December 2, 2008 - 9:55am
“As a publicly-listed company at the heart of the most international market in the world, integrity is central to our success and we are proud of the way in which we do business.” In 2005 a prominent US stock exchange NASDAQ started its ambitious plan to acquire the LSE. After 2 years of proactive efforts that came to 31% shareholding in the company NASDAQ finally abandoned its chase. Thus, London exchange managed to defend its alleged integrity. Read the story about the evolution of a Coffee-house into the sterling stocks market with the reputed name.
What was Jonathan’s turned into the Stock Subscription Room
The trade in shares in London began with the need to finance two voyages: The Muscovy Company's attempt to reach China via the White Sea north of Russia, and the East India Company voyage to India and the east. Unable to finance these costly journeys privately, the companies raised the money by selling shares to merchants, giving them a right to a portion of any profits eventually made.
Before 1689 there were only around 15 major joint-stock companies in Britain, with a capital of £0.9 million, and their activities were focused on overseas trade, as with Hudson’s Bay Comapany or the Royal African Company. However, by 1695 the number increased to nearly 150 with a capital of £4.3 million.
The trade in shares was centered around the City's Change Alley in two coffee shops: Garraway's and Jonathan's. The broker, John Castaing, published the prices of stocks and commodities called The Course of the Exchange and other things in these coffee shops.
By 1700 stockbrokers came to existence but almost none of them was wholly specialized in the business. These intermediaries were easily recruited and frequently combined stockbroking with the other tasks they conducted for the wealthy customers. Bankers, goldsmiths, or the clerks who registered changes of ownership in the Bank of England or the East India Company, could became candidates to add the new profession of stockbroking to the list of their activities. Thus, the number of these versatile officials rapidly grew and in 1697 the government decided to "restrain the number and ill-practice of brokers and stockjobbers" to only 100 and passed the appropriate law. Yet, the regulation turned out ineffective and the number of brokers was still growing along with the market itself. Individuals were attracted either from other occupations in London or from other parts of Britain and abroad.
The exchange on Change Alley thrived. However, it suffered a set-back in 1720. Much excitement was caused by the South Sea Company, stoked by brokers, the company's owner John Blunt and the government. Having set up the unprofitable company nine years previously, the government hoped to wipe out the large debts accumulated by offering shares to the public.
Shares in the company, which had started at £128 each at the start of the year, were soon fetching as much as £1,050 by June. The bubble inevitably burst, with share prices plunging to £175, then £124.
The incident caused outcry, forcing the government to pass legislation to prevent another bubble, and it took a long time for the stock exchange to recover.
Jonathan's burnt down in 1748, and this, plus dissatisfaction with the overcrowding in the Alley, made the brokers build a New Jonathan's on Threadneedle Street, as well as charging an entrance fee. Brokers and jobbers paid Jonathan’s Coffee House £8 each per year for the exclusive use of the premises for about 3 hours a day in order to transact business.
In 1772 a group of stockbrokers decided to erect a new building in Sweetings Alley which was to be called a Stock Exchange. It was opened on July 12, 1773. Admission to this building was on payment of 6 pence a day so that all could participate if they wished. This payment would also remunerate the owners of the building for the cost of construction and maintenance. Notably, if a broker attended six days a week all year the cost would be £7.80 annually which was remarkably similar to the £8 previously paid to Jonathan’s.
Yet, the new building wasn’t a substantial success as long as trading in securities continued to take place in a number of locations throughout the city of London. Thus, the Rotunda of the Bank of England, which was opened in 1765 was a very popular venue as it was there that transfers of both Bank of England and government stock had to be registered in any case. All these alternative locations were also free, and hence attractive to those who had only limited business transact. Consequently, the newly opened Stock Exchange building failed to control the London securities market because it proved neither exclusive nor dominant.
Interestingly, the event that pushed the London securities market to complete its mature formation did not take place
within Britain itself. That was the Revolution in France in 1789 and the subsequent period of instability and war that was to effect continental Europe until Napoleon’s defeat at Waterloo in 1815.
The overthrow of the established order and the terror that followed in France caused the financial system in Paris to plunge into the chaos. That made bankers and others with wealth to escape to other centers such as Amsterdam and London. Finally in 1793 the Paris Stock Exchange was closed down resulting in that such people as Walter Boyd, a prominent Paris banker transferred his operations to London. But, the revolution didn’t limit itself to the borders of France, rather it spread over to other countries in continental Europe. In 1795 French troops occupied Amsterdam. As a result prominent bankers and brokers like Henry Hope, Raphael Raphael and Samuel de Zoete left Amsterdam to set up a business in London. The German states also engulfed by the turmoil produced their own flow to London including Johan Schroder from Hamburg and Nathan Rothschild from Frankfurt.
