City life, and how it can end

Article Abstract:

London securities firms have underperformed since the Oct 1987 stockmarket crash, but there has yet to be a significant contraction in the numbers of employees. The London financial markets employ approximately 330,000 people, approximately 90,000 of whom are involved in securities trading. Publicly-announced redundancies have amounted to 3,500, although the Banking, Insurance and Finance Union estimates that two additional jobs have been lost for every job loss publicly announced. The boom in corporate finance and equity trading is over, and there is likely to be a large contraction in employment in the London financial markets in order to reduce over-staffing. The introduction of paperless trading with the Taurus computerized settlement system will likely result in the loss of between 25,000 to 30,000 back office jobs by 1993.

Financial markets, Stock Market Crash, 1987, Great Britain

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The Community's challenge to the City

Article Abstract:

London, England, is the premier financial market in Europe, but there are questions as to whether its importance can last in the single European market of 1992. London has a great advantage over continental European rivals in the area of liquidity, but plans for implementing a pan-European share trading system threaten London's position. There are three proposals for a pan-European trading system: 'Eurolist,' allowing for the trading of a group of European blue chip stocks on all European Community (EC) national exchanges; 'Euroquote,' a system by which share price information would be shared by exchanges; and a European Wholesale Market (EWM), which would be the EC's 13th stock market. The financial community in London favors the EWM concept.

Analysis, Europe, Stock-exchange, Stock exchanges, Capital market, Capital markets, European Union, England, Single European market

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Old loyalties in a new market

Article Abstract:

The securities business in London has seen major changes since the 'Big Bang' deregulation of the industry in 1986. The reorganization of many of the large companies and the introduction of the electronic market have changed the traditional relationships between bankers, employees, clients and market makers. Market-making has increased in importance to the point where there are strong pressures on investment researchers to bend their views to go along with the market-making book. Other major changes involve the change away from the private client and increase of principal business over agency business.

Securities, Deregulation, London

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