By Margaret Reid
An research which areas London in its worldwide monetary atmosphere and strains, with new element, the origins of "Big Bang". It makes an attempt to investigate the fewer universal evolution of many urban associations, together with the massive banks - whose company and way of life is tested - the recent 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 executive and town, whereas the strong new making an investment associations and the City's new watchdog regulatory method additionally obtain shut exam.
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Extra info for All-Change in the City: The Revolution in Britain’s Financial Sector
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. These were friendly relaxed occasions, which showed up quite a degree of support among these users but also the existence of opposition to the Exchange's case.
As to possible exemption, the Prime Minister told her predecessor-but-one that her government had re-examined the case since coming to office but had decided, on balance, that such a course would not be justified. The idea of a small committee was not taken up. The Government-Stock Exchange Accord 37 As the years had gone by, things had not stood still over the actual business and workings of the Stock Exchange. One of the biggest long-run changes was the one under which the bulk of business had come to be done for the major investing institutions, rather than for the private investor.
Then again, considerable proportions of deal- The Government-Stock Exchange Accord 45 ings in top United Kingdom shares were taking place in New York via 'share token' ADRs (American Depositary Receipts), at some stamp duty advantage, rather than in London. In fact, trading in securities was sprouting in all manner of places outside the Exchange, not excluding the Eurobond market and through ARIEL. The new London International Financial Futures Exchange (LIFFE) was also attracting gilts business at possible cost to that going through the Exchange.
All-Change in the City: The Revolution in Britain’s Financial Sector by Margaret Reid