Outlook: Stock Exchange
Friday 30 July 1999
THERE WAS a time when for the London Stock Exchange to announce it was ending its mutual status, breaking the ancient link between stock exchange usage and ownership, would have been front page news. Sadly not today.
The only surprising thing about this statement is that it has taken the Exchange as long as it has to agree such a course of action. The Exchange's path from City club of narrow self and vested interest to a fully competitive exchange selling its services to customers of all types, has been a long and tortuous one.
Technology and globalisation has made its monopoly of share trading in London increasingly precarious, while the diversity and self interest of its members has deprived it of the speed and flexibility needed to survive in a fast-changing world. It took years even to agree to change from a quote to an order-driven trading system. Members still find it hard to agree on anything.
But as Brian Williamson at Liffe has already demonstrated, changing the ownership structure is no panacea in itself. The competition has become fierce and many-headed and for the time being, there is only one way the London Stock Exchange is going - and that's down.
New UK station Russia Today gives a very bizarre view of Britain
By performing as African Americans or Indians, white people get to play act a kind of 'imaginary liberation', writes Michael Mark Cohen
New essay by JK Rowling went live on Pottermore site this morning
Top Gear presenter is no stranger to foot-in-mouth controversy
- 1 'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
- 2 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 3 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 4 Top Gear presenter Jeremy Clarkson criticised for beer tweet
- 5 The bubble bursts for Sodastream
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Top Gear presenter Jeremy Clarkson criticised for beer tweet
Halloween 2014: From the Screaming Man of Pluckley to the 'White Lady' of the Tower of London - Britain's 20 most haunted places
The bubble bursts for Sodastream
Russian politician says Apple CEO Tim Cook should be 'banned' from country after coming out as gay
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
iJobs Money & Business
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...