On January 7, 1801 the Committee of Proprietors, representing those who owned the Stock Exchange building, suggested that it should be converted into a Subscription Room. These proprietors were also major users of the market like John Capel and David Ricardo. The proprietors calculated that they would get an acceptable return on their investment in the building if a minimum of 200 subscribers were recruited with each paying 10 guineas (a British gold coin taken out of circulation in 1813, worth 21 shillings, or £1.05) per year. The income of £2,100 per annum that would result was deemed to sufficient pay an acceptable return on their capital investment as well as to meet all running and administrative expenses that included a salary of 10 guineas per annum to the secretary appointed on December 15, 1798 who performed administrative tasks related to the work carried out by the Committee for General Purpose, responsible for the day-to-day running of the market in the Stock Exchange building.
Thus on March 3, 1801 a London Stock Exchange formally came into existence that not only provided a market for securities but also incorporated regulations on how business was to be conducted. Furthermore, adherence to these rules and regulations was monitored and adjudicated by a committee, including full time administrative staff and enforced by the threat of expulsion from the market.
The creation of the Stock Subscription Room in March 1801 was not simply another milestone in the progress of the London securities market but the beginning of a formally organized institution which was to have an important influence on the way the securities market itself developed at home and abroad.
The Stock Exchange Tower
In 1923 the London Stock Exchange received its own Coat of Arms. It took a motto: “dictum meum pactum”, which means "My word is my bond".
In 1972 Queen Elizabeth II opened the Stock Exchange Tower, based in Threadneedle Street/Old Broad Street. The building housed the Trading Floor where traders would traditionally meet to conduct business.
The Stock Exchange Tower is a high-rise building 103 meters (338 ft) tall, with 26 floors. Face to face trading was conducted on the trading floor of the exchange, until it was abolished in favor of electronic trading in the 1986 deregulation of the London Stock Exchange known as Big Bang.
On 20 July 1990, the Provisional Irish Republican Army exploded a bomb inside the tower, causing its evacuation. The bomb destroyed the public viewing areas in the building which subsequently closed in 1992. The tower was also evacuated on September 11, 2001 after the attacks on the World Trade Center, The Pentagon and Pennsylvania.
The building underwent a major renovation which saw its pre-cast concrete façade reclad in a high-performance glass curtain wall, and thousands of square meters more office space created, including a new 10-story office building at 60 Threadneedle Street, a 6 story wing to the east, and a single-story wing in the northwest. As part of the renovation, the floor plates were extended beyond the perimeter of the original building to give more overall space. The renovation scheme was designed by GMW Architects.
It was officially opened by Queen Elizabeth II once again, accompanied by The Duke of Edinburgh, on 27 July 2004. The new building contains a specially commissioned dynamic sculpture called "The Source", by artists Greyworld.
The building has eleven 17-person passenger lifts, 1 goods lift, as well as firefighting lifts and vehicle shuttle lifts.
To be continued…
“As a publicly-listed company at the heart of the most international market in the world, integrity is central to our success and we are proud of the way in which we do business.” In 2005 a prominent US stock exchange NASDAQ started its ambitious plan to acquire the LSE. After 2 years of proactive efforts that came to 31% shareholding in the company NASDAQ finally abandoned its chase. Thus, London exchange managed to defend its alleged integrity. Read the story about the evolution of a Coffee-house into the sterling stocks market with the reputed name.
What was Jonathan’s turned into the Stock Subscription Room
The trade in shares in London began with the need to finance two voyages: The Muscovy Company's attempt to reach China via the White Sea north of Russia, and the East India Company voyage to India and the east. Unable to finance these costly journeys privately, the companies raised the money by selling shares to merchants, giving them a right to a portion of any profits eventually made.
Before 1689 there were only around 15 major joint-stock companies in Britain, with a capital of £0.9 million, and their activities were focused on overseas trade, as with Hudson’s Bay Comapany or the Royal African Company. However, by 1695 the number increased to nearly 150 with a capital of £4.3 million.
The trade in shares was centered around the City's Change Alley in two coffee shops: Garraway's and Jonathan's. The broker, John Castaing, published the prices of stocks and commodities called The Course of the Exchange and other things in these coffee shops.
By 1700 stockbrokers came to existence but almost none of them was wholly specialized in the business. These intermediaries were easily recruited and frequently combined stockbroking with the other tasks they conducted for the wealthy customers. Bankers, goldsmiths, or the clerks who registered changes of ownership in the Bank of England or the East India Company, could became candidates to add the new profession of stockbroking to the list of their activities. Thus, the number of these versatile officials rapidly grew and in 1697 the government decided to "restrain the number and ill-practice of brokers and stockjobbers" to only 100 and passed the appropriate law. Yet, the regulation turned out ineffective and the number of brokers was still growing along with the market itself. Individuals were attracted either from other occupations in London or from other parts of Britain and abroad.
The exchange on Change Alley thrived. However, it suffered a set-back in 1720. Much excitement was caused by the South Sea Company, stoked by brokers, the company's owner John Blunt and the government. Having set up the unprofitable company nine years previously, the government hoped to wipe out the large debts accumulated by offering shares to the public.
Shares in the company, which had started at £128 each at the start of the year, were soon fetching as much as £1,050 by June. The bubble inevitably burst, with share prices plunging to £175, then £124.
The incident caused outcry, forcing the government to pass legislation to prevent another bubble, and it took a long time for the stock exchange to recover.
