Reference code(s): GB 0074 CLC/B/127
Held at: London Metropolitan Archives
Title: ISSUING HOUSES ASSOCIATION
Level of description: Collection
Extent: 119 production units comprising 113 files, 2 bundles and 4 envelopes.
Name of creator(s): Issuing Houses Association
An Issuing House is an organisation, usually a merchant bank, which arranges the details of an issue of stocks or shares, and the necessary compliance with Stock Exchange regulations in connection with the listing of that issue. On 30 November 1944, representatives of constituents of the Accepting Houses Committee which acted as Issuing Houses in respect of foreign government and municipal loans, met to discuss their unsatisfactory relationship with the Council of Foreign Bondholders. Although the Issuing Houses subscribed to the Council, they felt that it did not consult them sufficiently with regard to negotiations with defaulting governments.
It was initially suggested that a sub-committee of the Accepting Houses Committee should be formed to represent the Issuing Houses of foreign bonds only. However, in 1945, after much discussion, it was decided to form a separate association of Issuing Houses to provide a forum for discussion of all the concerns of its members and a vehicle for putting the views of those members to the government, Bank of England and other authorities. Following the establishment of the City Code on Mergers and Take Overs, the Issuing Houses Association assisted in its administration; its members were required to observe the Code and accept its jurisdiction. The Association's approach to membership was a liberal one: any institution involved in the field of issue or takeover activity might apply, with the exception of stockbrokers and foreign banks.
The Issuing Houses Association worked closely with the Accepting Houses Committee with which it shared premises and a small secretariat. The premises were: 16 Bishopsgate, 1945-59; 19 Fenchurch Street, 1959-63; St Albans House, Goldsmith Street, 1963-9; 20 Fenchurch Street, 1969-73; Roman Wall House, 1-2 Crutched Friars, 1973-81; and Granite House, 101 Cannon Street, 1981-8. In 1988, the Association's activities were merged with those of the Accepting Houses Committee resulting in the formation of the British Merchant Banking and Securities Houses Association.
Scope and content/abstract:
Records of the Issuing Houses Association including executive committee minutes (Ms 29328), reports and accounts (Mss 29329-331), membership files (Mss 29332-3), copies of the Association's rules (Ms 29336) and a useful booklet about Issuing Houses and the Issuing Houses Association (Ms 29337).
Access to records less than 30 years old should be sought from the London Investment Banking Association (contact details may be obtained from a member of staff). The Association retains its more recent records. No other records are known to exist.
ACCESS AND USE
Language/scripts of material: English
System of arrangement:
Records arranged by MS number, assigned during cataloguing at the Guildhall Library Manuscripts Section.
Conditions governing access:
Access by appointment only. Please contact staff.
Conditions governing reproduction:
Copyright to this collection rests with the depositor.
Please see online catalogues at: http://search.lma.gov.uk/opac_lma/index.htm
Immediate source of acquisition:
The records were deposited in the Manuscripts Section of Guildhall Library by the British Merchant Banking and Securities Houses Association on 16 May 1994. The Association changed its name to the London Investment Banking Association from 1 July 1994. The Guildhall Library Manuscripts Section merged with the London Metropolitan Archives in 2009.
Rules or conventions: Compiled in compliance with General International Standard Archival Description, ISAD(G), second edition, 2000; National Council on Archives Rules for the Construction of Personal, Place and Corporate Names, 1997.
Date(s) of descriptions: January to May 2011.