The Jobbing System of the London Stock Exchange: An Oral History

Ref.No.:3	Playback No.:

Interviewee's surname: Lederman	Title: Mr
Interviewee's  forenames:   Gerald Sydney
Date of birth:  8 December 1932	               Sex: Male

Datc(s)  of recording:  18 December 1989
Location of  interview:   Home
Name of interviewer:  Bernard Attard
Type of recorder:  Marantz CP 430
Total no,   of  tapes:  2	Speed:
Type of tape: TDK SA 60	Noise reduction: DBX
Mono or stereo: Stereo	Original or copy:   Copy
Additional material: Copyright/Clearance: No restrictions

SUMMARY  OF  CONTENTS

Tape 1,   Side  1:

Family background; description of father; how he comes to work with Smith Brothers; early jobs with other Stock Exchange firms; education and national service; first job with Smiths; progression through the firm; dress standards and discipline; description of Smiths and the partners; early memories of the Stock Exchange; status of being a Member; typical day as a blue button; the jobbing book; preparing price lists; running limits; open bidding; account of a takeover in the gold market.

Tape 1,  Side 2:

Competition; relationship between jobbers and brokers in the gold market; relationship of jobbers and brokers with mining companies; press tips; 'shop' brokers; resumes account of typical day; description of the office; social life; relations with brokers; booms in the mining market; effect on back office; shares of New Union Goldfields changing hands at Sandown; becomes an authorised clerk; memories as a dealer; dealing in Freddies; dealing in Writs; open bidding; first experience of open bidding; brokers taking advantage of young dealers; personalities; story of broker dealing in shares, example of activity of the shop broker; partnership; move into the UK equity market; price agreements; price war with Wedd Durlacher.

Tape 2,  Side 1:

Starting the book in UK equities; expanding the firm; difficulty of bringing outsiders into the firm; changes in the jobbing system; difficulties of capital and risk; possible merger with Bisgood Bishop; competitiveness of jobbing system at the time of Big Bang; distinctive qualities of Smiths; development in the partnership; policy on recruitment; incorporation; qualities required to be a successful jobber; changes in the Stock Exchange; pressures on single capacity; strengths of jobbing system; personalities; jobbers who were rogues; never considered leaving jobbing.