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Wednesday, 12 September 2018



15:00 to 15:30



Con Keating 
European Federation of Financial Analysts Societies



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Date: Wednesday, 12 September 2018

Time: 15:00 to 15:30

Speakers: Con Keating, European Federation of Financial Analysts Societies

Veterans of the UK pensions scene often describe a former world in which pensions were organised on a best efforts basis. They tend to lament its passing and view the current situation, in which pensions promises are either hard and immutable, as is the case with UK defined benefit (DB) schemes, or non-existent, as is the case with defined contribution (DC) schemes, unfavourably. However, in recent years, there has been an aspiration to allow greater flexibility and innovation in pension provision, than is allowed by these two extremes.

The webinar will focus on collective defined contribution (CDC) pensions, a new integrated system of accumulation and decumulation, which brings with it some new technological challenges. There is a need for an integrated administration and management system. Some aspects of a CDC scheme are rooted in practices arising in the DB world and some in DC, but there are also some which are entirely new, such as risk-sharing among members.

The use of smart ledger technology is a natural solution to many of the challenges a CDC structure poses for pensions governance and administration. First, smart ledgers, ensure the accuracy and immutability of previous records including the assumptions and decisions of trustees. Consequently, there is transparency as to the decision process, which is not something that currently exists in pensions. Second, the multi-period accruals of assets, contributions, and the entitlements of scheme members, as well as the payment of pensions are all linked in chains over time. This technology therefore affords transparency for members; they may view both the capital value and the pension income equivalent of this in near real-time, as well as its historic evolution.

We hope that you will be able to dial in.


  • Welcome & Introduction
  • Presentation “Smart Ledgers & Collective Defined Contribution Pensions”
  • Closing remarks

After registering, you will receive a confirmation email containing information about joining the webinar.

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"The future is already here; it's just not evenly distributed"
William Gibson 

Distributed Futures was created as a forum for senior people to meet and network with a group of their peers four times a year and share intelligence on mutual distributed ledgers, cyrptocurrencies, blockchains, FinTech, RegTech, and other interesting topics where disruptive technology meets finance.  Membership is by invitation only and limited to a select number of senior people. Each meeting starts early afternoon and concludes with a dinner.

The group's mission is to focus on issues related to new ways of doing business, including analysing how new technology affects finance and society and identifying ways in which organisations can make better decisions that enhance rewards, reduce risks, or increase certainty.  The Group addresses a critical need for pragmatic, sensible solutions, based on unbiased assessments.  The Group monitors strategic developments globally and helps Members frame the business perspective and identify pragmatic corporate solutions for both business and technology transformation.  The Group is cross-sector and open to Members based anywhere in the world. The Group provides Members with access to the information and resources they need to address today’s fast-changing political, economic, social, and technical challenges in a timely and cost-effective manner.

All discussion takes place under the Chatham House rule. The annual fee for membership and private meetings is £3,000 to include afternoon sessions with guest speakers, 'top of the in-trays' discussions, and dinners.

Future Fora

  • 3 October 2018, City of London

For further information, please contact:

Distributed Futures Fora

The Forum traces distributed ledger work back to at least Amatino Manucci, the oldest known practitioner of double entry book-keeping. Manucci was a partner in Giovanni Farolfi & Company, a merchant partnership based in Florence. Ledgers that he kept for the firm's branch in Salon, Provence, survive from 1299-1300. Manucci featured in a 2008 symposium at Gresham College – Topics In The History Of Financial Mathematics: Early Commerce To Chaos In Modern Stock Markets.

"I libri contabili dovrebbero venir chiusi ogni anno, specialmente in una società di persone poiché un controllo contabile frequente mantiene l'amicizia."
"The books should be closed every year, especially in a partnership, because frequent audit maintains friendship."

Luca Pacioli (1445-1517), Summa de Arithmetica et Geometrica, Proportioni et Proportionalita (1494)

Reflective time is scarce and hard to take, yet it is from reflection that we spring forward re-invigorated.  As a bit of grit in an oyster provokes the pearl, good company combined with a pinch of paradox and discussion provokes insight.  Z/Yen seeks to create situations for clients and friends, as well as ourselves, where insights can be found.

Z/Yen values the support of clients and friends.  Many of our clients and friends enjoy opportunities to share experiences with each other.  We enjoy creating these "networking" opportunities and hold many events during the year - seminars, cocktail parties, lectures, exhibitions for struggling artists, workshops, boat trips.  We also hold a few events, our Reflective Repasts, where we hope our guests experience a high degree of interaction, some in-depth conversation on an interesting subject and intellectual stimulation.  These events are by special invitation to a small number of people, typically to those people whose ideas and thoughts we feel will shape the nature of our economy and society, whether they are well-known or behind-the-scenes.

Reflective Repasts centre around the guest of honour’s favourite puzzle, koan, conundrum or paradox – "you know, there’s been one thing that always bugs me…".  The guest of honour is not called upon for a presentation, nor a humorous after-dinner speech, nor an assembly address, rather an observation or two combined with two or three thought-provoking questions which our guests can get their teeth into (particularly if the entrée is a bit bland) – we call this the Koan Kourse or Muse Course.  Guest numbers are limited to 12 (apparently this is a traditional number for dinners).  Obviously, all remarks are off the record, the "Chatham House Rule", and any press presence is there on a personal level only.  The format is:

  • welcome and canapes (30 minutes);

  • first course (20 minutes);

  • The Koan Kourse or Muse Course (10 to 15 minutes);

  • discussion and main course (30 to 45 minutes);

  • sweet and Final Remarks (15 minutes);

  • coffee, thanks and close.

