The Governor reviews developments in the securities market that have followed the announcement last July by the Secretary of State for Trade and Industry of an agreement on the basis of which the Stock Exchange might be removed from the ambit of the Restrictive Practices Court.
- 'We in the Bank ... remain quite clear that our wish is to see a stock exchange which offers maximum liquidity and investor protection; and which plays its full part in a vigorous, competitive UK securities industry, capable of gaining a significantly larger share of the total world market.'
- 'It seems to me cause for satisfaction that many of the associations which are being formed represent British groupings backed by substantial capital resources and ready to take up the competitive challenge'. But ... 'the whole question of actual and prospective conflicts of interest now needs to be examined in some depth.'
- 'There are many uncertainties about a practicable self-regulatory structure for the future and time is running short.' ... 'Because I believe that the time is now ripe to move ahead from discussion on concepts to specific action, I have decided to constitute an advisory group of senior City figures and practitioners to advise me as a matter of urgency on the structure and operation of self-regulatory groupings which they would feel confident could in practice be formed in the near future.'