London Stock Exchange
The London Stock Exchange or LSE is a stock exchange located in London, United Kingdom. Founded in 1801, it is one of the largest stock exchanges in the world, with many overseas listings as well as British companies.
The trade in shares in London began with the need to finance two voyages: The Muscovy Company's attempt to reach China via the White Sea north of Russia, and the East India Company voyage to India and the east. Unable to finance these costly journeys privately, the companies raised the money by selling shares to merchants, giving them a right to a portion of any profits eventually made. The idea soon caught on. It is estimated that by 1695, there were 140 joint-stock companies. The trade in shares was centered in two coffee shops: Garraway's and Jonathan's. The broker, John Castaing, published the prices of stocks and commodities called “The Course of the Exchange” and other things in these coffee shops.
Much excitement was caused by the South Sea Company, stoked by brokers, the company's owner John Blunt and the government. Having set up the unprofitable company nine years previously, the government hoped to wipe out the large debts accumulated by offering shares to the public. Shares in the company, which had started at £128 each at the start of the year, were soon fetching as much as £1,050 by June. The bubble inevitably burst, share prices plunged to £175, then £124. The incident caused outcry, forcing the government to pass legislation to prevent another bubble, and it took a long time for the stock exchange to recover.
The former Stock Exchange Tower was based in Threadneedle Street/Old Broad Street. In July 2004, the London Stock Exchange moved from Threadneedle Street closer to St Paul's Cathedral, still in the City of London.
The London Stock Exchange has four core areas:
Equity markets – enables companies from around the world to raise the capital they need to grow. The Exchange offers a choice of four primary markets: Main Market, Alternative Investment Market, Professional Securities Market and Specialist Fund Market.
Trading services – a highly active and efficient market for trading in a wide range of securities, including UK and international equities, debt, exchange traded funds, Exchange Traded Commodities, fixed interest, contracts for difference and depositary receipts.
Market data information – The London Stock Exchange provides high-quality, real-time prices, news and other financial information to the global financial community.
Derivatives – The derivatives business is a pioneering diversification beyond core equity markets.
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