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The Journal
THE RENDR JOURNAL

The Journal

What the fees don’t tell you

Market history

Barings: the trader who sank a 233-year-old bank

In 1995, London's oldest merchant bank collapsed within days. Not because of a global crisis, but because of a 28-year-old trader, an account numbered 88888 and a loss he refused to accept.

The new Stock Exchange, Capel Court, London, 1810. Rowlandson & Pugin, Microcosm of London · public domain
The new Stock Exchange, Capel Court, London, 1810. Rowlandson & Pugin, Microcosm of London · public domain
BY The RendR desk

In 1762, a trading house opens its doors in London. It will become one of the most prestigious banks in the world. It finances Britain's wars, its railways and, in 1803, alongside Hope & Co. of Amsterdam, the young United States' purchase of Louisiana. Its name is Barings.Read on →

Market history

Market history

1792: the day the commission was born

On 17 May 1792, twenty-four brokers signed a few lines under a tree on Wall Street. They set a minimum commission of one quarter of one percent. Two centuries later, commissions have shrunk, but they never went away.

Market history

Black Wednesday: when a fund broke the Bank of England

On 16 September 1992, the Bank of England raised rates twice in a single day to defend the pound. By evening, it had given up. On the other side: a fund that had bet a political promise could not be kept.

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