Big Bang
The upheaval on the London Stock Exchange (LSE) when major changes in operation were introduced on 27 October 1986. The major changes enacted on that date were: (a) the abolition of LSE rules ...
broker
A person or company who does not trade as a principal, but puts buyers and sellers in touch with one another. Stockbrokers do this for stocks and shares, commodity brokers for commodities, insurance ...
dual-capacity system
A system of trading on a stock exchange in which the functions of stockjobber and stockbroker are carried out by separate firms. In a single-capacity system the two functions can be combined by firms ...
financial adviser
1 Anyone who offers financial advice to someone else, especially one who advises on investments. See also independent financial adviser.2 An organization, usually a merchant bank, that advises the ...
fixed income
1 Term debt instruments; this includes bonds, notes, and medium-term notes (cf. equities; fixed interest).2 A division of an investment bank, merchant bank, or securities firm that is responsible for ...
half-commission man
A person who is not a member of a stock exchange but works for a stockbroker, introducing clients in return for half, or some other agreed share, of the commission.
jobber
1 A former dealer in stocks and shares, who had no contact with the general public, except through a stockbroker. Jobbers were replaced by market makers on the London Stock Exchange in the Big Bang ...
market maker
A trader in a goods or securities market who holds a stock of the good or security and is willing to buy or sell at pre-announced prices. These prices only apply up to some limited quantity, but up ...
sales
1 (Securities). That part of a financial intermediary engaged in distribution. Hence a stockbroker might have an originating group which sourced new issues and a sales group which sold the new issues ...
securities house
A large stockbroker-based financial institution, many of which have grown since the 1980s to provide investors with facilities of all types on a global scale. They encompass the activities of ...
Società di Intermediazione Mobiliare
(SIM). (Italy).Securities market intermediary which may be a joint stock company or limited partnership established following the reforms to Italian securities law that took place in 1991. It is a ...
stockbroker Reference library
The Handbook of International Financial Terms
A firm or individual whose business is dealing in securities (cf. dealer; broker-dealer; jobber; market-maker;
stockjobber
A market maker on the London Stock Exchange prior to the Big Bang (October, 1986). Stockjobbers were only permitted to deal with the general public through the intermediary of a stockbroker. This ...
