Outlook: Stock Exchange
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Outlook: Stock Exchange
THERE WAS a time when for the London Stock Exchange to announce it was ending its mutual status, breaking the ancient link between stock exchange usage and ownership, would have been front page news. Sadly not today.
The only surprising thing about this statement is that it has taken the Exchange as long as it has to agree such a course of action. The Exchange's path from City club of narrow self and vested interest to a fully competitive exchange selling its services to customers of all types, has been a long and tortuous one.
Technology and globalisation has made its monopoly of share trading in London increasingly precarious, while the diversity and self interest of its members has deprived it of the speed and flexibility needed to survive in a fast-changing world. It took years even to agree to change from a quote to an order-driven trading system. Members still find it hard to agree on anything.
But as Brian Williamson at Liffe has already demonstrated, changing the ownership structure is no panacea in itself. The competition has become fierce and many-headed and for the time being, there is only one way the London Stock Exchange is going - and that's down.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments