By Stuart Banner
This booklet examines the rules of the earliest securities markets in England and the USA, from their origins within the 1690s during the 1850s. Professor Banner argues that in the reign of Queen Anne a fancy and reasonably powerful physique of regulatory keep watch over was once already extant, reflecting frequent Anglo-American attitudes towards securities hypothesis. He makes use of conventional criminal fabrics in addition to a large variety of nonlegal resources to teach that securities rules has a miles longer ancestry than is frequently intended.
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Additional info for Anglo-American Securities Regulation: Cultural and Political Roots, 1690-1860
103 In fact, according to Defoe, this sort of speculators' treason had already occurred in an indirect form in connection with the war against France, when the fear of invasion had increased the perceived risk that 97 98 99 101 102 103 Susanna Centlivre, A Bold Stroke for a Wife (1718), ed. Thalia Stathas (Lincoln: University of Nebraska Press, 1968), xiii-xv (for t h e play's production history), 5 4 - 6 0 (for the scene), 59 (for the quotation). Daniel Defoe, The Gamester: A Benefit-Ticket for All that Are Concern 'd in the Lotteries (London: J.
By spreading false news as to the value of a stock, speculators discovered that they could shift demand for the stock dramatically in either direction. Although lying was nothing new, the stock market opened up unprecedented opportunities to gain from it. Another "Contrivance," with even more striking consequences, was the "corner," in which a group of traders would secretly agree to simultaneously purchase as many "refuses," or options to buy stock in the future, as they could. Many of the sellers of refuses would typically not own any stock themselves; these sellers were hoping that the stock price would decline, and that the purchasers of refuses would therefore 82 83 84 H o u g h t o n , Collection for Improvement, N o .
Houghton, Collection for Improvement, N o . 102, July 13, 1694, 1. , The Parliamentary Diary of Narcissus Luttrell (Oxford: Clarendon Press, 1972), 147. Shadwell, Volunteers, 10. 69 The existence of a permanent market rapidly increased the number of outstanding securities, which in turn fortified the market by making professional traders more numerous. This spiral of expansion caused Exchange Alley to be a familiar institution by the end of the decade. Within a short time, tables of stock prices and advertisements for investments became staples of the press.