By Margaret Reid
An research which locations London in its international monetary atmosphere and strains, with new element, the origins of "Big Bang". It makes an attempt to research the fewer ordinary 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 big 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 process additionally obtain shut exam.
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Extra resources for All-Change in the City: The Revolution in Britain’s Financial Sector
In the autumn of 1982, one senior Stock Exchange official put the Exchange's chances of successfully fighting for fixed minimum commissions and single capacity at no better than one in three and quoted these words of W. B. Yeats: The Government-Stock Exchange Accord 43 Things fall apart; the Centre cannot hold; Mere anarchy is loosed upon the world The best lack all conviction, while the worst Are full of passionate intensity. Elsewhere in the City too support for the Exchange was, in some places at least, eroding.
Apparently, where a broker escorted a party of fund managers abroad, it was acceptable for him to pay the bills, but he was not supposed just to hand out free air tickets to such travellers and pick up their hotel bills. Nearer to, or perhaps over, the margin of acceptability were presents, not only of screens related to dealing but of other furniture, too, to win and hold desirable custom. 'There was nothing dishonest about it, because the benefit went directly to the institutions. But it was one way of getting around fixed commissions', a senior pension-fund man recalls.
The Japanese, too, through their big four securities houses, Nomura, Daiwa, Nikko and Yamaichi, were setting their sights more and more on international markets, which raised the prospect of an intensifying export drive by Japan in financial products, following its successes in cars and electronics. There was abroad a feeling that, once again, it would be necessary to get up pretty early in the morning to keep pace with the men from the Land of the Rising Sun. Altogether, by 1983, foreign broker rivals were looming formidably in a search for business on the international scene and were endowed with resources on a scale that left British houses far behind.
All-Change in the City: The Revolution in Britain’s Financial Sector by Margaret Reid