St Paul's Cathedral in the City of London.
St Paul's Cathedral in the City of London. The Exchange is part of the London Stock Exchange Group. Contents 1 History 1.1 Coffee House 1.2 Royal Exchange 1.3 First Rule Book 1.4 Foreign and regional exchanges 1.5 The Exchange before the World Wars 1.6 First World War 1.7 Second World War 1.8 Post-war 1.9 IRA bombing 1.10 "Big Bang" 1.11 Occupy London 2 Activities 2.1 Primary markets 2.2 Secondary markets 3 Statistics 4 Information services 5 Post trade 6 Technology 7 Mergers and acquisitions 7.1 Borsa Italiana 7.2 MTS 7.3 Turquoise 7.4 NASDAQ bids 7.5 Proposed merger with TMX Group 8 Opening times 9 See also 10 References 11 Further reading
History Coffee HouseThe Royal Exchange had been founded by Thomas Gresham on the model of the Antwerp Bourse, as a stock exchange. It was opened by Elizabeth I in 1571. During the 17th century, stockbrokers were not allowed in the Royal Exchange due to their rude manners. They had to operate from other establishments in the vicinity, notably Jonathan's Coffee-House. At that coffee house, a broker named John Casting started listing the prices of a few commodities, exchange rates and certain key provisions such as salt, coal and paper in 1698. Originally, this was not a daily list and was only published a few days of the week. This list and activity was later moved to Garraway’s coffee house. Public auctions during this period were conducted for the duration that a length of tallow candle could burn; these were known as "by inch of candle" auctions. As stocks grew, with new companies joining to raise capital, the