Long Finance, Smart Centres, and Rule of Law - Professor Michael Mainelli
Michael's Why?
Scientist financier trying to promote societal advance through better finance and technology and promoting the City of London (the ‘Square mile’ EC1, EC2, EC3, EC4).
Michael’s current projects
Executive Chairman, Z/Yen Group
Alderman & Sheriff of the City of London, City of London Corporation
Emeritus Professor of Commerce at Gresham College
Fellow of Goodenough College
Visiting Professor at UCL’s Bartlett School for Sustainable Construction
Honorary Fellow of King’s College London.
Michael @ Z/Yen
Michael was one of five founders of Z/Yen in 1994.
Z/Yen’s clients think of them as “a commercial think-tank that spots, solves and acts.” Z/Yen helps organisations make better choices that enhance reward, reduce risk, and increase certainty.
The name combines Zen and Yen - “a philosophical desire to succeed” – with a slogan of “zest for enlightenment”
Z/Yen are constantly working on supporting global financial systems and researching technologies to enable it for the future.
One example is the use of Blockchain / Smart Ledger Technology and introducing governance into the cryptocurrency sphere.
Z/Yen also founded The London Accord together with BP & The City of London Corporation collective of 25 financial services organisations, academic and non-governmental institutions.
Another initiative, the Long Finance initiative aims to answer “When would we know our financial system is working?
Z/Yen’s other projects include Global Financial Centres Index, Global Green Financial Index, London Accord, Global Intellectual Property Index, “Far-sight Award”.
Examples of research projects of note include:
- On-line Simulation for Cryptocurrencies: Risk Control Framework
- Smart ledgers (aka blockchain) & Alternative investments
- More Than Token: Regulation of Alternative Currencies
- The Quantum Countdown: Quantum Computing & The Future of Smart Ledger Encryption
Z/Yen publications can be found here.
Recent Wins for Z/Yen
Hot off the Press!! 16 June 2021! Launch of the latest version of the Smart Centres Index highlights investment in advanced education and innovation clusters generates innovation advantage
The Smart Centres Index explores the ability of global commercial centres to be hubs for the development of new technology.
In the latest version of the Index, launched only last week, London retakes first place and New York returns to second place.
“We launched the Smart Centres Index recognising that technology, science and innovation are transforming all aspects of our lives and providing opportunities for economic development and growth. Tracking the changes that are taking place across the world as smart centres develop and expand helps us to understand the depth of the change taking place and the role that cities and innovation clusters play in supporting innovation for good."
Professor Michael Mainelli
Michael @ City of London Corporation
Elected Sheriff of the City of London 2019-2020, extended to 2021(due to covid-19, the first extension since 1228.)
The City of London Corporation is the governing body of the Square Mile. For over a millennium, the City of London Corporation has been dedicated to building a vibrant and thriving City, supporting a diverse and sustainable London within a globally successful UK.
The head of the City of London Corporation is the Lord Mayor.
The Sheriffs, whose positions from the 7th century predate the Lord Mayor, are responsible for defence of the City, taxation, and the rule of law. Defence and taxation roles are vestigial though they liaise with the City of London Police, but as part of the rule of law, they are responsible for the governance of the Central Criminal Court, the ‘Old Bailey’, with its 18 courts, where they reside while in office.
The corporation acts as a governing body for other organisations including the Port of London, a range of schools and academies, Hampstead Heath, Epping Forest, Billingsgate, Smithfield & New Spitalfields, and the Heathrow Animal Reception Centre,
The City Property Advisory Team helps new entrants to the square mile for free find the right location within the City for your needs, and advises you of the networks to be in.
These unpaid positions involve a tremendous amount of work representing the City of London and speaking at numerous events, receiving overseas delegations, and presiding over Common Hall of the Livery. The objective of these ambassadorial tasks is to promote the professional, business, technical, and financial services of the City and the UK.
Unlike High Sheriffs, appointed by the Crown, workers in the City of London elect the two Sheriffs each year, possibly the oldest secularly elected position in the world.
Recent win for City of London Corporation
Michael is proud of the fact that both Sheriffs, along with the Recorder and Common Sergeant, have seen the courts keep functioning throughout the pandemic.
Takeaway #1: Micheal was one of the founders of Z/Yen, that helped set up the London Accord (a collective of 25 banking organisations) to answer questions like “When and how would we know our financial system is working?
Takeaway #2: Z/Yen’s recent publication of the Smart Centres Index places London as the top smart centre.
Takeaway #3: Michael’s role as Alderman & Sheriff for the City of London Corporation ensured the courts remained functional throughout the pandemic.
I thank Michael for making the time, to talk about his roles and how he is advancing fintech long term, in a scientific way. I definitely recommend the Z/Yen website out for the publications on the latest in FinTech & Blockchain
I especially enjoyed reading Michael's Banking on 2040 speech. It echoes many economists saying, “Globalisation has failed” yet proposes that “one view is that while we fragment, we still value democracy, free markets remain a prevailing concept” . It remains to be seen how, and if, countries will combine free markets with The principle of Equal Liberty, and the principle Equality proposed in the Theory of Justice by Rawls in 1971.
You can read more about Michael and his work with Z/Yen & City of London Corporation, here: