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City Restructuring for Big Bang

In: All-Change in the City

Author

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  • Margaret Reid

Abstract

When Sir Nicholas Goodison and Mr Parkinson shook hands on their pact for the dropping of the OFT case against the Stock Exchange in return for concessions, it was the end of the beginning, not the beginning of the end, of the City revolution. Vast changes lay ahead and many of them were not yet widely predicted in the City. For the Exchange, the priority obligation under the deal was to open up entry through admitting lay members to its ruling council and to create an appeals body to see that would-be newcomer members were not unreasonably barred. Yet more important, the council had to decide how to dismantle fixed commissions, within the promised three-and-a-half year time limit, and whether to do this by stages or in one go. And beyond this were ranged the further key questions whether single capacity should be preserved and what trading system should replace it if it was not.

Suggested Citation

  • Margaret Reid, 1988. "City Restructuring for Big Bang," Palgrave Macmillan Books, in: All-Change in the City, chapter 3, pages 51-70, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07005-3_3
    DOI: 10.1007/978-1-349-07005-3_3
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