Italian Trade and Partnership"

Historical Background

It is remarkable that given the 900 year history of the City of London and the historical links with Italy and the City – this is the first time we come together to discuss this relationship despite the fact that the Italian element in the City of London has never been so prominent in banks, insurance, legal and accountancy sectors and fintech and other fields.

1. Historically the economic and financial connection between Italy and the City dates from around 1270 with the trade in wool and cloth and to the time of Edward III in 1330 when Niccolo Fieschi became part of the circle of the King’s Counsellors and mediated the funding in the City for a war against the French.
2. And there is the question of the flag – you may have noticed that the similarity between flag of England and the City of London and the flag of Genoa - The St. George's flag was adopted by England and the City of London in 1190 for their ships entering the Mediterranean to benefit from the protection of the Genoese fleet. It was borrowed from the Genoese The English Monarch paid an annual tribute to the Doge of Genoa for this privilege. There is an outstanding fee pay. Perhaps Michael someday.

The Now

1. The City and remains a leading global hub for financial and professional services but we cannot deny that there have been shocks which have dampened growth and investment.
2. UK Finance the lobby group for the finance sector has blamed increase taxation in the banking sector and red tape.
3. Brexit appear to have harden the arteries of commerce and restricted London service sector from competing in EU markets and there is the issue of financial services equivalence in respect of Euro-denominated clearing between the European Union and the United Kingdom, due for review in June 2025.
4. Z/Yen, in its 32nd index of Global Financial Centres, has placed London second to New York with Singapore 3rd . Interestingly, Paris now enters in the top 10.
5. We have also seen the move by Softbank to Nasdaq with the relisting of Cambridge based Arms Holdings. The FCA is reviewing listing regulations.

The Challenges

There are challenges. UK Finance response is that we need to attract more skilled business and workers to revitalise growth and to maximise the unique benefits that London offers. Michael has written about this unique City of London benefit in various papers.

I think it is best summarised by the author Rebecca Solnit when she wrote that a city “resembles a conscious mind, a net work that can calculate, administrate and manufacture” It is not just a City, it is an eco-system – a place where connections are made and projects are realised or not through the wealth of its talents and skill. We have the talent here in our London based Italian professional community.

The City is already promoting this City ecosystem benefit in an important policy document “support for financial and professional services” where it stated “ Cultivating strong, strategic, outcome focused relationships with key stakeholders – key capitals, as well as with the EU diplomatic community in London, in parallel to the future relationship negotiations.” It proposes “ We collaborate … sharing expertise, maximising support to financial and professional services and drive trade and investment … All this is in support of the global trading relationships …”

What are we doing?In respect of Italy and the strategic outcome focused relationship that process has already started.

1. We have reached out for collaboration on various projects such as the Port of London and the Port of Genoa with co-operation on linking London International Shipping week and Genoa Shipping Weeks – this also draws in insurance, infra-structure finance, PPP and investment funds.
2. There are negotiations afoot on artistic and cultural front between the LSO and the Fondazione Pallavicino ETS to bring over the Paganini Stradivarius violin for a concert and perhaps a Paganini week in October.
3. The Worshipful Company of Chartered Architects which is a Livery Company. promoting quality architecture in the City of London will be visiting Italy and the studio of Renzo Piano in May.
4. The start-up and fin-tech environment has also been area of great development. We envisage developing a connection between Istituto Italiano di Tecnologia and a London University.

Therefore on the theme “Maximising Opportunities for Anglo-Italian Trade and Partnership” I believe we have a strong capacity for strengthen the ties and promoting partnership between the City and Italy. We have taken the first steps for more active promotion. I would personally suggest we continue with this work perhaps creating a Italy City forum to promote mutual contacts within the City of London. I certainly believe that with the next Mayor we have a great opportunity – let's not waste it.