Download PDF by Margaret Reid: All-Change in the City: The Revolution in Britain’s

By Margaret Reid

ISBN-10: 134907005X

ISBN-13: 9781349070053

ISBN-10: 1349070076

ISBN-13: 9781349070077

An research which areas London in its worldwide monetary environment and strains, with new element, the origins of "Big Bang". It makes an attempt to investigate the fewer regular evolution of many urban associations, together with the large banks - whose company and way of life is tested - the hot funding banks, the service provider banks and London's significant overseas banking fraternity. specific scrutiny is given to the financial institution of britain, with its unusual intermediate prestige among govt and town, whereas the strong new making an investment associations and the City's new watchdog regulatory procedure additionally obtain shut exam.

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Extra resources for All-Change in the City: The Revolution in Britain’s Financial Sector

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Then Smith, like Akroyd, went public. One source of difficulty lay in the increasingly wide swings in gilt and share prices caused by the more active government monetary policies used, from the early 1970s, to fight rising inflation. The stock market slump accompanying the secondary banking and property crisis 12 of 1973-5, when share prices reached record lows and numbers of Stock Exchange firms, members and employees left the market, had accentuated the problems. Concern at the role of the jobber sector then deepened and, in the late 1970s, a committee of Stock Exchange senior partners, reporting on international dealings, made some ominous points.

Already such problems had caused jobbers to link in bigger groupings: there were just fourteen London jobbing firms, including five large ones, by 1978, against 187 in 1950. Some recourse was made to arrangements like agreed spreads - the gaps between buying and selling prices - and, on occasion, joint books between jobber firms to resist the pressures. It is interesting that agreements among jobbers were not themselves referrable to the Court under the Restrictive Trade Practices law, since they were not for the provision of services, but concerned the jobbers' handling of their own resources.

On the face of it, the users - chiefly the investing institutions and fund-managing merchant banks - had a strong interest in seeing restrictive pricing for commissions ended and competition brought in. Yet the 'link' argument made many hesitant. Much as they wanted cheaper commissions, they found the total consequences of that course - with the scrapping of the time honoured single-capacity The Government-Stock Exchange Accord 41 system - hard to foresee or worrying to contemplate. From 1982, Sir Nicholas Goodison and his senior Exchange colleagues held a series of dinners for institutional and other City personalities at which they explained the Exchange's viewpoint.

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All-Change in the City: The Revolution in Britain’s Financial Sector by Margaret Reid

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