Monday, December 13, 2010
History of stock exchange
The same year in which de la Vega published also saw an event that would help spread financial techniques and talent from Amsterdam to London. This was the "glorious revolution," in which Dutch-born William of Orange ascended to England's throne. William sought to modernize England's finances to pay for its wars, and thus the kingdom's first government bonds were issued in 1693 and the Bank of England was set up the following year. Soon thereafter, English joint-stock companies began going public.
NASDAQ was the first electronic stock exchange.London's first stockbrokers, however, were barred from the old commercial center known as the Royal Exchange, reportedly because of their rude manners. Instead, the new trade was conducted from coffee houses along Exchange Alley. By 1698, a broker named John Castaing, operating out of Jonathan's Coffee House, was posting regular lists of stock and commodity prices. Those lists mark the beginning of the London Stock Exchange
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