65-538: The Stanley Gibbons Group plc is a company quoted on the London Stock Exchange specialising in the retailing of collectable postage stamps and similar products. The group is incorporated in London. The company is a major stamp dealer and philatelic publisher. The company's philatelic subsidiary, Stanley Gibbons Limited, had a royal warrant of appointment from Queen Elizabeth II . The company has
130-599: A board of directors drawn from the Exchange's executive, customer, and user base; and the trading name became "The London Stock Exchange". The FTSE 100 Index (pronounced "Footsie 100") was launched by a partnership of the Financial Times and the Stock Exchange on 3 January 1984. This turned out to be one of the most useful indices of all, and tracked the movements of the 100 leading companies listed on
195-617: A 2020 Financial Conduct Authority report, approximately 15% of British adults reported having investments in stocks and shares. 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 perceived rude manners. They had to operate from other establishments in
260-701: A close colleague of Fred Melville . A larger-than-life figure, Johnson earned the nickname "the dynamo" for his energetic efforts in organised philately. He was chief organiser of the Imperial Stamp Exhibition , 1908, the Jubilee International Exhibition , London 1912 and Secretary of the International Exhibition , London 1923. Johnson joined the J.P.S. in 1900, aged 16, and remained a member until his death. During this time he occupied most of
325-565: A club and opened a new and more formal "Stock Exchange" in Sweeting's Alley. This now had a set entrance fee, by which traders could enter the stock room and trade securities. It was, however, not an exclusive location for trading, as trading also occurred in the Rotunda of the Bank of England. Fraud was also rife during these times and in order to deter such dealings, it was suggested that users of
390-676: A house near Clapham Common in South London and in 1876 he moved again to Gower Street in Bloomsbury near the British Museum . By 1890 Stanley Gibbons wished to retire and the business was sold to Charles Phillips for £25,000 (equivalent to £3.4 million in 2023). Phillips became managing director, with Gibbons as chairman. In 1891 a shop was opened at 435 Strand in addition to the Gower Street premises, and in 1893
455-412: A licence. It also set a fixed number of brokers (at 100), but this was later increased as the size of the trade grew. This limit led to several problems, one of which was that traders began leaving the Royal Exchange, either by their own decision or through expulsion, and started dealing in the streets of London. The street in which they were now dealing was known as ' Exchange Alley ', or 'Change Alley'; it
520-471: A listing was planned for 1985 but did not go ahead. In 1989 Paul Fraser began to invest in the firm, and he purchased a further 30% stake in the company from New Zealand businessman Sir Ron Brierley who is a stamp collector. Paul Fraser was appointed Executive Chairman in 1990. By 1995 Fraser had acquired 76.83% of Gibbons shares and he purchased the rest of the shares in December 1995. In June 1998
585-512: A long corporate history, having started as a sole trader business owned by Edward Stanley Gibbons in 1856 and now being a quoted company with a number of subsidiaries. The business started when, employed as an assistant in his father's pharmacy shop in Plymouth , Gibbons set up a counter selling stamps. In 1863 he was fortunate enough to purchase from two sailors a sackful of rare Cape of Good Hope triangular stamps. In 1874 Gibbons moved to
650-570: A new and bigger building was planned, at Capel Court. William Hammond laid the first foundation stone for the new building on 18 May. It was finished on 30 December when "The Stock Exchange" was incised on the entrance. In the Exchange's first operating years, on several occasions there was no clear set of regulations or fundamental laws for the Capel Court trading. In February 1812, the General Purpose Committee confirmed
715-432: A new war. The main concerns included air raids and the subsequent bombing of the Exchange's perimeters, and one suggestion was a move to Denham , Buckinghamshire. This however never took place. On the first day of September 1939, the Exchange closed its doors "until further notice" and two days later World War II was declared. Unlike in the prior war, the Exchange opened its doors again six days later, on 7 September. As
