This month Lloyd's and the Company Market will finally see the introduction of the long-awaited and much debated London Market Principles (LMP). But the launch of the plans, which aim to modernise the market and make it an attractive place to do business, will not go off with a bang. It is more likely to be greeted with a sigh of relief.
LMP was scheduled for take-off last July. Then a new deadline was highlighted for the end of the year, but this was pushed back again until this month.
Concerns about the legality of the new policy slips to be used in the market and the impact of the World Trade Centre attacks have been the main reasons for stalling.
But now the new policy documents will be introduced to brokers and underwriters so change can begin.
Market mutterings express scepticism that London can modernise and switch from its traditional paper methods to computer screen. A good chunk of the market believes LMP's failure to launch on time means it will never reach its target.
Other enthusiasts argue it cannot afford to fail. For if it does, investors will turn to more efficient markets like those in the US.
News that claims systems at both Lloyd's and the Company Market will be united in 2003 should be welcomed. It shows a timetable to make a difference - providing the market can stick to it.
It might be a little premature to pop the champagne corks. But now is the moment to fuel change, instead of sitting back to watch the show.
