Every week on the blog, we will be posting a section of Clive’s career in the markets. This first blog post will go through Clive’s first introduction to the wonderful world of markets. A career that is 40 years in the making.
In January 1986 I decided A-levels weren’t for me and it was time for this 16-year-old to go and get a job. I carted up to London in a newly purchased (Top Shop) suit, popped my type-written/photo-copied CV into about 10 agencies, all of which were dotted around the streets of the City of London.
I got 2 responses, and 2 interviews were set up; one in Insurance, one in Stockbroking. I went for 2 interviews and got 2 jobs. I was also at the time working for a local yacht chandlery shop in Southend (Shoreline on the seafront) and they offered me a job as well. So 3 jobs! A bit different for youngsters now!
I chose Stockbroking. There was something about the Stock Exchange Floor that drew me to it. I also liked the man who interviewed me; John “Jumbo” Wilson. He was old school and scary but was happy to take a chance on a lad from Essex, fresh out of school. I started with James Capel and Co soon after (starting salary £4004 plus Luncheon Vouchers and a season ticket loan). I was an order clerk, taking orders from banks around the country to sell 400 British Telecom for Mr Roger Watkins of Harpenden… That sort of thing.
I loved it. Mentored by “the two Ronnies” (Ron Green and Ron Gibbons) I learned the ropes from the bottom. Within a few months I was moved up to the 5th Floor of the gleaming new “James Capel House” at 6 Bevis Marks. You know you’re getting old when said gleaming new building has been knocked down and replaced with another gleaming new building.
This was actually where I first came across Technical Analysis, in the shape of Robin Griffiths, who was one of a host of people who would stand up every morning during the morning meeting.
1986 was a seismic year for the Stock market in the UK as this was “Big Bang”; when the Stock Exchange Floor closed and everything went on to screens (SEAQ) and phones (I quickly learnt they key STX numbers). Being wet behind the ears I took this in my stride, unlike many of the senior partners at JC, although they were getting paid out handsome (at the time!) sums for their shares when HSBC took over James Capel.
Big Bang effectively ended the old system of Stock Brokers and Stock Jobbers, jobbers being market makers as we call them now. James Capel wasn’t the only firm to get bought out. Wedd Durlacher (a jobbing firm) and de Zoete and Bevan (a broker) became Barclays de Zoute Wedd aka BZW, Warburgs bought Akroyd and Smithers, and County became County Nat West etc etc… For some reason, to this day I still remember a number of Stock Exchange 3-number codes.
Stay tuned for more stories and memories from Clive.
Clive Lambert FSTA – FuturesTechs
25 years of institutional expertise in the UK and European Energy Markets and 10-time Technical Analysis award winner. Clive provides industry-standard technical outlook, utilising Market Profile and Candlesticks Analysis for over 100 global trading desks.
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