Members of the London Stock Exchange are bound by the rules and regulations of the Stock Exchange, which ensures the integrity of the market and thereby inspires investor confidence.

Prior to 1986 the important members of London Stock Exchange were stockbrokers (brokers) and stockjobbers (jobbers). Stockjobbers specialised in certain types of shares, and traded on their own behalf. Their aim was to sell shares at a higher price that they purchased, and the difference was their profit and was known as the 'jobbers turn'. Stockbrokers were more general dealers, who acted on instructions of non-members, i.e. he bought and sold on their behalf. For this service, he took a commission, known as the 'brokerage'. What was interesting about this arrangement was that brokers and jobbers had different and seperate jobs, and were prohibited from carrying out both functions.

The London Stock Exchange had a reorganisation in 1986, dubbed the Big Bang, and the role of the jobber and broker was 'blurred'. Also, comanies could now become members, rather than individuals as was the case up to this point. As a result, there was an explosion of share dealing companies, often offshoots of banks etc.

This had two major effects, a primary effect and a knock-on effect. First, there was more access to the floor and trading, and the investment companies were able to also act on behalf of customers. This led to the knock on effect of greater competition and more publicity, and which led to enhanced market interraction of ordinary members of the public, via the investment & share dealing comapnies.

It is via these share dealing companies that we, members of the public access the markets today. As we have come to expect in highly competitive markets, there are a range of offers available from the various share dealers - based around commission, flat fee or a combination of both.