4:
Chapter 4 returns to London’s jobbers in the final years of the London Stock Exchange’s face-to-face trading (circa 1960 until October 1986). The stockjobbers practised an ambulatory form of trading, circulating around pitches on the floor of the Old House, and using a system of spoken deals based on ‘my word is my bond’. Conservative social structures made the institution durable but prevented change. This chapter introduces the hierarchical structures of the exchange, the apprenticeships served by new clerks, and the subsequent career progression of its members. These are presented through oral testimonies and archival sources. The chapter characterizes the Exchange as a struggling institution, little able to adapt to difficult economic times. Yet its long-standing traditions and practices were soon to be swept away by the changes of the 1980s.
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