Issuing Houses Association

An Issuing House is an organisation, usually a merchant bank, which arranges the details of an issue of stocks or shares, and the necessary compliance with Stock Exchange regulations in connection with the listing of that issue. On 30 November 1944, representatives of constituents of the Accepting Houses Committee which acted as Issuing Houses in respect of foreign government and municipal loans, met to discuss their unsatisfactory relationship with the Council of Foreign Bondholders. Although the Issuing Houses subscribed to the Council, they felt that it did not consult them sufficiently with regard to negotiations with defaulting governments.

It was initially suggested that a sub-committee of the Accepting Houses Committee should be formed to represent the Issuing Houses of foreign bonds only. However, in 1945, after much discussion, it was decided to form a separate association of Issuing Houses to provide a forum for discussion of all the concerns of its members and a vehicle for putting the views of those members to the government, Bank of England and other authorities. Following the establishment of the City Code on Mergers and Take Overs, the Issuing Houses Association assisted in its administration; its members were required to observe the Code and accept its jurisdiction. The Association's approach to membership was a liberal one: any institution involved in the field of issue or takeover activity might apply, with the exception of stockbrokers and foreign banks.

The Issuing Houses Association worked closely with the Accepting Houses Committee with which it shared premises and a small secretariat. The premises were: 16 Bishopsgate, 1945-59; 19 Fenchurch Street, 1959-63; St Albans House, Goldsmith Street, 1963-9; 20 Fenchurch Street, 1969-73; Roman Wall House, 1-2 Crutched Friars, 1973-81; and Granite House, 101 Cannon Street, 1981-8. In 1988, the Association's activities were merged with those of the Accepting Houses Committee resulting in the formation of the British Merchant Banking and Securities Houses Association.