Banking & finance

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

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  • 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 18 (tape 9 side B): Talks about his chairmanship of the Securities & Futures Association and how it came about. SFA organisation in excellent condition - created 1991 - regulates investment businesses - mentions George Nissen and Robert Maxwell ghastly experience - compares SFA with IMRO - powers granted by Parliament in 1986 Act for self-regulatory bodies to licence or refuse to grant authorisation for firms or individuals to practise - he hopes to continue as chairman for 3 or 4 years but could be chucked out after 1 year. Talks about Investor's Compensation Scheme - appointed director in 1988 - responsible for a failed firm and for compensating its clients damaged by the failure - about his powers and duties - mostly involved with small firms who lack money to compensate - spends half a day a week with ICS. His thoughts about a Single European Currency - ND inclined to be pro but thinks political union must come first. Risks vis-a-vis BZW activity in North America - about possible threats to BZW, i.e. single currency Investment Services Directive, Capital Adequacy Directive, unwelcome predator etc. About cycles of profits - Warburg's lack of capital led to its failure. His hopes for the next ten years. Has no regrets about the past - most proud of wife and family.

  • 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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