1. Capital Markets – a brief history Paul Pickup

2. © Catalyst Development Ltd 2002 Capital Markets – a very brief history 1844 Joint Stock Companies Act 1913 and all that The effect of two world wars + cold war socialism Milton Friedman and monetarism-ish Capital Markets golden age Lessons from History?

3. © Catalyst Development Ltd 2002 1844 Joint Stock Companies Act Oldest SE began in 1602. UK Laws  1817 An Act for regulating the Proceedings of certain Public Companies and Corporations...  1837 Chartered Companies Act  1844 Joint Stock Companies London, New York, Paris were capital centres.

4. © Catalyst Development Ltd 2002 1913 and all that Global trade after various wars Telegraph Ticker tape Single currency in the U.S. Federal Reserve Act of 1913

5. © Catalyst Development Ltd 2002 The effect of two world wars + cold war socialism Massive rebuilding – Marshall plan Broken economies Communism and socialism State run industries State pensions Retreat of Capital Markets to the U.S.

6. © Catalyst Development Ltd 2002 Milton Friedman and monetarism-ish Keynesian economics failed Oil crisis 1970s Re-emergence of global trading Western countries became uncompetitive Monetarism introduced by:

7. © Catalyst Development Ltd 2002 Capital Markets golden age 1990s onwards! IMF Loans did not work Funding agencies encouraged capitalism Boom in Stock Exchanges Privatisations Deregulation of monopolies Short term gain for governments

8. We are back to 1913 BUT – is based on international trading agreements AND - peace It does not take long for an uprising to happen

9. © Catalyst Development Ltd 2002 Paul Pickup – Trading Technology