Stock exchanges established in regional financial centres, whose importance varies with the importance of the main market of the country. Founded in the formative years of capitalism to raise money for local projects, many have succumbed to the globalization of the markets. However, some, especially in the USA, Japan, and Germany, have survived. In the UK there were formerly exchanges in Birmingham, Bristol, Leeds, Manchester, Glasgow, and Belfast but these had all been absorbed into the London Stock Exchange by the mid 1970s. The Internet-based Local Business Exchange (LBX), which provides finance for small and medium-sized companies in the West Midlands region, began trading in 2004.
Subjects: Financial Institutions and Services.