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The Global Securities MarketA History$
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Ranald Michie

Print publication date: 2006

Print ISBN-13: 9780199280612

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199280612.001.0001

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A Transatlantic Revolution: 1970–90

A Transatlantic Revolution: 1970–90

(p.253) 8 A Transatlantic Revolution: 1970–90
The Global Securities Market

Ranald C. Michie (Contributor Webpage)

Oxford University Press

This chapter discusses developments in the global securities market from 1970 to 1990. It shows that growth and development in the global securities market in the 1970s and 1980s were marked by two major turning points: the abolition of fixed commissions on the New York Stock Exchange in May 1975, which put pressure on stock exchanges in the US and around the world; and the Big Bang in London in October 1986, which not only transformed the British securities market but also intensified the pressure for change which had already been experienced by other stock exchanges, especially in Europe. By 1990, the effects of these twin developments were visible worldwide. The securities markets re-emerged as essential components of national financial systems whilst the global securities market once again became a key element in the financial flows that brought stability to the international monetary system.

Keywords:   global securities market, New York Stock exchange, commissions, Big Bang, London, financial systems, international monetary system

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