As part of the renewal of the London Market Central Processing agreement in early 2022, a refreshed engagement model was agreed, which focuses on the relationship between the parties [as set out in the contract]. This is reflected in a revised Governance model which brings together the management and oversight of the relationship covering strategy, performance and delivery across a consolidated and clear governance framework model.
A new Associations Executive Board (AEB) was created that owns and drives the partnership with the London Market. The AEB delegates to, and empowers, three committees to manage and oversee services, transformation and risk/compliance – with the Market Associations coming together as one in each committee. The three committees included in the Governance Schedules are:
The diagram below represents the practical governance structure:
The tables below identify the Market participants on the Governance groups:
Xchanging webpages