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#1732775508979780-635: A number of journals over the years but only settled on Gibbons Stamp Monthly as their core magazine in 1927. On 23 January 2009, Gibbons acquired the philatelic trade magazine The Philatelic Exporter from Heritage Studios Limited. As well as publishing, Stanley Gibbons is a stamp dealer with a retail business located on the Strand in their Central London offices offering both older stamps and new issues and fulfilling customer want lists . They produce their own line of other philatelic products, such as albums , stock books , and other accessories. The company
845-452: A set of recommendations, which later became the foundation of the first codified rule book of the Exchange. Even though the document was not a complex one, topics such as settlement and default were, in fact, quite comprehensive. With its new governmental commandments and increasing trading volume, the Exchange was progressively becoming an accepted part of the financial life in the city. In spite of continuous criticism from newspapers and
910-405: Is a retail price list. In other words, if they had that exact stamp in stock in the exact condition specified, the current catalogue price is the price that they would charge for it. This contrasts with most other catalogues which are produced by firms that do not sell stamps and therefore base their pricing on an average of market values in the country where the catalogue is published. In practice,
975-637: Is also a philatelic auction house and has held thousands of international sales since it was established in 1901. London Stock Exchange The London Stock Exchange ( LSE ) is a stock exchange based in London , England. As of August 2023, 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 . Since 2007, it has been part of
1040-555: Is classified as a Multilateral Trading Facility (MTF) under the 2004 MiFID directive, and as such it is a flexible market with a simpler admission process for companies wanting to be publicly listed. The securities available for trading on LSE: Through the Exchange's Italian arm, Borsa Italiana , the London Stock Exchange Group as a whole offers clearing and settlement services for trades through CC&G (Cassa di Compensazione e Garanzia) and Monte Titoli.
1105-685: Is the Groups Central Counterparty and covers multiple asset classes throughout the Italian equity, derivatives and bond markets. CC&G also clears Turquoise derivatives. Monte Titoli is the pre-settlement, settlement, custody and asset services provider of the Group. Monte Titoli operates both on-exchange and OTC trades with over 400 banks and brokers. The LSE's trading platform is its own Linux -based edition named Millennium Exchange . Their previous trading platform TradElect
1170-621: The London Stock Exchange Group (LSEG, which the exchange also lists (ticker symbol LSEG)). Despite a post- Brexit exodus of stock listings from the London Stock Exchange, the LSE was the most valued stock exchange in Europe as of 2023. According to the 2020 Office for National Statistics report, approximately 12% of UK-resident individuals reported having investments in stocks and shares. According to
1235-519: The Manchester and Liverpool stock exchanges were opened. Some stock prices sometimes rose by 10%, 20% or even 30% in a week. These were times when stockbroking was considered a real business profession, and such attracted many entrepreneurs. Nevertheless, with booms came busts, and in 1835 the "Spanish panic" hit the markets, followed by a second one two years later. By June 1853, both participating members and brokers were taking up so much space that
1300-711: The Electronic Trading Service (SETS) was launched, bringing greater speed and efficiency to the market. Next, the CREST settlement service was launched. In 2000, the LSE's shareholders voted to become a public limited company, London Stock Exchange plc. The LSE also transferred its role as the United Kingdom's listing authority to the Financial Services Authority . EDX London , an international equity derivatives business,
1365-596: The Exchange for improved breathing space and to extend the August Bank Holiday to prohibit a run on banks, was hurried through by the committee and Parliament , respectively. The Stock Exchange ended up being closed from the end of July until the New Year, causing street business to be introduced again, as well as the "challenge system". The Exchange was set to open again on 4 January 1915 under tedious restrictions: transactions were to be in cash only. Due to
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#17327755089791430-550: The Exchange was now uncomfortably crowded, and continual expansion plans were taking place. Having already been extended west, east, and northwards, it was then decided the Exchange needed an entire new establishment. Thomas Allason was appointed as the main architect, and in March 1854, the new brick building inspired from the Great Exhibition stood ready. This was a huge improvement in both surroundings and space, with twice
