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Published on Aug 27, 2013 in Europe, Featured Articles, News

The First Stock Exchange

A short time ago I was speaking with a good friend of mine, Larry Isen. Larry and I have worked on projects together for quite some time and he’s always been a fountain of knowledge on a wide variety of securities issues. Last week we were speaking about my blog on the Origin of Wall Street when Larry reminded me of something he sent me earlier entitled Managing the Fear Factor. I re-read it and asked Larry if I could publish it since his article was a well-written piece and also tied in with my earlier blog.

Larry’s short article compactly gives the origin of the first stock exchange as well as his views on the securities market over a period of time. I’ve provided, with Larry’s permission, his contact information in the event anyone wants to address questions directly to him.

Alan Refkin


Managing The Fear Factor

In 1698 London coffee shop owner John Castaing posted a list of stock and commodity prices called “The Course of the Exchange and Other Things”.  This was the first known stock exchange, and fostered a network of coffee house exchanges. The first speculative bubble known as the “South Sea Bubble” burst in 1720.

In 1773, 150 brokers erected a building in Sweeting’s Alley known as “New Jonathan’s.” The name was changed to the Stock Exchange later that year.

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The first shares of stock changed hands in 1698. That was 310 years ago. We are currently embroiled in the worst environment since that first trade. Rather amazing when you think about it. The worst 2 months in 310 years- about 14 generations of investors. It became official last week- nothing in history compares to the sell-off investors have lived through- not 1720, 1929, 1937, the late 70’s and early 80’s, 1987, or 2000. September and October 2008 are the worst.

Larry Isen

Phone: 858 793 7908

Mobile: 619 517 6177






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