30 St Mary Axe

Commonly known as the Gherkin.......

A new sky-scraper, nicknamed the erotic gherkin, is to be built in the City of London following a decision by John Prescott.

The deputy prime minister decided the planning application for the tower, to be built on the site of the Baltic Exchange, did not need further consideration.

The 41-storey high, round, tapered building, was designed by Lord Foster.

It will be the second tallest structure in the City, after the NatWest tower - now named Tower 42. But Canary Wharf will remain the highest building on the London skyline.

The construction will involve the levelling of the old Baltic Exchange building which was severely damaged by an IRA bomb in 1992.

SO here it is at last, the Great Gherkin of London, rising as of last week to its full height, ready to take its place alongside the Eye and St Paul's as a legendary landmark of this great city. Designed by Norman Foster and his partners, it is impossible to miss, with its bulk fast being gift-wrapped in jazzy glass, and its "topping out" celebrated with a lurid light show of green and purple..

Its there, it is likely to stay, which is why this and other proposed towers have been agonisingly and expensively argued over by planners, architects, heritage experts and lawyers for the past six years, ever since a far larger tower was proposed.

The site was reviously occuppied by the Baltic Exchange which for those of us who can remember this builing was unique in many respects and a great loss.

There is no doubt that the London is going up in a big way, the new designs, new technologies and a ready acceptance of high buildings of quality design will push the town up and its reputation as a world city upward.

The Skyline of the City

The changing skyline of the City of London reflects in many ways the ever changing nature of the business of the city. Keeping up to date with the changes in legislation and Financial Services.

To keep abreast of these changes we have Forums and Special Interest Groups (SIGS) that cover these areas of our interests.

Visit of Chicago for Trading Methods

A visit to the Chicago Commodities Exchange took place during April. The fact finding mission included 6 members of the Institute which reviewed the business practices. The members of the mission have produced a briefing document that is available in the Forum and from the special interest group library. The mission members will be holding a presentation and panel discussion on 21 May in the Council Chamber in London. Book for this event in the events page.

We can be sure that the findings of the mission when examined against the proposed legislation comng from Brussels (Due June) will provide for an interesting period of tranatlantic debate. So far we have highlighted the treatment of residual and insured values as a major issue within European Trading