The Jobbing System of the London Stock Exchange: An Oral History    
Ref.No.: 40	Playback No.:

Interviewee's surname:Turtle        Title: Mr  
Interviewee's forenames: Les
Date of birth:  15 January 1927	Sex: Male 

Date(s) of recording: 10 October 1990
Location of interview: Institute of Historical Research
Name of interviewer: Bernard Attard
Type of recorder: Marantz CP 430
Total no.-of tapes:     2    Speed:
Type of tape:  TDK AR 60   Noise reduction:  DBX
Mono or stereo: Stereo       Original or copy: Copy
Additional material:  Copyright/Clearance: CMH; no restrictions

SUMMARY OF CONTENTS

Tape 1, Side 1

Birth in Stratford in 1927; father a refrigeration engineer; careers pursued by his three brothers; education; disrupting effect of the War; in 1941 obtains job with stockbroking firm of Fenn & Crosthwaite; first job as a messenger; description of the firm's offices; level of business during the war; becomes a blue button; difficulty of getting a suit with clothing coupons; reprimanded by Chairman of Stock Exchange for going into the Stock Exchange in a sports jacket; firm's dealers call him their 'pocket battleship'; military service for three years; returns to Stock Exchange in 1948; contracts rheumatoid arthritis leaving him with a severe limp; takes Stock Exchange exams; dissatisfaction with salary; only one person in the firm capable of explaining the significance of a change in Bank Rate; through this person goes for an interview with Durlacher Deacon Godson in 1954; heavy amount of drinking in the City in this period; early impressions of the Stock Exchange when a blue button; Frisby & Co; jobber who gives Les Turtle a silk hankerchief; one-man firms; Durlacher a firm in the brewery market; Ferguson & Clark the main jobbing firm; Foster & Braithwaite one of the main broking firms; description of the settlement system in the Stock Exchange at the time he joins Durlacher; difficulties caused to settlement by booms, eg. of 1968 and 1972; further description of systems for stock recording and accounting; success of a jobbing firm connected to control of risk; application of punch card accounting systems to jobbing firms; around 1959, Esmond Durlacher decides to introduce computers into the firm; description of stock accounting systems; Les Turtle asked to get involved with Leo computers and assist in designing a system for Durlacher.

Tape 1, side 2

Account of computer systems used by Durlacher and development of systems applicable to various aspects of jobbing; difficulty of getting dealers to understand what was required of them by the back office; qualities of a successful jobber contrasted with those required in office management; Tommy Anderson; resumption of account of computer systems used by Wedd Durlacher; difficulties caused by 1972 boom; management of resources with respect to checking of bargains; use of a Post Office computer during 1972 boom; partners only become concerned about office when settlement problems arise; merger with Wedd Jefferson; given a shotgun by Dick Wilkins as thanks for merging computer systems; people in merged firms always identify with staff from their former firm; settlement system for gilts; tensions between staff involved in gilt settlement and staff involved in equity settlement; Bargain Accounting first step in development of Stock Exchange centralised accounting systems; involvement in the development of Talisman; description of his responsibilities for computers in Wedd Durlacher; computer systems developed by other jobbing firms; Wedd Durlacher computer interests formed into a separate company called Datasolve; dissatisfaction with this; computer facilities brought back in-house; systems developed prior to Big Bang; description of Durlacher at time of joining in 1954; sandwiches and crates of beer delivered to the firm; staff in the firm; mergers with Bone Oldham and A.L. Goodday.

Tape 2, side 1

Development of management in Durlacher; Les Turtle becomes office manager around 1965; definition of responsibilities as manager; attraction of dealing side to office staff; development of training scheme for staff; frequent disruption caused by staff being promoted to dealing side; goals set for himself when became manager; development of a salary structure; back office staff peaks in 1972 and then is run down in anticipation of the introduction of Talisman; contact with partners; partners rely on Les Turtle for advice about rules; greater cooperation required between back office and dealers when takeover boom begins; particular reference to Slater Walker; necessity to have a strong character when dealing with partners; impact of privatisation issues and organisation of settlement; development of one-way markets and increase of jobbing risk; market begins to lose capacity to cope with weight of dealing; volatility a means of protection; reference to early 'seventies boom and slump; effect of Short Term Capital Gains Tax in the Poseidon boom; increasing importance of taking a view of the market as opposed to pure jobbing; incidence of people from outside the firm coming into the office.

Tape 2, side 2

Incidence of people from outside the firm coming into the office; contact with other managers through the Stock Exchange Managers' Association; involvement with Stock Exchange in developing settlement rules; background to becoming a partner and the advantages this conferred; working hours; main job in firm was managing the change and expansion in the firm; membership of Talisman Review Panel; involvement in establishment of a gilt settlement system; devolution of various aspects of management onto other people; main task in early days managing resources in terms of day-to-day cycle of business; importance of walking through office as part of regular routine; retirement and decision not to join BZW; inevitability of abolition of single capacity; problems caused by dealers leaving the firm; descriptions of Esmond Durlacher; Sir Nigel Mordaunt; Dick Wilkins; attitude to opportunities provided by career with Wedd Durlacher.