Story

Crashes and manipulation have been a feature of financial markets since the first stock market opened in Amsterdam in 1602. London's formal market was formed in 1773 although shares had been traded long before that. 19 years later, the New York Stock Exchange opened at 68 Wall Street.

The exchanges were private ventures in the nature of a club. To trade stocks and shares one was required to be a member, to pay a fee and to abide by the rules of the club. On the one hand, they created a closed shop not of shareholders but of those entitled who made deals with each other to the exclusion of everyone else. On the other hand, they created a regulated market which would protect investors from chicanery of many kinds.

But as concentrations of wealth, inequality of information and a mix of personalities developed, markets rapidly became a place where competition was fierce and underhand tactics became commonplace.

Read more at https://vortexcentrum.com/elan/cut-throats_and_brigands

Nigel Morris-Cotterill said "One of the things that most frustrates me is that so many people think that what happens today is new and it almost never is. I read material from the 17th Century and later and refer to it in my lectures, seminars, articles and books to try to get across the message that technology is transient, even trivial, but that the core activities of criminal conduct or, in this case, market manipulation falling short of market abuse, are constant. It is only by learning and understanding those constants that we can hope to build models and cultures to detect, deter and report suspicions of financial crime."

Morris-Cotterill is a 30 year veteran of financial crime risk and compliance and had a career in law before that. He is a strong advocate for effective law and regulation saying that to be effective it has to be clear and simple. He also argues that complex and prescriptive law and regulation militate against the risk-based approach that followed his book "How not to be a money launderer" (1996).

His analysis of the background to Lawson's novel looks at corporate culture, whisteblowing, monopolies and rogue traders amongst many other topics. He also suggests a way of addressing one of the most manipulative techniques still widely in use.

The book is available in Paperback and Hardback via Amazon or in "Print Your Own" e-book from the author directly at https://vortexcentrum.com/elan/cut-throats_and_brigands

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