1495-591: The Exchange. On 20 July 1990, a bomb planted by the Provisional Irish Republican Army (IRA) exploded in the men's toilets behind the visitors' gallery. The area had already been evacuated and nobody was injured. About 30 minutes before the blast at 8:49 a.m., a man who said he was a member of the IRA told Reuters that a bomb had been placed at the exchange and was about to explode. Police officials said that if there had been no warning,
1560-448: The LSE merged with Borsa Italiana , creating London Stock Exchange Group (LSEG). The Group's headquarters are in Paternoster Square . Paternoster Square was the initial target for the protesters of Occupy London on 15 October 2011. Attempts to occupy the square were thwarted by police. Police sealed off the entrance to the square as it is private property, a High Court injunction having previously been granted against public access to
1625-691: The LSE: the main market and the alternative investment market. The main market is home to over 1,300 large companies from 60 countries. The FTSE 100 Index ("footsie") is the main share index of the 100 most highly capitalised British companies listed on the Main Market. The Alternative Investment Market is LSE's international market for smaller companies. A wide range of businesses including early-stage, venture capital -backed, as well as more-established companies join AIM seeking access to growth capital. The AIM
1690-476: The Royal Exchange hosted all transactions where foreign parties were involved. The constant increase in overseas business eventually meant that dealing in foreign securities had to be allowed within all of the Exchange's premises. Just as London enjoyed growth through international trade, the rest of Great Britain also benefited from the economic boom. Two other cities in particular showed great business development: Liverpool and Manchester. Consequently, in 1836 both
1755-711: The Year' at the 2015 Quoted Company Awards for its acquisition of Noble Investments. In July 2015 the company announced that The Fine Art Auction Group had acquired Bid for Wine, a specialist online wine auctioneer founded in 2008 by barrister Spenser Hilliard and ex-management consultant Lionel Nierop. Later in 2015 the group's share value started to fall significantly, dropping from 240p in August 2015 to 15.75p in April 2016. This general decline continued, with lows of 1.5p being recorded in March 2020. Stanley Gibbons (Guernsey) Limited,
1820-470: The actual price charged by Stanley Gibbons for an individual stamp may be different from the catalogue price because the specimen for sale is of a different grade, the market conditions have changed since the catalogue was produced, the firm has a plentiful or restricted supply of that stamp, or for a variety of other reasons. Gibbons Stamp Monthly is a magazine that lists new issues and publishes articles of interest to philatelists . Gibbons have published
1885-469: The company announced it had acquired the trade and assets of the Benham first day cover and collectibles business from Flying Brands Limited. On 21 November 2013, Stanley Gibbons successfully completed its acquisition of Noble Investments, bringing Apex, Baldwin's, and Dreweatts & Bloomsbury Auctions into the group. In 2014, two further acquisitions followed: On 31 January the company acquired Murray Payne,
1950-522: The company was sold for £13.5 million to Flying Flowers. Paul Fraser took shares in Flying Flowers instead of cash and was left with an 8% stake in the enlarged company following the deal. The merger was not a success and in 2000 the two companies were demerged again after a series of profits warnings and trading problems. Paul Fraser's stake was reduced in value from £13.5 million to £4 million. The de-merged Stanley Gibbons became communitie.com and
2015-670: The company's insolvency. In a "pre-pack administration process" the business was bought back by a new company called Strand Collectibles Group. The first Stanley Gibbons stamp catalogue was a penny price list issued in November 1865 and reissued at monthly intervals for the next 14 years. The company produces numerous catalogues covering different countries, regions and specialisms; many of them are reissued annually. The catalogues list all known adhesive postage stamp issues and include prices for used and unused stamps. Unlike other dealers' catalogues, Stanley Gibbons state that their catalogue
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2080-489: 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. This
2145-518: The financial industry "and the corrosive impacts of the ... sector on the world we live in" and activists also blocked entrances to HM Treasury and the Goldman Sachs office on Fleet Street . On 3 March 2022 the LSE declared it would suspend trading in GDR securities for Russian firms, subsequent to the 2022 Russian invasion of Ukraine . There are two main markets on which companies trade on