Jonathan's burnt down in 1748, and this, plus dissatisfaction with the overcrowding in the Alley, made the brokers build a New Jonathan's on Threadneedle Street, as well as charging an entrance fee. Brokers and jobbers paid Jonathan’s Coffee House £8 each per year for the exclusive use of the premises for about 3 hours a day in order to transact business.
In 1772 a group of stockbrokers decided to erect a new building in Sweetings Alley which was to be called a Stock Exchange. It was opened on July 12, 1773. Admission to this building was on payment of 6 pence a day so that all could participate if they wished. This payment would also remunerate the owners of the building for the cost of construction and maintenance. Notably, if a broker attended six days a week all year the cost would be £7.80 annually which was remarkably similar to the £8 previously paid to Jonathan’s.
Yet, the new building wasn’t a substantial success as long as trading in securities continued to take place in a number of locations throughout the city of London. Thus, the Rotunda of the Bank of England, which was opened in 1765 was a very popular venue as it was there that transfers of both Bank of England and government stock had to be registered in any case. All these alternative locations were also free, and hence attractive to those who had only limited business transact. Consequently, the newly opened Stock Exchange building failed to control the London securities market because it proved neither exclusive nor dominant.
Interestingly, the event that pushed the London securities market to complete its mature formation did not take place
within Britain itself. That was the Revolution in France in 1789 and the subsequent period of instability and war that was to effect continental Europe until Napoleon’s defeat at Waterloo in 1815.The overthrow of the established order and the terror that followed in France caused the financial system in Paris to plunge into the chaos. That made bankers and others with wealth to escape to other centers such as Amsterdam and London. Finally in 1793 the Paris Stock Exchange was closed down resulting in that such people as Walter Boyd, a prominent Paris banker transferred his operations to London. But, the revolution didn’t limit itself to the borders of France, rather it spread over to other countries in continental Europe. In 1795 French troops occupied Amsterdam. As a result prominent bankers and brokers like Henry Hope, Raphael Raphael and Samuel de Zoete left Amsterdam to set up a business in London. The German states also engulfed by the turmoil produced their own flow to London including Johan Schroder from Hamburg and Nathan Rothschild from Frankfurt.
On January 7, 1801 the Committee of Proprietors, representing those who owned the Stock Exchange building, suggested that it should be converted into a Subscription Room. These proprietors were also major users of the market like John Capel and David Ricardo. The proprietors calculated that they would get an acceptable return on their investment in the building if a minimum of 200 subscribers were recruited with each paying 10 guineas (a British gold coin taken out of circulation in 1813, worth 21 shillings, or £1.05) per year. The income of £2,100 per annum that would result was deemed to sufficient pay an acceptable return on their capital investment as well as to meet all running and administrative expenses that included a salary of 10 guineas per annum to the secretary appointed on December 15, 1798 who performed administrative tasks related to the work carried out by the Committee for General Purpose, responsible for the day-to-day running of the market in the Stock Exchange building.
Thus on March 3, 1801 a London Stock Exchange formally came into existence that not only provided a market for securities but also incorporated regulations on how business was to be conducted. Furthermore, adherence to these rules and regulations was monitored and adjudicated by a committee, including full time administrative staff and enforced by the threat of expulsion from the market.
The creation of the Stock Subscription Room in March 1801 was not simply another milestone in the progress of the London securities market but the beginning of a formally organized institution which was to have an important influence on the way the securities market itself developed at home and abroad.
The Stock Exchange Tower
In 1923 the London Stock Exchange received its own Coat of Arms. It took a motto: “dictum meum pactum”, which means "My word is my bond".
In 1972 Queen Elizabeth II opened the Stock Exchange Tower, based in Threadneedle Street/Old Broad Street. The building housed the Trading Floor where traders would traditionally meet to conduct business.
The Stock Exchange Tower is a high-rise building 103 meters (338 ft) tall, with 26 floors. Face to face trading was conducted on the trading floor of the exchange, until it was abolished in favor of electronic trading in the 1986 deregulation of the London Stock Exchange known as Big Bang.
On 20 July 1990, the Provisional Irish Republican Army exploded a bomb inside the tower, causing its evacuation. The bomb destroyed the public viewing areas in the building which subsequently closed in 1992. The tower was also evacuated on September 11, 2001 after the attacks on the World Trade Center, The Pentagon and Pennsylvania.
The building underwent a major renovation which saw its pre-cast concrete façade reclad in a high-performance glass curtain wall, and thousands of square meters more office space created, including a new 10-story office building at 60 Threadneedle Street, a 6 story wing to the east, and a single-story wing in the northwest. As part of the renovation, the floor plates were extended beyond the perimeter of the original building to give more overall space. The renovation scheme was designed by GMW Architects.
It was officially opened by Queen Elizabeth II once again, accompanied by The Duke of Edinburgh, on 27 July 2004. The new building contains a specially commissioned dynamic sculpture called "The Source", by artists Greyworld.
The building has eleven 17-person passenger lifts, 1 goods lift, as well as firefighting lifts and vehicle shuttle lifts.
To be continued…
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