It's a double edged sword, the City of London Corporation is the Crown Jewels of the country's economy, we would fail without it, and it couldn't be successful without those practices. The general feeling is that it doesn't have to play by 'the rules' because it invented it's own. Again, you can see why a break from increasing European legislation would be 'preferrable' No-one is clear when the 'The City' came into existence as a trading entity seperate from a location, but it is acknowledged in documents as far back as 1067. You'll also notice it's a Corporation, which very much limits liability of legal recourse to it's employees. Interesting also to note that the City of London Police is effectively private and paid for by the Corporation.