The Big Bang—a complex 40-year data journey yet to reach its destination
In this guest column, Finbourne’s Gus Sekhon reflects on the deregulation and privatization of the London Stock Exchange and what it meant for data.
Forty years ago this month, Big Bang eliminated single capacity—the requirement to be either jobber or broker. The event marked the sweeping reform of the London Stock Exchange, which deregulated the market, abolished fixed commissions and accelerated the shift toward electronic trading. Overnight, a stable separation of concerns—“I have client orders but no positions” or “I have positions but no clients”—became a theoretical single entity holding client orders, its own inventory, comingled risk
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