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Internationalisation and Economic Institutions:Comparing the European Experience$
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Mark Thatcher

Print publication date: 2007

Print ISBN-13: 9780199245680

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199245680.001.0001

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From Conservatism to Revolution: British Stock Exchanges 1965–2005

From Conservatism to Revolution: British Stock Exchanges 1965–2005

Chapter:
(p.73) 4 From Conservatism to Revolution: British Stock Exchanges 1965–2005
Source:
Internationalisation and Economic Institutions:
Author(s):

Mark Thatcher (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199245680.003.0005

Britain is treated separately because it had a different institutional starting point in the securities sector, reformed earlier and then influenced the other three countries, and followed a specific ‘British reform path’. Between the mid-1960s and the early 1980s, despite pressures from transnational technological and economic developments, traditionalists in the London Stock Exchange successfully fought to retain their inheritance. However, the position changed greatly after the early 1980s. The LSE was transformed from a private British club into a listed company open to takeover. Reversing decades of self-regulation, powers were delegated to new independent financial regulatory authorities. Reforms were led by British state actors. They were triggered for domestic reasons, but thereafter, international factors became important, as British policy makers became concerned about regulatory competition from the US, and selectively used US reforms to justify changes. The chapter therefore shows the importance of US policies in the strategies of domestic policy makers and their legitimation of reforms.

Keywords:   London Stock Exchange, regulatory competition, US policies, financial regulatory authorities

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