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

Ref.No.: 9	Playback No.:

Interviewee's surname: Winterflood	Title: Mr
Interviewee's forenames: Brian
Date of birth: 31 January 1937	Sex: Male

Date(s) of recording: 25 January, 5 February, 13 February 1990
Location of interview: Winterflood Securities Ltd, 47 Mark LaneLondon EC3 
Name of interviewer: Bernard Attard
Type of recorder: Marantz CP	430
Total no. of tapes: 3	Speed:
Type of tape:TDK AR GO	Noise reduction: OCX
Mono or stereo:Stereo	Original or copy: Copy
Additional material: Copyright/Clearance: CMH; No restrictions

SUMMARY OF CONTENTS

Tape 1, Side 1: 25 January 1990

Parents; education; plans after leaving school; joins • Greener Dreyfus; the division between office and House staff; blue button; early memories of Greener Dreyfus and work conditions; work of a broker's blue button; the Stock Exchange; Throgmorton Street; Percy Duke; smoking in the Stock Exchange; jobbers' daily lists; jobbers that Greener Dreyfus dealt with; George Lazarus; money to be made in the City; reasons for giving up broking; national service; how comes to join Bisgood Bishop; early experiences at BB.

Tape 1, side 2

Continuation of story about joining BB; authorisation; put onto the motor book; the motor book; characteristics of BB and the partners; Ingram Capper; cessations; memories of characters and happenings in the House; description of BB; contangoes; cash and new; BB's office; agreeing positions'; other jobbing firms.

Tape 2, side 1 (5 February 1990)

A typical day; development of the motor book; the Ford takeover; boom periods; new issues; bonuses; becomes a member; partnership; social relationships in jobbing firms; events in the City and their effect on the jobber; decimalisation; the atmosphere in the House; waiters; the last days of the old Stock Exchange building; effect of the move to the new House; collapse of Rolls Royce; 1974 recession; Burmah Oil; BW starts an outside business.

Tape 2, side 2

Jobbing during the 1974 recession; Wedd Durlachcr; joint books; price agreements; jobbers' committee; brokers and the institutional investor; ARIEL; takeovers; underwriting; put throughs; running a book; bull and bear jobbers; the Unlisted Securities Market (USM); incorporation of BB.

Tape 3, side 1 (13 February 1990)

Incorporation of BB; the USM; markets in the new Stock Exchange; insider trading; the role of rumour; jobbers getting too close to brokers; internationalisation; American banks; strengths and weaknesses of the jobbing system; someone suggests to BW that he "milks' his book; greed in the Stock Exchange; risk; qualities of a successful jobber.

Tape 3, side 2

Qualities of a successful jobber; memorable characters in the Stock Exchange; characteristic style of jobbing firms; new isues; BB develops speciality in interpreting company figures.