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Big Bang

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Accepting Houses Committee

Accepting Houses Committee  

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A committee representing the main accepting houses in the City of London. Members of the committee are eligible for finer discounts on bills bought by the Bank of England, although this privilege has ...
British Merchant Banks and Securities Houses Association

British Merchant Banks and Securities Houses Association  

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(UK).Successor organization to the Accepting Houses Committee, the group of seventeen banks active in discounting or accepting bills of exchange, and the Issuing Houses Committee set up in 1988 ...
broker

broker  

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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 ...
Central Gilts Office

Central Gilts Office  

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(CGO) (Bonds; UK).The Bank of England's electronic clearing house for gilt-edged transactions established in 1986 following the reforms known as Big Bang.
dual capacity

dual capacity  

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(Equities; UK).The ability of a securities firm to act as both broker and marketmaker. Introduced into the UK as a result of the reforms following Big Bang in October 1986 (cf. single capacity). See ...
dual-capacity system

dual-capacity system  

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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 ...
government broker

government broker  

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The senior broker appointed by the Bank of England to sell government securities on the London Stock Exchange. The government broker is also the broker to the National Debt Commissioners (see ...
Gower Report

Gower Report  

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A report on the protection of investors delivered to the UK government in 1984 by Professor Jim Gower. Many of its recommendations were adopted in the subsequent Financial Services Act 1986.
homoscedastic

homoscedastic  

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In statistics, describing errors in a regression analysis that are constant for different values of the independent variable. Compare heteroscedastic.
International Stock Exchange in London

International Stock Exchange in London  

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(ISE) (UK).Name given to the London Stock Exchange following Big Bang although it now generally goes by its former name. It is the organization which operates the UK's main ...
jobber

jobber  

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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 ...
London Stock Exchange

London Stock Exchange  

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(LSE)The major European stock exchange. The LSE began in the coffee houses of 17th-century London and grew to become the most important institution in the ...
market maker

market maker  

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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 ...
marketable quantity

marketable quantity  

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(UK).The commitment made by market-makers operating on the London Stock Exchange following the reforms known as Big Bang to buy or sell at certain volumes at their quoted two-way ...
May Day

May Day  

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(USA).The day fixed commissions were abolished in the US equity markets (1 May 1975). See Big Bang.
post-Bang

post-Bang  

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Denoting the method of operation of the London Stock Exchange after the Big Bang of October 1986. It also refers to the widening of all the activities of the London security markets as a result of ...
stockbroker

stockbroker  

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A firm or individual whose business is dealing in securities (cf. dealer; broker-dealer; jobber; market-maker; specialist). Also just known as a broker, although this may lead to confusion since ...
stockjobber

stockjobber  

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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 ...

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