London's Big Bang: a case study of information technology, competitive impact, and organizational change

Abstract

The London Stock Exchange's Big Bang on October 27, 1986, which marked the arrival of sweeping and long-awaited deregulation is discussed. Numerous changes occurred simultaneously, including elimination of fixed commissions, marked increase in the number of market participants, change in the structure and ownership of trading firms, and perhaps most importantly rapid movement of stock trading off the floor of the Exchange. This remains the most rapid and complete regulatory reform of any market, and the most striking example to date of a regulatory event engineered to benefit the local financial industry. It is shown that London's financial markets have undergone considerable change while continuing to operate smoothly, and the benefits realized are described.>

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