Expelled from the Royal Exchange, brokers congregated in Change... - Deepstash

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<p>Expelled from the Royal Exc...

Expelled from the Royal Exchange, brokers congregated in Change Alley between Cornhill and Lombard streets in the City of London. In 1700, when the city government prohibited them from meeting on the street, their main trading venue became Jonathan’s Coffee House.

A market flourished where traders engaged in surprisingly complex contracts including forwards and options. Interestingly, none of the agreements were enforceable in official courts of law. Yet people engaged in them nonetheless.

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The previous section summarizes how Professor Edward Stringham describes the early days of the London Stock Exchange in his book “Private Governance: Creating Order in Social and Economic Life”.

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one sided and annoyingly incorrect copy, at least the list of protocols is of the big players

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