What is a stockjobber?
A stockjobber was a slang term for a wholesale dealer on a stock exchange who sold securities to brokers without dealing directly with the public. Jobbers conducted business on the floor of the exchange while stockbrokers acted on behalf of clients.
Where have you heard about stockjobbers?
Before the Big Bang of October 1986, every stock traded on the London Stock Exchange (LSE) passed through a 'jobber's book'. Stockjobbers maintained an inventory of shares to make trades possible and create market liquidity.
What you need to know about stockjobbers.
Not a great deal is known about the activities of stockjobbers because their record-keeping was practically non-existent, but in the early 19th century London had hundreds of jobbing firms. However, their numbers started to dwindle over the course of the 20th century until they ceased to exist altogether in 1986.
The Big Bang saw a major sea change in the LSE's operations to bring it in line with the 20th century. London's financial heartland was deregulated, with measures including the abolition of fixed commissions and the implementation of an electronic trading platform brought in.
Find out more about stockjobbers.
Read our definitions of stockbroker and the London Stock Exchange.