2210-613: The financial markets in the UK in 1986. The phrase "Big Bang" was coined to describe measures, including abolition of fixed commission charges and of the distinction between stockjobbers and stockbrokers on the London Stock Exchange, as well as the change from an open outcry to electronic, screen-based trading . In 1995, the Exchange launched the Alternative Investment Market , the AIM, to allow growing companies to expand into international markets. Two years later,
2275-538: The floor space available. By the late 1800s, the telephone, ticker tape , and the telegraph had been invented. Those new technologies led to a revolution in the work of the Exchange. As the financial centre of the world, both the City and the Stock Exchange were hit hard by the outbreak of World War I in 1914. Due to fears that borrowed money was to be called in and that foreign banks would demand their loans or raise interest, prices surged at first. The decision to close
2340-488: The floor. Second, in March the London Stock Exchange formally merged with the eleven British and Irish regional exchanges, including the Scottish Stock Exchange . This expansion led to the creation of a new position of chief executive officer ; after an extensive search this post was given to Robert Fell. There were more governance changes in 1991, when the governing Council of the Exchange was replaced by
2405-483: The group's subsidiary which handled investment portfolios, was placed under administration on 21 November 2017, with Nick Vermeulen and Zelf Hussain as joint administrators. On 8 June 2021, Stanley Gibbons purchased the British Guiana 1c magenta at auction for $ 8,307,000. The company has since offered shares in the stamp to collectors using the showpiece platform. On 22 December 2023, Stanley Gibbons announced
2470-490: The human toll would have been very high. The explosion ripped a hole in the 23-storey building in Threadneedle Street and sent a shower of glass and concrete onto the street. The long-term trend towards electronic trading platforms reduced the Exchange's attraction to visitors, and although the gallery reopened, it was closed permanently in 1992. The biggest event of the 1980s was the sudden de-regulation of
2535-418: The island of Staffa . U.S. government tests had shown the stamps, sold at £10 each, to have a gold value of about 5c each. The debacle was said to have caused considerable embarrassment, not just to the company but also to its USM brokers Simon & Coates . Shortly afterwards, Feigenbaum resigned as chairman and was bought out by a consortium of institutions and individuals for £3 million. A further attempt at
2600-441: The limitations and challenges on trading brought by the war, almost a thousand members quit the Exchange between 1914 and 1918. When peace returned in November 1918, the mood on the trading floor was generally cowed. In 1923, the Exchange received its own coat of arms , with the motto Dictum Meum Pactum , My Word is My Bond. In 1937, officials at the Exchange used their experiences from World War I to draw up plans for how to handle
2665-420: The long-term strategies of the joint company is to expand Borsa Italiana's efficient clearing services to other European markets. In 2007, after Borsa Italiana announced that it was exercising its call option to acquire full control of MBE Holdings; thus the combined Group would now control Mercato dei Titoli di Stato, or MTS. This merger of Borsa Italiana and MTS with LSE's existing bond-listing business enhanced
Stanley Gibbons - Misplaced Pages Continue
2730-475: The minimum tender price of 12 shillings and six pence. It was estimated that there were 30 to 35 shareholders before the offer and they still owned 66% of the equity after the offer, worth at least £1.8 million before trading began. Prices subsequently slipped back, however, later in the year. In 1970 The Crown Agents acquired a 20% stake in the company and appointed two Directors to the Gibbons board. The stake
2795-584: The offices of the society, including Exchange Superintendent, Secretary, Treasurer, Vice President and President. The success of the J.P.S. in its early years has been attributed to the partnership between Melville as propagandist and writer, and Johnson as businessman and organiser. In 1907, Johnson was a founder member of the Philatelic Literature Society . Johnson was a fixture at the society's headquarters at 44 Fleet Street, London, as well as in local taverns, and he claimed that he
