Introduction
If you think “Big Bang” is just about stars and galaxies, think again! On October 27, 1986, the London Stock Exchange (LSE) experienced its very own cosmic shift, catapulting the financially inclined into a brave new world of modernization and globalization. Let’s take a rollercoaster ride through this monumental event, and beware, giggles ahead!
The Cosmic Event: What Happened? 🌠
Picture this: The LSE, a place where stiff upper lips and musty rulebooks dominated, decided to throw tradition out the window. Here’s what went down:
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The Demolition Derby - Jobbers vs. Brokers
Before the Big Bang, jobbers (the folks who buy and sell shares) and brokers (the middlemen) were like oil and water – never to mix. The Big Bang said, “Hold my tea!” and obliterated that distinction. Now everyone could play nicely together in the stock market sandbox.
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Commission Mission Abolition
Fixed commission rates were like that annoying friend who always ruins game night rules. Stockbrokers could only charge so much, leaving them grumpy and their clients even grumpier. The Big Bang came in like a hero to save game night by abolishing these restrictive rates, allowing for competitive, and hopefully, happier pricing.
Orchestrating the Galaxy: Why It All Happened 🌌
One does not simply modernize a centuries-old stock exchange without a good reason. Back in 1983, the UK government, like a watchful wizard, imposed a restrictive spell creating strict trading practices. The LSE, in return, waved its wand and agreed to an
