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London Stock Exchange

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The London Stock Exchange (LSE) is a stock exchange located in the City of London, England. As of December 2014, the Exchange had a market capitalisation of US$6.06 trillion (short scale), making it the third-largest stock exchange in the world by this measurement (the largest in Europe ahead of Euronext). The Exchange was founded in 1801 and its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London. The Exchange is part of the London Stock Exchange Group.

London Stock Exchange is one of the world’s oldest stock exchanges and can trace its history back more than 300 years. The London Stock Exchange Group was created in October 2007 when London Stock Exchange merged with Milan Stock Exchange, Borsa Italiana.

The Royal Exchange had been founded by English financier Thomas Gresham on the model of the Antwerp Bourse, as a stock exchange. It was opened by Elizabeth I of England in 1571.

During the 17th century, stockbrokers were not allowed in the Royal Exchange due to their rude manners. They had to operate from other establishments in the vicinity, notably Jonathan's Coffee-House. At that coffee house, a broker named John Casting started listing the prices of a few commodities, such as salt, coal, and paper, and exchange rates in 1698. Originally, this was not a daily list and was only published a few days of the week.

This list and activity was later moved to Garraway's coffee house. Public auctions during this period were conducted for the duration that a length of tallow candle could burn; these were known as "by inch of candle" auctions. As stocks grew, with new companies joining to raise capital, the royal court also raised some monies. These are the earliest evidence of organised trading in marketable securities in London.

After Gresham's Royal Exchange building was destroyed in the Great Fire of London, it was rebuilt and re-established in 1669. This was a move away from coffee houses and a step towards the modern model of stock exchange.

This page was last edited on 21 February 2018, at 23:44.
Reference: https://en.wikipedia.org/wiki/London_Stock_Exchange under CC BY-SA license.

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