Big Bang

In economics, popular term for the changes instituted in late 1986 to the organization and practices of the City of London as Britain's financial centre, including the liberalization of the London stock exchange. This involved merging the functions of jobber (dealer in stocks and shares) and broker (who mediates between the jobber and the public), introducing negotiated commission rates, and allowing foreign banks and financial companies to own British brokers/jobbers, or themselves to join the London Stock Exchange.