Be kind to your compliance having a hard time of it. He is the
fellow that banks have been hiring to make sure that their new
activities - market-making and broking in gilts and equities, added as
part of Big Bang. comply with the regulatory framework being put in
place under the Financial Services Bill (FSB).
The Big Bang on October 27 was the culmination of reforms
introduced by the London Stock Exchange. These included allowing
non-members - mainly banks to buy its member jobbers (market makers) and
brokers (agents who deal with the jobbers on the investors'
behalf). What happened last month was the abolition of single capacity
- the division between jobber and broker - and of the fixed commissions
the brokers charge. All of this was part of the 1983 deal between the
stock exchange and the Department of Trade and Industry (DTI) in return
for exempting the stock exchange...
