Stockjobber
Stockjobbers were institutions that acted as market makers in the London Stock Exchange. Prior to "Big Bang" in 1986, every stock traded on the Exchange passed through a 'jobber's book', that is, they acted as the ultimate purchasers of shares sold and the source of shares purchased, by stockbrokers on behalf of the latters' clients. Stockbrokers in turn were not permitted to be market makers.[1]
Immediately prior to the Big Bang, the leading jobbing firms were Akroyd & Smithers, Wedd Durlacher, Pinchin Denny, Smith Brothers, Bisgood Bishop and Charles Pulley.[2] All of these firms were acquired after the Big Bang by a number of different investment banks and other financial institutions.
References
- ^ Philip Auger (2000). The Death of Gentlemanly Capitalism. Penguin.
- ^ "London insiders remember Big Bang". BBC. October 26, 2006.
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