Banking & finance
Jenkins, Michael (5 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 5 (tape 3 side A): Setting up the Clearing House for the European Options Exchange in Amsterdam. Explains in some detail just what it was. Model was the Chicago Board Options Exchange; set up first in Amsterdam, since London Stock Exchange not interested. Exchange opened for trading in April 1978. Clearing system worked perfectly. Jobbers in London then got cold feet: feared Amsterdam would start trading UK equities. Decided in January 1979 they had better set up a market of their own in London. Stock Exchange said if anyone in London, they should, largely to spoil Amsterdam market in UK equities. European Options Exchange relied quite heavily on US people, since did not have a lot of expertise in Europe. Very international exchange, with language English. But has not been successful as an international exchange - most members Dutch, most equities traded are Dutch, but have developed a domestic market in options (2O% of households have an options buyer). But largest in Europe. MJ was joint Managing Director of the EOE as well as setting up the Clearing House. Comments on different business methods and approaches between the two business centres. One thing he brought to Amsterdam was being English; he introduced a greater air of informality, symptomatic of opening things up. Otherwise, no very marked differences. KJ left because his job really came to an end. Came back to England to join Directorship Appointments, a headhunting agency. Clients were largely City firms. City traditionally never used headhunters, used old boy network, and there were certain norms against poaching. But using headhunters meant there was an intermediary. By 1979 becoming increasingly common to use headhunters.
Interview with Sir Michael Jenkins OBE, Chief Executive of the London International Financial Futures Exchange (LIFFE) (1981-1992).