| | The London Stock Exchange: A History |
 | | Now, his appraisal is that the exchange was remarkably flexible and responsive, especially, one infers, by contrast with its continued dithering over the period 1945 to 1986, which came dangerously close to eliminating it entirely as an organization. |
 | | As a quasi-regulatory arm of government, the London Stock Exchange felt it was important to protect outside investors from the risks of smaller firms in new industries, but this was precisely where the largest potential profits could be made. |
 | | But the cost of this consolidation was that the Stock Exchange was further constrained from responding to challenges by foreign exchanges and firms, and from initiating or even imitating financial innovations taking place within non-member firms and the major financial intermediaries in the City of London. |
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