We usually hold Reflective Repasts on board the Thames Sailing Barge Lady Daphne.  Lady Daphne is a charming venue for good discussion – her large hold (21 feet by 40 feet) provides a quiet, wood-panelled, fire-lit, secluded room for convivialité or gemütlichkeit (depending on your linguistic preference), particularly if the weather justifies starting the iron stove.  Typically, Reflective Repasts are in the evening and we do not sail.  Since 2008 we’ve also held some Reflective Repasts at the Farmer’s Club, rethemed as A-Musing and B-Musing Dinners in cooperation with Culliford Edmunds Associates, specialists in global wealth management recruitment.

Some past puzzle posers include:

  • Stewart Brand and Bernard Lietaer, with Faisal Islam, Jan-Peter Onstwedder, Richard D North and Brandon Davies on Long Finance.  A lively discussion ensued over whether or not financial markets could truly think long term, and whether current ideas of sustainable finance were just, as cheekily suggested by Dudley Edmunds,"Woodstock Revisited";

  • Richard D North who drew from his book, Rich Is Beautiful: A Very Personal Defence Of Mass Affluence, to provoke thoughts on whether wealth was ever excessive, capitalism could exist without fear, firms should strive to be virtuous or wealth could be spiritually uplifting;

  • Faisal Islam (Business & Economics Correspondent for C4) who, returning from meeting many of the major players in the credit crunch, challenged our diners to work out if amongst the herd thinking anyone really knew what had gone on, what was going on or what might happen in future;

  • Dave Prentis (General Secretary of UNISON the UK’s largest trades union) who led a discussion with the likes of Dr Douglas McWilliams and Shaun Woodward - "Trading With Unions – Friend, Foe or Futile?" – and signed up a new union member on the night, the Chairman of a healthcare company;

  • Dr Douglas McWilliams who posed a real teaser – "Is the Precautionary Principle the Best Precaution?" – the group response was "No";

  • Professor Ian Angell of the London School of Economics who led a very animated, Nietzschean discussion on the puzzles "Beyond Good and E-ville";

  • John Lloyd (producer of BlackAdder, Hitchhiker’s Guide to the Galaxy (co-author too!), etc).  John spoke on "Paradox and Confusion, The Guardians of Truth?" to launch his new BBC show "QI", Quite Interesting;

  • Dr Gerald Avison of The Technology Partnership who asked "Is Failure Really a Good Thing?";

  • Loyd Grossman who pondered whether museums were Temples of the Muses or Temples of Amusement" and made everyone realise how they love museums in the abstract, but in practice?

  • the Rt Hon John Gummer, who questioned "Do Good Principles Make Good Profits?";

  • Sir Willie Purves (Chairman of HSBC) with a question as to whether "the UK is to Europe more as Manhattan is to the USA, or more as Hong Kong is to China?"

We welcome ideas and themes that are genuinely thought-provoking and are happy to change the format or venue to suit particular circumstances or requirements.


Security Forward was created as a forum for Corporate Security Directors to meet and network with their peers four times a year and share intelligence, including interactive presentations from Security experts. Membership is by invitation only and limited to a select number of Corporate Security Directors. Each meeting will start at lunchtime and conclude with a dinner.

The Group's mission is to focus on security issues related to business, including analysing the threat from terrorism, and to identify ways in which companies can cost-effectively ensure the protection of their employees and corporate interests throughout the world.

The Group addresses a critical need for pragmatic, sensible solutions, based on unbiased assessment of risk and cost-benefit analysis. The Programme Chairman is Keith Holland, assisted by Intelligence Analyst Crispin Black, who serves as Senior Advisor. The Group monitors strategic developments in Europe, the Middle East, USA and globally and helps Members to frame the business perspective and identify pragmatic corporate solutions for both physical security and data protection. The Group is cross sector and open to Members based anywhere in the world. The Group provides Members with access to the information and resources they need to address today’s fast-changing security challenges in a timely and cost-effective manner.

The annual fee for membership and four private meetings a year is £3,000 pounds to include afternoon sessions with a guest speaker plus a presentation from Crispin Black and dinner.

KEITH N.T. HOLLAND Programme Chairman

Keith Holland has broad international experience in Corporate Strategy, Organisational Development and Corporate Security management. He also brings to the table more than three decades of professional experience in the Middle East and Afghanistan. He has worked in financial services, run an MBA programme in the Middle East and consulted for a broad range of commercial clients. He has spent the last decade working with major multinationals based in the UK and Ireland, Greece and Turkey.


A former Lt Colonel in the Welsh Guards, Crispin Black has served in Northern Ireland, headed the U.K. Defence Intelligence Staff's Yugoslav Crisis Cell, and was posted to the British government’s Cabinet Office to work for the Joint Intelligence Committee and COBRA. Since leaving the British army he has been director of analysis at a leading U.K. security firm with extensive interests in Iraq, written a book on the London Bombings of 7 July 2005, and is currently a highly sought-after commentator for the UK and US media. He is a Fellow at Chatham House.

For further information, please contact:

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