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

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Chris Swinson Farley Grubb

Regulation of the London Stock Exchange

Share Trading, Fraud and Reform 1914�1945

Chris Swinson, Farley Grubb, Anne L. Murphy

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English

Routledge
04 December 2017

Economic history; Investment & securities

Series: Financial History

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.

By: Chris Swinson
Series edited by: Farley Grubb, Anne L. Murphy
Imprint: Routledge
Country of Publication: United Kingdom
Volume: 29
Dimensions: Height: 234mm, Width: 156mm,
Weight: 680g
ISBN: 9781138040212
ISBN 10: 1138040215
Series: Financial History
Pages: 256
Publication Date: 04 December 2017
Audience: College/higher education , Primary , A / AS level
Format: Hardback
Publisher's Status: Active

Chris Swinson is one of the country's leading experts on corporate accountancy and auditing, acting as an expert witness in litigation concerning auditing negligence, usually in the respect of fraud.

Reviews for Regulation of the London Stock Exchange: Share Trading, Fraud and Reform 1914�1945

'Regulation of the London Stock Exchange is a colourful and carefully researched account of the activities of unscrupulous and sometimes notoriously fraudulent share dealers and the often-conflicting attempts of Stock Exchange and Government to balance independence and public interest protection.' - Professor Steven Toms, University of Leeds.