The nineteenth-century growth of the London Stock Exchange and the development of the market for stocks and shares are familiar topics of study. This article provides an alternative perspective on them by decentering the London Stock Exchange and focusing instead on the activities of “outside stockbrokers” – those who operated outside the Stock Exchange and its rules. Often regarded as peripheral, these brokers were in fact instrumental in promoting investment and speculation to a mass market. The article examines their innovative methods, and seeks to explain why they were so successful, despite persistent – and sometimes justifiable – accusations of fraud. It suggests how perspectives from the history of consumer society provide fresh insights into the market for financial products. And it underlines the importance of looking outside formal markets, arguing that focusing on “fringe” markets can help us to rethink boundaries, relations, and practices in the history of capitalism.

中文翻译：

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伦敦证券交易所内外：维多利亚时代晚期英国的股票经纪人和投机

19 世纪伦敦证券交易所的发展以及股票市场的发展是人们熟悉的研究课题。本文通过将伦敦证券交易所去中心化并重点关注“外部股票经纪人”（在证券交易所及其规则之外经营的人）的活动，提供了另一种视角。这些经纪人通常被认为是边缘人物，但实际上在向大众市场推广投资和投机方面发挥了重要作用。这篇文章考察了他们的创新方法，并试图解释为什么他们如此成功，尽管他们一直存在——有时是合理的——欺诈指控。它表明消费社会历史的观点如何为金融产品市场提供新的见解。