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Spreadsheets have been with us in their present form for over a quarter of acentury. We have become so used to them that we forget that we are using themat all. It may serve us well to stand back for a moment to review where, whenand how we use spreadsheets in the financial markets and elsewhere in order toinform research that may guide their future development. In this article Ibring together the experiences of a number of senior practitioners who havespent much of their careers working with large spreadsheets that have been andcontinue to be used to support major financial transactions and manage largeinstitutions in the City of London. The author suggests that the City of Londonis presently exposed to significant reputational risk through the continueduncontrolled use of critical spreadsheets in the financial markets andelsewhere.

The Importance and Criticality of Spreadsheets in the City of London