Diversifying products and skills
What prompts the creation of London’s new financial conglomerates? And why have most of the securities houses been so willing to surrender their independence? Clearly, the deregulation of stockbroking has presented different opportunities to different financial entities. To a US investment bank, for example, it will afford an entree to market making and dealing in UK securities without having to operate through a local broker or jobber. While few have actually bought directly into firms, they clearly intend to be active through the creation of their own inhouse teams and then applying directly to the London Stock Exchange for membership.
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