Revelation
By mid-1992, chief executive Peter Rawlins's mission to streamline the London Stock Exchange (LSE) had been virtually accomplished. The restructuring came at a price, however, as there were signs of resentment towards Rawlins, who had let it be known that he had a poor opinion of many of the senior professional staff. More importantly, Rawlins had ruffled the city establishment. In July 1992, however, the LSE board passed a special vote of confidence in the chief executive. Although Taurus was a ‘pain in the neck’ to Rawlins, by July 1992 his thoughts were turning towards a possible use for the system. One of his plans encouraging share ownership was to offer private investors automated trading facilities similar to the ‘hole in the wall’ machines operated by banks. Such a development was impossible in a paper-based environment, however. This chapter looks at the events leading up to the eventual cancellation of Taurus and the resignation of Rawlins as chief executive.
Keywords: Project Taurus, London Stock Exchange, Peter Rawlins, share ownership, private investors, automated trading, banks, resignation
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