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Escalation in Decision-MakingThe Tragedy of Taurus$
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Helga Drummond

Print publication date: 1996

Print ISBN-13: 9780198289531

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198289531.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 18 September 2019

Building Taurus

Building Taurus

(p.95) 8 Building Taurus
Escalation in Decision-Making

Helga Drummond

Oxford University Press

Project Taurus promised to save the equities industry 255 million pounds over ten years, plus the invisible benefits arising from enhanced confidence in the UK stock market. Problems soon arose, however. From mid-1990 onwards, letters began appearing in the press from private investors claiming that Taurus would result in increased costs and make trading more difficult. The proposed abolition of share certificates drew particular malevolence. The London Stock Exchange (LSE) tried to counter the bad publicity by emphasizing the disadvantages of share certificates and reminding private investors that such documents require safe keeping, and that they cost twenty-five pounds to replace if lost. No one was assuaged. Moreover, as early as 1989 the Department of Trade and Industry (DTI) had said that Taurus should be voluntary while the LSE had proceeded on the assumption that listed companies would be legally required to join Taurus. The consultation process confirmed the DTI's original view. The LSE found itself trapped by its own rhetoric.

Keywords:   Project Taurus, London Stock Exchange, stock market, private investors, share certificates, Department of Trade and Industry, listed companies

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