Banking & finance
Jenkins, Michael (7 of 8) National Life Stories: City Lives
The British Library Board acknowledges the intellectual property rights of those named as contributors to this recording and the rights of those not identified.
Legal and ethical usage »
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 7 (tape 4 side A): Moves since we last spoke in taking over of the Stock Exchange options market by LIFFE; decided to move to computer trading rather than floor trading, and has caused a lot of reaction. Also some legislative help from the government; negotiations with the Inland Revenue. Descriptions of how you set up contracts of different sorts; how to establish rules. For a successful futures contract, you need a reasonably large underlying market: when it matures, the price in the underlying market must converge with the price of the futures contract. Technical issues. What sort of training, or sort of person, is successful? Options market requires maths background; futures requires the instincts of a trader. LIFFE a success story, but now facing competition; becoming a large organisation, and this is a problem in preserving present 'can do' culture and not becoming too bureaucratic. Luck for MJ has been very important. IBM the last job he applied for. No carefully planned career. Will leave LIFFE next year and retire. Most satisfaction has come from setting up and running LIFFE, and most enjoyable. Doesn't regret much - probably should have given more thought earlier on as to what he wanted to do. First job, at Shell, was a bit tedious. How he met his wife: adolescents who met at a dance. Got married about eight years later. She was Frances Jones, her father a jeweller from Kent. She was educated at local schools and became an occupational therapist. His three children went to local prep schools and then boarding school. Howard (b. 1958) now tradiing in commodities in the City. Hugo (b. 196l) the brightest, at Merrill Lynch in the City for six years, travelled, now in the City. He would like to run his own firm, but currently trades financial instruments.Â
Interview with Sir Michael Jenkins OBE, Chief Executive of the London International Financial Futures Exchange (LIFFE) (1981-1992).