By Margaret Reid
An research which locations London in its worldwide monetary environment and strains, with new element, the origins of "Big Bang". It makes an attempt to investigate the fewer conventional evolution of many urban associations, together with the massive banks - whose enterprise and way of life is tested - the recent funding banks, the service provider banks and London's immense international banking fraternity. specific scrutiny is given to the financial institution of britain, with its unusual intermediate prestige among executive and town, whereas the robust new making an investment associations and the City's new watchdog regulatory process additionally obtain shut exam.
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Victory for the Stock Exchange would entrench a system felt to be becoming outmoded: it might leave Stock Exchange 'backwoodsmen' blocking change till the end of the century. On the other hand, triumph for the Off could leave an undesirably uncertain prospect, in the view of various officials. The idea of a compromise being negotiated between Sir Gordon Borrie and Sir Nicholas Goodison under Section 25 of the Competition Act 1980 does not seem to have been explored in this set of confidential discussions.
Under the Director General of Fair Trading, Sir Gordon Borrie, the leader of the team working on the case from 1977 to 1983 was the Assistant Secretary in charge of the restrictive practices side of the OFT, Lady (Olive) Wood. The widow of a former top Defence Ministry official, Sir Frank Wood, she had, after an earlier stint in Whitehall, returned there following her husband's death. Upon this woman civil servant in her early fifties, a history graduate with an outgoing personality and no want of determination, rested much of the responsibility for challenging the basic rules of one of the City's most august institutions.
32 The City Revolution When this was recalled some years afterwards, Mr LeRoy-Lewis voiced astonishment that it should have been remembered, but clearly recalled the occasion: Some of us were asked to give a half an hour's talk on certain aspects of the Stock Exchange. I was invited to talk about jobbers and what jobbers did and why jobbers were there and everything about jobbing. Now, I thought that this was a slightly remarkable way of going about it and, although I knew something about the legal principle of discovery, I scarcely felt comfortable about it.