In the years immediately before the 1914–1918 war, London was arguably the most significant financial market place in the world. Its position was not unchallenged. New York in particular was growing in importance, but London remained the market in which major international issues would be launched and in which issuers could be confident that financial risks of all types could be traded.1
Remarkably, in contrast to other European centres, to a large extent London operated without detailed constraint from public law. The London Stock Exchange was a private organisation which was managed by trustees and members, set its own rules and obliged its members to settle disputes within the exchange without resort to public law. To maximise ...
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