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Concept
London Stock Exchange
Summary
London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. the total market value of all companies trading on the LSE stood at $3.18 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London. Since 2007, it has been part of the London Stock Exchange Group (LSEG ()). The LSE was the most-valued stock exchange in Europe from 2003 when records began until Autumn 2022, when the Paris exchange overtook it. According to the 2020 Office for National Statistics report, approximately 12% of UK-resident individuals reported having investments in stocks and shares. According to the 2020 Financial Conduct Authority (FCA) report, approximately 15% of UK adults reported having investments in stocks and shares.
English coffeehouses in the 17th and 18th centuries
The Royal Exchange had been founded by English financier Thomas Gresham and Sir Richard Clough on the model of the Antwerp Bourse. It was opened by Elizabeth I of England 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 Castaing started listing the prices of a few commodities, such as salt, coal, paper, and exchange rates 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 royal court also raised some monies. These are the earliest evidence of organised trading in marketable securities in London.
After Gresham's Royal Exchange building was destroyed in the Great Fire of London, it was rebuilt and re-established in 1669.
Official source
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