Integration between the London and New York Stock Exchanges, 1825-1925

The integration between the London and New York Stock Exchanges is analyzed during the era when they were still developing as asset markets. The domestic securities on both exchanges showed little sustained integration, even when controlling for the different characteristics of stocks, implying that the pricing of securities in the US and UK were still being driven by local factors. However, there was considerable integration between New York and those listings on London which operated internationally. These results place a limit on the view that pre-World War I was the first era of globalization in terms of capital markets, and suggest that the listing of foreign securities may be one of the primary mechanisms driving asset market integration.

Highlights from Faraday Discussion: Designing New Heterogeneous Catalysts, London, UK, April 2016

The Faraday Discussion on the design of new heterogeneous catalysts took place from 4-6 April 2016 in London, United Kingdom. It brought together world leading scientists actively involved in the synthesis, characterisation, modelling and testing of solid catalysts, attracting more than one hundred delegates from a broad spectrum of backgrounds and experience levels-academic and industrial researchers, experimentalists and theoreticians, and students. The meeting was a reflection of how big of an impact the ability to control and design catalysts with specific properties for particular processes can potentially have on the chemical industry, environment, economy and society as a whole. In the following, we give an overview of the topics covered during this meeting and briefly highlight the content of each presentation.