the history of the stock market in the uk. vocabulary stock market (equity market) is the organized...
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The history of the stock market in the UK
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Vocabulary
• Stock market(Equity market) is the organized trading of stocks. It includes the stock exchange and the over-the-counter market.
• Jobbers acted as market makers.
• Brokers acted only as mediators between buyers and sellers.
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Origins
The Royal Exchange opened in 1571Founded by Sir Thomas Gresham
The first regular list of stock and commodity prices was printed in 1689 : « the Course of the Exchange and Other Things » .
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The New Jonathan's
• In 1773, the new Stock Exchange was built.
• In 1801, it was transformed into « the Stock Subscription Room », the regulated exchange.
• In the second half of 19th century, began the revolution of stock trading thanks to the inventions of telegraph, telephone and ticker tape.
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The Big Bang in 1986Some key changes :
• All firms become broker/dealers able to operate in a dual capacity.
• Minimum scales of commission are abolished.
• Trading moves from being conducted face-to-face on a market floor to being performed via computer and telephone from separate dealing rooms.
• The Exchange becomes a private limited company under the Companies Act 1985.
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Other milestones• The launch of alternative
investment market (AIM) for growth companies in 1995
• SETS (Stock Exchange Electronic Trading Service) was set up in 1997.
• In 2007, The London Stock Exchange merges with Borsa Italiana, creating LSEG.
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Conclusion
Source : World Federation of Exchanges 31 December 2012
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Source• LSEG’s yearbook 2012
• Monthly reports, World Federation of Exchange
• http://www.londonstockexchange.com
• http://thefinanser.co.uk/fsclub/2011/12/how-the-city-developed-part-eight-the-london-stock-exchange.htm
• http://www.investorwords.com/