The new structure of The Stock Exchange will, as I have mentioned earlier, produce a variety of different types of organisation. The single capacity firms will operate solely as agents for investment clients, and the ‘introducing’ firms only as investment advisers. A number of broker/dealers, with close corporate connections, will make markets in these shares, while others, owned by major banking houses, will offer all the job opportunities that are currently available to employees of banks or merchant banks, together with new fields in market-making or investment. The market-makers in gilt-edged will require different expertise, with the ability to hedge positions either in the futures markets or elsewhere, and the nerves to operate in very large amounts of money.
KeywordsLarge Firm Stock Exchange Future Market Investment Adviser Major Firm
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