London Market Target Operating Model (TOM)
One aspect of the LMG response to the findings of London Matters is the provision of a detailed operational vision of a modernised market. The research identified that we need to improve the ease with which business is transacted in London and specifically to seek to “reduce…cost[s]…by delivering on infrastructure activities, removing London specific processes and realising economies of shared service[s]”.
LMG believes that to ensure the right level of engagement from across all sections of the Market and to ensure it gets best value out of its investment decisions, it needs to add more detail to its operational vision and help firms and Market participants understand better their role in delivering it.
LMG and the Lloyd’s Franchise Board agreed a proposed TOM in April 2015 to support the London and Lloyd's markets and gave the go ahead for a Discovery Phase in 2/3Q 2015 to put more detail around the proposals. The Discovery Phase was followed in 4Q 2015 with a Market Consultation Phase to promote awareness and seek market feedback. During 1Q 2016 the feedback is being analysed to enable the LMG and TOM steering group to agree implementation priorities.
The TOM builds upon the 'Framework for the future' activity from 2011 and 2013 and encompasses existing initiatives such as electronic support for placing and the Central Services Refresh Programme. The TOM priorities for 2016 covers three projects: PPL, CSRP and Delegated Authorities along with underlying data.
The TOM area of the LMG website provides comprehensive information.
For further information please consult the LMA Guide to London Market Processing or contact Tim Willcock.