The City Revolution: Implications for Financial Markets

  • Maximilian Hall


The combined threats posed by the proposed abolition of fixed commissions and the ending of single capacity to the existing dealing structure of the gilt market, where gilts not taken up at the public offer stage are bought back by the Bank and subsequently fed out to the market ‘on tap’ through the Government Broker1 as demand arises,2 had forced both the Stock Exchange and the Bank to consider reform at a relatively early stage in the ‘City Revolution’. Desires to allay suspicions about the level of competitiveness in gilt market-making3 and to update dealing, clearing and settlement systems, as well as market developments,4 heightened the sense of urgency.


Financial Market Stock Exchange Bond Market Investor Protection Security Market 
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  1. Bank of England, ‘The Future Structure of the Gilt-edged Market’, Gilt-edged Division, Nov. 1984.Google Scholar
  2. Bank of England, ‘The Future Structure of the Gilt-Edged Market’, BEQB, June 1985.Google Scholar
  3. Bank of England, ‘The City Revolution’, BEQB, Sep. 1985.Google Scholar
  4. Bank of England, ‘Change in the Stock Exchange and Regulation of the City’, BEQB, Dec. 1985.Google Scholar
  5. Hall, M. J. B., ‘Money Market Management in the UK’, SUERF Series, (51A) (The Netherlands, July 1986).Google Scholar
  6. The Stock Exchange, ‘The Market in Gilt-edged Securities’, Aug. 1984.Google Scholar

Copyright information

© Maximilian J. B. Hall 1987

Authors and Affiliations

  • Maximilian Hall

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