2860-519: The problems at Gibbons and was quoted in The Times as saying "We significantly overpaid for what we got." The US$ 10 million paid by Gibbons for the Marc Haas collection was also questioned. In 1981 Letraset was acquired by Esselte after a takeover battle with Mills & Allen International . Letraset had been fatally weakened by its lossmaking Stanley Gibbons subsidiary. Later that year Gibbons
2925-489: The public, the government used the Exchange's organised market (and would most likely not have managed without it) to raise the enormous amount of money required for the wars against Napoleon. After the war and facing a booming world economy, foreign lending to countries such as Brazil, Peru and Chile was a growing market. Notably, the Foreign Market at the Exchange allowed for merchants and traders to participate, and
2990-591: The range of covered European fixed income markets. London Stock Exchange Group acquired Turquoise , a Pan-European MTF, in 2009. Johnny Johnson (philatelist) Herbert Frederick " Johnny " Johnson (12 February 1884 – 20 April 1966) was British stamp dealer and philatelist who was a key figure in the early years of the Junior Philatelic Society (subsequently to become the National Philatelic Society ) and
3055-536: The same year, Queen Elizabeth II granted her royal warrant to Stanley Gibbons Ltd as her philatelist. In 1967 the firm expanded into the United States in a joint venture with Whitman Publishing . A magazine and catalogues were produced. In 1968 the previously privately company was floated on the stock market through a tender arranged by S.G. Warburg . The offer was a huge success and was oversubscribed five times. The shares were sold at 20 shillings rather than
3120-665: The shares with the others owned by the rest of the board. The listing went ahead but the shares were suspended within moments of their debut even before trading had begun, following concerns about Feigenbaum's background highlighted in an article in the Sunday Times . The suspension was said to be the fastest on record at that time. The concerns had surrounded Feigenbaum's expulsion from the Philatelic Traders Society for breaching their code of ethics and his sale of "23 carat gold" stamps of no postal validity from
3185-478: The shop and offices were amalgamated at 391 Strand where the company's retail premises remained for many years until they moved to 399 Strand. A new issue department was opened in 1906. In 1914 the company received a royal warrant from George V , followed in 1940 by another from George VI . In 1956 the company celebrated its centenary with an exhibition at the Waldorf Hotel opened by Sir John Wilson . In
3250-532: The square. The protesters moved nearby to occupy the space in front of St Paul's Cathedral . The protests were part of the global Occupy movement . On 25 April 2019, the final day of the Extinction Rebellion disruption in London, 13 activists glued themselves together in a chain, blocking the entrances of the LSE. The protesters were all later arrested on suspicion of aggravated trespass. Extinction Rebellion had said its protesters would target
3315-412: The stock room pay an increased fee. This was not met well and ultimately, the solution came in the form of annual fees and turning the Exchange into a Subscription room. The Subscription room created in 1801 was the first regulated exchange in London, but the transformation was not welcomed by all parties. On the first day of trading, non-members had to be expelled by a constable. In spite of the disorder,
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#17327755089793380-495: The top, and middle floors let out to affiliate companies. Queen Elizabeth II opened the building on 8 November 1972; it was a new City landmark, with its 23,000 sq ft (2,100 m ) trading floor. 1973 marked a year of changes for the Stock Exchange. First, two trading prohibitions were abolished. A report from the Monopolies and Mergers Commission recommended the admittance of both women and foreign-born members on
3445-415: The vicinity, notably Jonathan's Coffee-House . At that coffee house, a broker named John Castaing started listing the prices of a few commodities including 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
3510-425: The war escalated into its second year, the concerns for air raids were greater than ever. Eventually, on the night of 29 December 1940, one of the greatest fires in London's history took place. The Exchange's floor was hit by a clutch of incendiary bombs , which were extinguished quickly. Trading on the floor was now drastically low and most was done over the phone to reduce the possibility of injuries. The Exchange
3575-500: The world's leading dealer in British Commonwealth King George VI stamps and on 23 October The Fine Art Auction Group, holding company of the Group's subsidiary, Dreweatts and Bloomsbury, announced that it had acquired Mallett Antiques - a dealer in antiques and decorative arts with retail premises on London's Dover St and New York's Madison Avenue. On 28 January 2015 the company was awarded 'Deal of
