The London Stock Exchange
The London Stock Exchange is one of the world's oldest financial enterprises. It got a firm start 300 years ago in London's coffee houses and has grown to become a widely respected home to some of the best businesses in operation today. Jonathan's Coffee House in Change Alley served as the gathering place for stock traders and dealers. In 1720, South Sea speculation failed to pan out, crimping the market's development. In 1761, a group of traders formed a club at Jonathan's for trading shares. The exchange finally got its own building in 1773. Located in Sweeting's Alley, the building called the New Jonathan included a first-floor trading area and second floor coffee house. Not long after, the name was changed to the Stock Exchange. It wasn't until 1801 that a formal subscription membership list was issued and the modern Stock Exchange was created. The Exchange moved into a new building at Capel Court a few years later, and a rulebook emerged in 1812. Railway speculation ensued in 1845. In 1914 and later in 1939 the Exchange closed temporarily due to war conditions, but then reopened to resume business, receiving its own Coat of Arms with the motto, "My word is my bond." (Dictum Meum Pactum) A new trading building opened in 1972 with a much larger trading floor, and in 1973 the first women members were admitted. In 1986 deregulation occurred, changing trading rules for members. For example, outside corporations became eligible to own member businesses, and the Exchange became a private limited company. In 2004 the exchange moved into its new location near St. Paul's Cathedral. Today the Exchange's goal is to compete in the world economy to provide its customers with top quality financial services. London's Stock Exchange is one of the most respected and trusted financial venues in the world, with expansions into Asia and other diverse markets.
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