ABSTRACT
Co-operation among provincial stock exchanges can be traced back to their earliest years. Since the railway period, it occurred in various degrees, on such matters as special settlement dates, exchange of information on defaulters, buying-in and selling-out between markets, and the settlement of disputes between brokers. Although these, and lesser matters, were common to all the exchanges, they were not really of sufficient importance to merit the creation of a formal association. The dangerous implications arising from the forged transfers episode provided the necessary stimulus, albeit a little delayed.
