This note updates some of the material presented in two previous articles which reviewed the development of the gilt-edged market since Big Bang. Developments during 1990 confirmed that the market structure introduced in October 1986 has bedded down, and the gilt-edged market makers (GEMMs) as a whole recorded a full-year profit for the first time since Big Bang. The main operational development over the period was the series of gilt-edged conversions which began in November 1989.
The gilt-edged market - developments in 1990