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

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By Margaret Reid

An research which areas London in its worldwide monetary environment and lines, with new element, the origins of "Big Bang". It makes an attempt to investigate the fewer frequent evolution of many urban associations, together with the massive banks - whose enterprise and way of life is tested - the hot funding banks, the service provider banks and London's massive 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 process additionally obtain shut exam.

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4 Thereafter, the upward trend was maintained as the stock market continued booming. These rising revenues were clearly making a lucrative living for the Exchange's firms, most of which had to meet only moderate costs. A prosperous year meant a generous pay-out to the partners who owned the Stock Exchange businesses and a rise too in the worth of their investment, in so far as profit was ploughed back into the firm. Employees too would collect useful bonuses. The jobber firms did not have their earnings as neatly geared to market price and volume as did the far more numerous brokers.

It is one of the fortuitous aspects of the City's recent development that this growingly influential figure came when he did to be in the Exchange's top role. Voted in on the sudden death after a short tenure of his predecessor, Mr Michael Marriott, Sir Nicholas, senior partner of his medium-sized family broking firm, took over as the Exchange's youngest chairman in living memory, at the age of only 41, in 1976. The new chairman contrasted in his relative youth and academic style with the traditional choice for the post of an older stockbroker nearing the end of his career.

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. It warned that, while it should be possible for a structure of four or five main jobbing firms to continue 38 The City Revolution over the coming five years, the entire dealing system was vulnerable. The withdrawal of only one of the four top firms would, the committee believed, render it very difficult to maintain public confidence in the competitive nature of the Exchange's marketmaking system.

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