By Margaret Reid
An research which locations London in its international monetary environment and strains, with new aspect, the origins of "Big Bang". It makes an attempt to investigate the fewer customary evolution of many urban associations, together with the massive banks - whose enterprise and way of life is tested - the recent funding banks, the service provider banks and London's monstrous 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 procedure additionally obtain shut exam.
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Additional resources for All-Change in the City: The Revolution in Britain’s Financial Sector
I did, I think, say, now I am reminded of it, that I hoped that I was going to give them the right sort of - the right amount of information, but I was inclined, having regard to their role in the affair, to tell them nothing! 10 Whether or not further enlightened by this meeting, the OFT team, with its lawyers, continued with its scrutiny of the long list of rules and agreements which the Stock Exchange had registered as the first stage in the whole legal process. ' But on each of the very many that were up for rulings under the Act, an OFf judgment, for the purpose of the 'pleadings', had to be made on whether a 'restriction' was to be 'denied' (opposed outright), 'admitted' (no objection being raised), or placed in the more indeterminate category of 'not admitted', implying to the Court some reserve on the Office's part about the practice.
Yet, to most eyes, there was little as late as the festive midsummer of 1983 to hint that the City of London was on the eve of a financial earthquake. The atmosphere was one of relaxed cheer among investors and stock market men alike. And with good reason. Less than a month earlier, Mrs Margaret Thatcher's Conservatives, traditionally the businessman's friend, had been triumphantly voted back to power in a general election. Stockbrokers let their attention stray to Ascot races and Wimbledon tennis, knowing that business was prospering.
The Stock Exchange Council worried not only about the long-term adequacy of the jobbers' capital but about that of brokers, which differed sharply from firm to firm. Just how great these variations were was shown by an enquiry which revealed that some brokers were well enough provided to have capital equalling two years' expenses, while others got by on capital as slender as just six weeks' costs. It was true that brokers did not ordinarily need large capital since they were not position-taking, but they still required a cushion to absorb results fluctuating between good years and bad.
All-Change in the City: The Revolution in Britain’s Financial Sector by Margaret Reid