Banking & finance
Jenkins, Michael (4 of 8) National Life Stories: City Lives
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1991-10-01, 1991-11-02, 1991-21-03, 1991-15-05
Is part of (Collection)
interviewee's office, London
Jenkins, Michael, 1932-, (speaker, male)
Burk, Kathy, (speaker, female)
Part 4 (tape 2 side B): How you get a job as a consultant, how work comes, how he landed it. Why he left Robson Morrow - lured away by one of his clients, The Stock Exchange. Became Technical Director of Services for members at the Stock Exchange. Problems of culture clash. Put in new computer systems; new settlement systems cost l2 milion pounds over five years. Why the Stock Exchange thought there had to be changes: wanted less labour-intensive and cheaper settlement system. The system had broken down in New York City, and London was afraid it might go the same way. Result was TAURUS and TALISMAN. TAURUS is about getting rid of paper stock certificates: this is only just being implemented now in 199l. Why did it take so long? TALISMAN is about settlements and TAURUS is the next step beyond. TAURUS involved other outside parties, such as registrars, and the Stock Exchange decided it was time that the rest of industry should start contributing. Wanted to consolidate. And third, in 1979, the Office of Fair Trading move to put everything on ice. The Bank of England put pressure on the Stock Exchange to get going. Why he left the stock Exchange: he was asked to leave. There was a new Chief Executive who probably wanted his own men and thought that life would be easier without MJ. And the project was coming to the end of its time.
Interview with Sir Michael Jenkins OBE, Chief Executive of the London International Financial Futures Exchange (LIFFE) (1981-1992).