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

Ref.No.: 11	Playback No.:

Interviewee's surname: Nickerson   Title: Mr
Interviewee's forenames:   Mark Oswald Julian
Date of birth:   16 April 1935	Sex: Male

Date(s) of recording: 14 February 1990
Location of interview: Hambros Bank, 41 Tower Hill, London EC3
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: Original
Additional material: Copyright/Clearance: CMH; restriction: Anyone can listen to the tape I made but I refuse permission for them to quote it or reproduce it for the maximum period of 30 years.

SUMMARY OF CONTENTS

Tape 1, Side 1

Personal and family background; joins Panmure Gordon in 1957; joins Pinchin Denny in 1961; early jobs with Panmure Gordon; work as a broker's blue button; the British Aluminium takeover; the 1959 steel boom; first impressions of the Stock Exchange; how gets job with Pinchin; description of the firm, partners and early mergers; creation of separate preference and debenture book/fixed interest department; three great senior partners of jobbing firms; the reason for the merger of jobbing firms; cessations; the work of a jobber's blue button; authorisation and membership.

Tape 1, side 2

Comparison of the fixed interest market with more active books; 7 per cent bank rate in 1959; contacts with brokers (eg. re the pricing of a debenture); sinking funds; increase in competition and size of bargains; takes charge of preference book; capital required to run the book; provincial jobbers; partnership; importance of senior partners in the firm; research in Pinchin; role of public school boys; qualities of a good jobber; recruitment; straddling (eg. GEC bidding AEI); takeovers of other jobbing firms.

Tape 2, side 1

Financial difficulties of Stock Exchange firms; running the preference book; takes over entire fixed interest department and what this entails; typical day; new issues; making business; 1967 devaluation; the new Stock Exchange building; 1974 recession and the disappearance of the half-commission men; 1976 gilts strike; membership of Stock Exchange Council, 1974-78; 1978, takes the firm into the gilt market; merits of remaining a partnership; account of entry into the gilt market.

Tape 2, side 2

Reaction to Pinchin starting in the gilt market; the Battle of Watling Street; volatility of the market; dealing in a falling market; the Government Broker; feelings about moving into the gilt market; switching; role in running the book; disputes; lack of capital in the jobbing system; strengths of the jobbing system; qualities of a good jobber - eg. of a three-way switch.