109-530: The BAE Systems Fast Interceptor Craft is a stealthy boat used by the Special Boat Service . The builder offers it in several configurations, the 33 , 40 and 180 versions. There are a variety of propulsion types available, including both inboard and outboard engines with surface drives or water jets . The boats are air portable in Hercules , C-17 and A400M aircraft. This article about
218-580: A board of directors drawn from the Exchange's executive, customer, and user base; and the trading name became "The London Stock Exchange". The FTSE 100 Index (pronounced "Footsie 100") was launched by a partnership of the Financial Times and the Stock Exchange on 3 January 1984. This turned out to be one of the most useful indices of all, and tracked the movements of the 100 leading companies listed on
327-456: A joint stock company . In return for a 20% share in the new company BAE Systems transferred ownership of its Airbus plants (known as Airbus UK ) to the new company. Despite repeated suggestions as early as 2000 that BAE Systems wished to sell its 20% share of Airbus, the possibility was denied by the company. However, on 6 April 2006 it was reported that it was indeed to sell its stake, then "conservatively valued" at £2.4 billion. Due to
436-441: A "core business". On 18 August 2006 Saudi Arabia signed a contract worth £6 billion to £10 billion for 72 Eurofighter Typhoons, to be delivered by BAE Systems. On 10 September 2006 the company was awarded a £2.5 billion contract for the upgrade of 80 Royal Saudi Air Force Tornado IDSs. One of BAE Systems' major aims, as highlighted in the 2005 Annual Report, was the granting of increased technology transfer between
545-474: A "strategic bias" for expansion and investment in the US. The review also confirmed the attractiveness of the land systems sector and, with two acquisitions in 2004 and 2005, BAE moved from a limited land systems supplier to the second largest such company in the world. This shift in strategy was described as "remarkable" by the Financial Times . Between 2008 and early 2011 BAE acquired five cybersecurity companies in
654-603: A 2020 Financial Conduct Authority report, approximately 15% of British adults reported having investments in stocks and shares. The Royal Exchange had been founded by English financier Thomas Gresham and Sir Richard Clough on the model of the Antwerp Bourse . It was opened by Elizabeth I of England in 1571. During the 17th century, stockbrokers were not allowed in the Royal Exchange due to their perceived rude manners. They had to operate from other establishments in
763-551: A club and opened a new and more formal "Stock Exchange" in Sweeting's Alley. This now had a set entrance fee, by which traders could enter the stock room and trade securities. It was, however, not an exclusive location for trading, as trading also occurred in the Rotunda of the Bank of England. Fraud was also rife during these times and in order to deter such dealings, it was suggested that users of
872-560: A deal worth £800 million. The deal was significant because it was a factor in India's decision to finalise a £1 billion order for 66 Hawks in March 2004. Also in July 2003 BAE Systems and Finmeccanica announced their intention to set up three joint venture companies, to be collectively known as Eurosystems . These companies would have pooled the avionics, C4ISTAR and communications businesses of
981-765: A key element of the United Kingdom's nuclear weapons capability. BAE has operated the Holston Army Ammunition Plant in Tennessee, since 1999, and the Radford Army Ammunition Plant in Radford , Virginia since 2012. BAE Systems' biggest markets are the US 44%, UK 20%, Saudi Arabia 11% and Australia 4%, as of 2022. BAE Systems is the main supplier to the UK MoD ; in 2009/2010 BAE Systems companies in
1090-412: A licence. It also set a fixed number of brokers (at 100), but this was later increased as the size of the trade grew. This limit led to several problems, one of which was that traders began leaving the Royal Exchange, either by their own decision or through expulsion, and started dealing in the streets of London. The street in which they were now dealing was known as ' Exchange Alley ', or 'Change Alley'; it
1199-432: A major American defence contractor, for £830 million (about US$ 1.4 billion). The 1997 merger of American corporations Boeing and McDonnell Douglas , which followed the formation in 1995 of Lockheed Martin , the world's largest defence contractor, increased the pressure on European defence companies to consolidate. In June 1997, British Aerospace Defence managing director John Weston commented "Europe ...
