The Global Securities Market: A History by Ranald Michie

By Ranald Michie

This historical past of the worldwide securities marketplace is the fabricated from over 30 years of study through one of many world's most excellent monetary historians. It covers all features of the heritage of the securities markets from its beginnings in Medieval Venice via Amsterdam and London to its operations in Tokyo and big apple at the present time.

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It was the product of a need within the Wnancial system to create a type of investment that could be bought and sold to provide a temporary home for funds and a means of transfer from one location to another. 16 2 Advances and Setbacks: 1720–1815 PROGRESS IN THE EIGHTEENTH CENTURY, 1720–89 During the eighteenth century the global securities market grew in size and importance, with stock exchanges being established in several major European Wnancial centres and in the 1780s extending overseas to the newly independent United States.

This was not all. It was stipulated that only holders of existing shares could subscribe to new issues, which were expected to oVer even better returns. This caused a scramble for the existing shares which drove up their price, as those holding them were reluctant to sell in the hope of even greater gains in the future. Shares in the Mississippi Company rose from around 500 livres each in mid-May 1719 to around 5,000 by the end of August, with hopes that they would rise even higher as the company was to reWnance the entire French national debt.

Traditional methods of Wnance could and did provide the capital required but the VOC moved the whole operation onto a much higher plain. In turn, the shares issued fostered the development of an active securities market in terms of technique of operation and specialist intermediaries as buying and selling was driven by both speculators and investors. Consequently, it was out of the private initiative of the Dutch East India Company that the global securities market began to take on its modern form.

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