British Capital Market and International investment Networks

本文旨在从1815年以来伦敦证券交易所会员为套利业务而形成的对应关系的角度，分析英国资本市场国际投资网络的形成。首先，套利的形成过程分为两个阶段：(1)19世纪50年代以前，由于国际证券的体量较小，通信不发达，套利活动的发展空间较小。此外，由于海外投资的波动性很大，专门从事海外证券交易的成员很少。(2)自19世纪50年代以来，国际证券的交易量大幅增加，政府和铁路股票，以及矿业和大型工业公司的股票都在一个以上的大金融中心上市。自19世纪50年代以来，随着国际有线电视网络的日益建立，套利活动不断扩大，两个交易所之间的价差变得太小。其次，由于套利的复杂性增加，耗费了大量的金钱和时间，承担这一任务的会员公司很少，只有87家。在20世纪初，这一比例仅占所有成员公司的10%以上。虽然只有7家公司拥有10名以上的通讯员，但42家只有1名。在某些情况下，即使是一家只有一家通讯员的公司，也在其专业领域做了一笔大生意。代理关系主要集中在欧洲、伦敦和北美等大型金融中心，而全球关系很少。与澳大利亚和南非的关系相当密切，前者的套利对象是政府股票和矿业股票，后者的套利对象是金矿股票。

It is this inquiry's aim to analyze the formation of the international investment networks, from the view of the correspondent relations which the London Stock Exchange members had formed for the arbitrage business, in the British capital market since 1815. We can get the following features.Firstly, the formation process is divided into two phases.(1) Before 1850s ; As the volume of the international security was small and the communication was less developed, arbitrage had little scope to expand. Also, as the volatility of overseas investment was very high, there were few members who specialized in trading overseas securities.(2) Since 1850s ; The volume of the international security had increased extensively, and government and railway stocks, and the issues of mining and big industrial companies were listed in more than one big financial center. As the international cable networks had been established increasingly since 1850s, arbitrage had expanded and the price difference between two exchanges had been too narrowed.Secondly, because the complexity of arbitrage had increased and it costed much money and time, the member firms which undertook it were so little, only 87. The proportion was only more than 10% of all member firms early in the 20th century. While it was only 7 firms that had more than 10 correspondents, 42 had only one. There were some cases where even a firm, which had only one correspondent, did a great business in their specialized area. The correspondent relations focused mainly on big financial centers of Europe, London and North America, but global one was little. The relations to Australia and South Africa were considerable, and the former's arbitrage was on government stocks and mining shares, the latter's on gold mining shares.