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Futures of Europe: The City of London’s Commodity Exchanges, the European Economic Community, and the Global Regulation of Futures Trading (1960s–1980s)

Published online by Cambridge University Press:  11 April 2022

Abstract

Since the mid-1970s, the U.S. commodity futures exchanges have increasingly been the focus of tight government regulation, which resulted in strong control by a specific agency: the Commodity Futures Trading Commission. In Europe, the regulation of futures diverged from the U.S. model. No regulation at the communitarian level was implemented; at the national level, the United Kingdom emerged as a model of self-regulation of commodity markets. This article explores the historical causes behind this lack of regulation in Europe, placing it in the context of global commodity trading and arguing that the European regulation of futures trading was reshaped by a dialogue established between the European Commission and big players of commodity futures trading in the City of London. Since the mid-1960s, the City of London has become a pivotal global market venue for commodity futures, which has increasingly attracted players from abroad, thanks to its financial integrity and self-regulatory model. Both established London merchants and emerging players in the global trade of financial products cooperated to stave off any attempt at regulating the London futures exchanges. The inference here is that those attempts were instrumental in setting the conditions leading to the regulatory fragmentation that still characterizes futures trading in the global market.

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Article
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© The Author(s), 2022. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved.

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References

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Cottier, Thomas, Delimatsis, Panagiotis, Gehne, Katia, and Payosova, Tetyana. “Fragmentation and Coherence in International Trade Regulation: Analysis and Conceptual Foundations.” In The Prospects of International Trade Regulation: From Fragmentation to Coherence, edited by Cottier, Thomas and Delimatsis, Panagiotis, 165. Cambridge: Cambridge University Press, 2011.CrossRefGoogle Scholar
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Hautcoeur, Pierre-Cyrill, and Riva, Angelo. “The Paris Financial Market in the Nineteenth Century: Complementarities and Competition in Microstructures.” Economic History Review 65, no. 4 (2012): 13261353.CrossRefGoogle Scholar
Helleiner, Eric, and Pagliari, Stefano. “The End of an Era in International Financial Regulation? A Postcrisis Research Agenda.” International Organization 65, no. 1 (2011): 169200.Google Scholar
International Chamber of Commerce (ICC). Les marchés à termes [Brochure no. 82]. Paris: ICC, 1953.Google Scholar
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International Commodities Clearing House. Yearbook. London: ICCH, 1983.Google Scholar
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Krippner, Greta. “The Financialization of the American Economy.” Socio-Economic Review no. 3 (2005): 173208.Google Scholar
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Levy, Jonathan. “Contemplating Delivery: Futures Trading and the Problem of Commodity Exchange in the United States, 1875–1905.” American Historical Review 111, no. 2 (2006): 307335.CrossRefGoogle Scholar
Lipartito, Kenneth. “The New York Cotton Exchange and the Development of the Cotton Futures Market.” Business History Review 57, no. 1 (1983): 5072.Google Scholar
MacKenzie, Donald, and Millo, Y.. “Constructing a Market, Performing Theory: The Historical Sociology of a Financial Derivatives Exchange.” American Journal of Sociology 109, no. 1 (2003): 107145.CrossRefGoogle Scholar
Meade, James. “International Commodity Agreements.” World Agriculture 13 (1964): 2026.Google Scholar
Lynch, Merrill, Pierce, Fenner, & Smith. Cocoa [PR booklet]. New York: Merrill Lynch, Pierce, Fenner, & Smith, 1972.Google Scholar
Lynch, Merrill, Pierce, Fenner, & Smith. How to Buy and Sell Commodities []. New York: Merrill Lynch, Pierce, Fenner, & Smith, 1973.Google Scholar
Michie, Ranald. “The City of London and the British Government: The Changing Relationship.” In The British Government and the City of London in the Twentieth Century, edited by Michie, Ranald and Williamson, Philip, 3155. Cambridge: Cambridge University Press, 2004.CrossRefGoogle Scholar
Miller, Robert. “The Role of the ICCH in the Clearing of Futures and Options Exchanges.” In London International Financial Futures Exchange Yearbook, edited by Miller, Robert, 216. London: Palgrave, 1988.Google Scholar
Mourlon-Druol, Emmanuel. “Banking Union in Historical Perspective: The Initiative of the European Commission in the 1960s–1970s.” JCMS: Journal of Common Market Studies 54, no. 4 (2016): 913927.Google Scholar
Mourlon-Druol, Emmanuel. “‘Trust Is Good, Control Is Better’: The 1974 Herstatt Bank Crisis and Its Implications for International Regulatory Reform.” Business History, 57 no. 2 (2015): 311334Google Scholar
Newman, Susan. “Financialization and Changes in the Social Relations Along Commodity Chains: The Case of Coffee.” Review of Radical Political Economics, 41, no. 4 (2009): 539559.CrossRefGoogle Scholar
Rees, Graham L., and Jones, D. R.. “The International Commodities Clearing House Ltd.” Journal of Agricultural Economics 26, no. 2 (1975): 239253.CrossRefGoogle Scholar
Rischbieter, Laura J., and Lubinski, Christina. “Sound Speculators: Public Debates about Futures Trading in British India and Germany, 1880–1930.” Enterprise & Society 22, no. 3 (2020): 808841. http://doi.org/10.1017/eso.2020.22Google Scholar
Rollings, Neil, and Warlouzet, Laurent. “Business History and European Integration: How EEC Competition Policy Affected Companies’ Strategies.” Business History 62, no. 5 (2020): 717742.CrossRefGoogle Scholar
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