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

By Margaret Reid

An research which areas London in its international monetary surroundings and lines, with new aspect, the origins of "Big Bang". It makes an attempt to research the fewer usual evolution of many urban associations, together with the large banks - whose enterprise and way of life is tested - the recent funding banks, the service provider banks and London's large international 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 method 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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However, at a very late stage, the result of studies which had been under way into Hedderwick threw up information which caused Quilter not to complete the deal. , then summoning his staff in order to break the shock news that the merger was off. Hedderwick then, on Quilter's advice, reported to the Stock Exchange authorities the nature of its own position, which was that it was not then fully able to meet its obligations. As a consequence, late that Friday, 10 April, Hedderwick was 'hammered' - declared, in Stock Exchange terms, in default - and subsequently passed to a liquidator.

Of these figures, up to three-quarters was attributable to broking firms, most of it for share deals, but a significant part for gilts business. 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.

2 Shyly, the Stock Exchange did not publish estimates of broker and jobber firms' revenue, nor did these overwhelmingly private businesses reveal their own figures. None the less, clues are available from which it is clear that, in 1983, commission takings had for some time been rising sharply. For, since the troubled mid-seventies, a 'general service' charge towards the Exchange's own increasing costs had been levied at varying rates. From the yield of this, which is published, it is possible to make a rough rule-of-thumb calculation 3 of the total revenue, the largest part of it derived from commissions on dealing for clients, of the Stock Exchange's firms.

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