International Operations

Abstract

It has been mentioned already that one of the pressures for change in The Stock Exchange had been over the gradual encroachment of the overseas firms of brokers on business for British institutions. The whole question of dealing in overseas securities had been a thorny problem for some time and one which was probably the most emotive in setting jobbers and brokers against each other. Over the years The Stock Exchange, struggling to maintain the principle of single capacity to which it was committed, and endeavouring both to free the jobbers from restrictions that made them uncompetitive against overseas houses and to avoid damage to the traditional business of the arbitrage broker, fell between both stools and allowed the business to slip away altogether.