The Jobbing System of the London Stock Exchange: An Oral History
Ref.No.: 31	Playback No.:

Interviewee's surname:Althaus	Title: Sir
Interviewee's forenames:Nigel Frederick
Date of birth:   28 September 1929         Sex: Male

Date(s) of recording: 20 June 1990
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 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

Personal and family background; grandfather obtains position in Pember & Boyle; differences between jobbers and brokers; description of P & B at the time of joining in 1954; P & B does a lot of business with Wedd; career with P & B; early impressions of the Stock Exchange; the gilt market; 1957 Bank rate tribunal; career and functions in P & B; gilt market becomes more competitive; how jobbers impinged on his work; becomes senior partner; gilt market during 1970s and 1980s; attitude to the decline in the number of gilt jobbers; importance of switching/put through business.

Tape 1, side 2

Ariel; dealing outside the Stock Exchange; contacts between jobbers and clients; effectiveness of single capacity; Smith Bros attempt to break into the gilt market; difference in approach between equities and gilts; P & B's changing relationship with the jobbers; clients complaining about the prices they got; the broker's art; contacts with the Government Broker; business for the government of Ghana done by Jimmy Priestley; circumstances in which becomes Government Broker; qualifications for the post; definition of duties; early experiences; mechanics of issuing stock.

Tape 2, side 1

Mechanics of issuing stock; importance of keeping the jobbing system healthy; contacts with jobbers;  assisting jobbers; meetings with jobbers; general responsibilities towards the Stock Exchange; small jobbers; country jobbers; dealing in gilts outside the stock market; attitude to the gilt market towards the end of single capacity; price agreements; commissions; abolition of single capacity; reform of the gilt market; end of career as Government Broker; development of the Stock Exchange over his working life.

Tape 2, side 2

Strengths of single capacity; monitoring of jobbers' capitalisation and turnover.