3640-429: Was a move away from coffee houses and a step towards the modern model of stock exchange. The Royal Exchange housed not only brokers but also merchants and merchandise. This was the birth of a regulated stock market, which had teething problems in the shape of unlicensed brokers. In order to regulate these, Parliament passed an Act in 1697 that levied heavy penalties, both financial and physical, on those brokering without
3705-582: Was announced that the LSE would merge with the Deutsche Börse ; however this fell through. On 23 June 2007, the LSE announced that it had agreed on the terms of a recommended offer to the shareholders of the Borsa Italiana S.p.A. The merger of the two companies created a leading diversified exchange group in Europe. The combined group was named the London Stock Exchange Group, but still remained two separate legal and regulatory entities. One of
3770-484: Was based on Microsoft's .NET Framework , and was developed by Microsoft and Accenture. Despite TradElect only being in use for about two years, after suffering multiple periods of extended downtime and unreliability the LSE announced in 2009 that it was planning to switch to Linux in 2010. The main market migration to MillenniumIT technology was successfully completed in February 2011. The previous system, SETS,
3835-474: Was created in 2003 in partnership with OM Group. The Exchange also acquired Proquote Limited, a new generation supplier of real-time market data and trading systems. The old Stock Exchange Tower became largely redundant with Big Bang, which deregulated many of the LSE's activities: computerised systems and dealing rooms replaced face-to-face trading. In 2004, the LSE moved to a brand-new headquarters in Paternoster Square , close to St Paul's Cathedral . In 2007,
3900-626: Was introduced in October 1997 and used until 2007. The London Market Information Link, a COBOL application running on a HP Tandem server was used to disseminate market data to terminals before being replaced by Infolect. The LSE facilitates stock listings in a currency other than its "home currency". Most stocks are quoted in GBP but some are quoted in EUR while others are quoted in USD. On 3 May 2000, it
3965-424: Was listed on AIM . The chairman of Flying Flowers was quoted as saying the deal "...was at the wrong price and at the wrong time." In August 2007, Paul Fraser resigned as Executive Chairman and in April 2008 he sold his remaining shares to focus on Paul Fraser Collectibles. Bob Henkhuzens became interim chairman and the current chairman is David Bralsford, who works in a non-executive capacity. On 20 September 2010
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#17327755089794030-484: Was only closed for one more day during wartime, in 1945 due to damage from a V-2 rocket . Nonetheless, trading continued in the house's basement. After decades of uncertain if not turbulent times, stock market business boomed in the late 1950s. This spurred multiple officials to find new, more suitable accommodation. The work on the new Stock Exchange Tower began in 1967. The Exchange's new 321 feet (98 metres) high building had 26 storeys with council and administration at
4095-433: Was put up for sale by Esselte as they said it did not form a logical part of their long-term development. In 1981 Gibbons bought the stock of the late H.F. Johnson . In 1982 Clive Feigenbaum staged a management buy-out followed by an application in 1984 for a listing on the UK's Unlisted Securities Market in order to raise funds for new acquisitions. Following the buy-out, Feigenbaum, the chairman, had owned over 50% of
4160-582: Was sold in 1976 by which time it had grown to 25% of the company. In 1977 Stanley Gibbons acquired the stock of the firm Chas Nissen , once run by the eminent stamp dealer and philatelist Charles Nissen . In 1979 Gibbons was bought by Letraset for £19 million in an attempt to diversify away from their dry-lettering business, but the acquisition did not go smoothly and, like Flying Flowers later, Letraset found it difficult to integrate Gibbons into its core business. The chairman of Letraset blamed "indiscriminate expansion" and "imprudent" investment decisions for
4225-622: Was suitably placed close to the Bank of England . Parliament tried to regulate this and ban the unofficial traders from the Change streets. Traders became weary of "bubbles" when companies rose quickly and fell, so they persuaded Parliament to pass a clause preventing "unchartered" companies from forming. After the Seven Years' War (1756–1763), trade at Jonathan's Coffee House boomed again. In 1773, Jonathan, together with 150 other brokers, formed
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