Corporation of London

A broker is a retailer of commodities or someone who acts as a middleman to transact business or negotiate bargains between different merchants or individuals. There are several types of broker including bill or exchange brokers, stockbrokers, ship brokers, insurance brokers, pawnbrokers. Those brokers who negotiate sales of produce between different merchants usually confine themselves to some one department or line of business such as cotton, tea, etc (Oxford English Dictionary).

Between 1285 and 1886 the Corporation of London had the power to license all brokers in almost every commodity operating in the City of London. This power was granted and confirmed by several Royal Charters and Acts of Parliament. Although the Corporation was keen to maintain its powers over brokers, many evaded being licensed - half the brokers on the Stock Exchange were found to be unlicensed in 1837. The powers of the Corporation were restricted by statute in 1870 and entirely abolished in 1884 by the London Brokers' Relief Act.