While the Germans may have failed in their bid for the London Stock Exchange, the French have gained a foothold in another venerable British institution. Stephane Hild, joint chief executive of SG Hambros, has been awarded The Freedom of the City of London - one of only a few Frenchmen to receive the accolade.

The gain comes after a change of the awarding rules in 1999 to reflect London's increasing multinational community. There are now around 560 foreign banks in London, more than in any other city in the world.