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Regulation of the London Stock Exchange: Share Trading, Fraud and Reform 1914–1945

Regulation of the London Stock Exchange: Share Trading, Fraud and Reform 1914–1945

Author: Chris Swinson
Publisher: Routledge
ISBN: 9781138040212
Published In: December 2017
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

In 1914, the notion of statutory regulation of trading in shares was anathema to both the Government and the London Stock Exchange. By 1945, a statutory scheme of regulation had been introduced. This book serves to:

Track the steps by which this outcome came about,
Explain why the Exchange felt obliged in the process to abandon long-cherished policies,
Analyse the forces which led to it, and
Account for the form in which it was implemented.

Throughout the period, the attitudes of both the Stock Exchange and Government were affected by widening interest in share ownership, the increasing tendency for business interests to look to the Exchange for long-term finance, and the increasing challenge of financing the Government’s expenditure. At a disaggregated level, the market was able to respond to changing circumstances taking advantages of opportunities and weaknesses. At an aggregated level, the Exchange was not able to foresee the implications of change or to forestall unfortunate consequences. This exposed the weakness of the criminal justice system and its failure to serve as a deterrent for abuse.

This study, the only book to take full account of the documents held by the National Archives in relation to the Bodkin Committee, examines the stages by which share trading in the United Kingdom came to be a statutorily regulated activity and by which the London Stock Exchange moved from being antagonistic towards public regulation in 1914 to lobbying in 1944 for the new scheme to be implemented.

List of tables

List of charts

Abbreviations

Acknowledgements

Chapter One

Introduction

Chapter Two

Coming to terms with change

Chapter Three

The demand for securities 1914-1945

Chapter Four

The supply of securities 1914-1945