The Evolution of Self- and State Regulation of the London Stock Exchange, 1688–1878
The Evolution of Self- and State Regulation of the London Stock Exchange, 1688–1878
This chapter examines the claim that the success of the London Stock Exchange was linked to the British common law system and the self-regulation of that institution. It shows the importance of the self-regulating London Stock Exchange as an institutional safeguard against opportunistic and dishonest trading practices by its members. However, this chapter argues that the relationship between formal regulation and informal regulation of the London Stock Exchange over time was much more complex than simply reflecting a common law society governed by central government.
Keywords: London Stock Exchange, British common law, informal regulation, self-regulation
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