After the Royal Exchange is destroyed in the Great Fire of London, rebuilding work marks the first step in exchanges becoming what they are today.
In 1773 a more formal ‘stock exchange’ is established in Sweeting’s Alley. Despite being formalised, with the levy of an entrance fee, for example, issues remain because of fraudulent activity being commonplace.
The imposition of annual fees and the transitioning of the Exchange into a Subscription room in 1801 gives rise to the first regulated exchange in London.
Today, the London Stock Exchange is the third largest stock exchange in the world (and the largest in Europe) with a market capitalisation of US$6.06 trillion according to 2014 data.