Banking & finance

Durlacher, Nicholas (15 of 18) National Life Stories: City Lives

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  • Type

    sound

  • Duration

    00:29:43

  • Shelf mark

    C409/127

  • Subjects

    Jobbing; Futures exchange

  • Recording date

    1995-03-01, 1995-04-01, 1995-23-11

  • Is part of (Collection)

    City Lives

  • Recording locations

    interviewee's office, London

  • Interviewees

    Durlacher, Nicholas, 1946-, (speaker, male)

  • Interviewers

    Courtney, Cathy, 1954- (speaker, female)

  • Abstract

    Part 15 (tape 8 side A): Continues to talk about various chairmen - Brian Williamson - effect of temporary closure of Hong Kong Futures Exchange in 1987 - LIFFE able to withstand 'shock waves' of 1987 stock market crash - failure of International Tin Council to meet obligations on London Metal Exchange - change of rules of latter. Talks about his chairmanship of LIFFE Board '92 to '95 - huge growth of trading in 1994 - effect on American dealers and trade in dollar bond derivatives. About Euro-Yen dealings in 1996 - Cannon Bridge as tourist attraction - useful for Exchange and for City - about the hierarchical progress on the Board - rotating chairmanship every 3 years ideally - ND's involvement in new creation of BZW - merger of three companies amd becoming Chief Executive - how merger came to pass - connection with Office of Fair Trading - Stock Exchange rules under attack - effect of removal of fixed commissions - of removal of restriction on ownership. ND's disapproves of changes, gives reasons. Explains why he thinks Big Bang was not really necessary. Gives examples of devices which enabled dealing outside rules of London Stock Exchange - i.e. avoiding stamp duty - a worrying development. How they managed transition from old to new - Phoenix Securities advised on this - explains why they needed advice from a merchant bank and not an established name -details advice given. About competition with Ackroyd & Smithers and other big firms.

  • Description

    Interview with Nicholas Durlacher CBE, member of the Stock Exchange (1970–86), Partner at Wedd Durlacher (1972-86) and Chairman of Elexon Ltd (2000–10).

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