The Jobbing System of the London Stock Exchange: An Oral History
Ref.No.: 34	Playback No.:

Interviewee's surname: Whetnall	Title: Mr
Interviewee's forenames: Norman
Date of birth:  5 July 1928	Sex: Male

Date(s) of recording: 27 June 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; public access limited for 20 years

SUMMARY OF CONTENTS

Tape 1, Side 1

Birth in London in July 1928; parents; education; in 1943 obtains job through uncle in the accounts department of the Financial Times; description of the accounts department; national service with the RAF; goes into the investment inquiry bureau of the Financial Times; tells Sir Gordon Newton that he wants to be a journalist and, is sent to the prices room; goes into market room as a junior reporter; becomes second in charge; 1959 offered job as Daily Telegraph stock market correspondent; people who worked in the investment inquiry bureau; basis upon which investment advice was given; decline of .the professional investor; brokers who dealt on the basis of leaks of Sunday tips; jobbers get to know of the tip; security at Daily Telegraph; how leaks occurred; description of the prices room; difficulty of getting late information; Norman Whetnall's City contacts and how he would obtain information; Norman Whetnall allowed to go onto the floor of the Stock Exchange; privilege dates from when Turner was stock market reporter; rules Norman Whetnall must observe; advantages of being on the floor of the Stock Exchange; description of functions of jobber and broker; camaraderie of old Stock Exchange; small investor suffers under the new system; other journalists allowed into the Stock Exchange; contrast of Stock Exchange in 1960s with Stock Exchange just before Big Bang; behaviour did not change until Big Bang; sense of fun in Stock Exchange; Norman Whetnall's daily routine; helpfulness of the jobbers; reliability of jobbers' price boards; swiftness with which prices moved during Poseidon affair; jobbing firms with which Norman Whetnall had a friendly relationship (does not name them); large number of jobbers in the Kaffir market; function of small jobber; post-Big Bang Stock Exchange; character of the different markets in the Stock Exchange; contrast between gilt and equity jobbers.

Tape 1, side 2

Individuals give firms their character; Percy Duke; liquidation and disappearance of jobbing firms during 1960s does not make a deep impression on Norman Whetnall; decline of firms does not affect the Stock Exchange; pre-Big Bang jobbers are freer to run positions;; jobbers could make money by running a bear; jobbers always able to close their bear position; nostalgia of many people for old Stock Exchange; jobber-broker relations; disappearance of large jobbing firms does not make a big impression; relationship between jobbers and brokers; friendliness of relations facilitates dealing; situations in which jobbers were all making the same price; Durlacher pitch known as Treasure Island; role of shop brokers; prevalence of dealing on personal account; greater supervision a feature of the post-Big Bang environment; not aware of tensions developing between jobbers and brokers; does not see put throughs as a major problem; no great evidence of contacts between jobbers and clients (eg. institutions); tales of a market outside the Stock Exchange were exaggerated; as a journalist not privy to information regarding price agreements or the jobbers' committee; Stock Exchange worked perfectly well under single capacity; under-capitalisation of jobbers.

Tape 2, side 1

Brokers came from different backgrounds to jobbers, but no difference in personalities; jobbers feel they are there to be 'shot at' or 'picked up' by brokers; description of the qualities of a successful jobber; weakness of jobbing system under-capitalised to deal with international business.