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#17328441541371308-553: A new and bigger building was planned, at Capel Court. William Hammond laid the first foundation stone for the new building on 18 May. It was finished on 30 December when "The Stock Exchange" was incised on the entrance. In the Exchange's first operating years, on several occasions there was no clear set of regulations or fundamental laws for the Capel Court trading. In February 1812, the General Purpose Committee confirmed
1417-432: A new war. The main concerns included air raids and the subsequent bombing of the Exchange's perimeters, and one suggestion was a move to Denham , Buckinghamshire. This however never took place. On the first day of September 1939, the Exchange closed its doors "until further notice" and two days later World War II was declared. Unlike in the prior war, the Exchange opened its doors again six days later, on 7 September. As
1526-646: A perfect solution." The attraction of MES to British Aerospace was largely its ownership of Tracor, a major American defence contractor. London Stock Exchange The London Stock Exchange ( LSE ) is a stock exchange based in London , England. As of August 2023, the total market value of all companies trading on the LSE stood at $ 3.18 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cathedral . Since 2007, it has been part of
1635-469: A provider of vehicle and individual armour systems and survivability technologies. BAE Systems (and British Aerospace previously) was a technology partner to the McLaren Formula One team from 1996 to December 2007. The partnership originally focused on McLaren's F1 car's aerodynamics, eventually moving on to carbon fibre techniques, wireless systems and fuel management. BAE Systems' main interest in
1744-452: A set of recommendations, which later became the foundation of the first codified rule book of the Exchange. Even though the document was not a complex one, topics such as settlement and default were, in fact, quite comprehensive. With its new governmental commandments and increasing trading volume, the Exchange was progressively becoming an accepted part of the financial life in the city. In spite of continuous criticism from newspapers and
1853-434: A sharp increase in interim sales and profits. In August 2023 BAE agreed to acquire the aerospace division of US-based Ball Corporation for $ 5.6 billion in cash (approximately £4.5 billion); this was BAE's largest acquisition up until that point and was completed on 16 February 2024. In October 2023, BAE was awarded a £3.95 billion contract for development work on Aukus-class submarines up to 2028. BAE Systems plays
1962-669: A shift in strategy to take account of reduced spending by governments on "traditional defence items such as warships and tanks". In 2000 Matra Marconi Space , a joint BAE Systems/Matra company, was merged with the space division of DASA to form Astrium . On 16 June 2003 BAE sold its 25% share of Astrium for £84 million, however due to the lossmaking status of the company, BAE Systems invested an equal amount for "restructuring". BAE Systems sold its 54% majority share of BAE Systems Canada , an electronics company, in April for CA$ 310 (approx. £197 million as of December 2010). In November 2001,
2071-618: A shock profit warning due to cost overruns of the Nimrod MRA4 maritime reconnaissance/attack aircraft and the Astute -class submarine projects. On 19 February 2003 BAE took a charge of £750 million against these projects and the Ministry of Defence (MoD) agreed to pay a further £700 million of the cost. In 2000 the company had taken a £300 million "loss charge" on the Nimrod contract which
2180-521: A significant role in the production of military equipment. In 2017, 98% of BAE Systems' total sales were military related. It plays important roles in military aircraft production. The company's Typhoon fighter is one of the main front line aircraft of the RAF. The company is a major partner in the F-35 Lightning II programme. Its Hawk advanced jet trainer aircraft has been widely exported. In July 2006,
2289-570: A specific naval ship or boat of the United Kingdom is a stub . You can help Misplaced Pages by expanding it . BAE Systems BAE Systems plc is a British multinational aerospace , defence and information security company, based in London , England. It is the largest manufacturer in Britain as of 2017. It is the largest defence contractor in Europe and the seventh-largest in the world based on applicable 2021 revenues. Its largest operations are in
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#17328441541372398-544: Is classified as a Multilateral Trading Facility (MTF) under the 2004 MiFID directive, and as such it is a flexible market with a simpler admission process for companies wanting to be publicly listed. The securities available for trading on LSE: Through the Exchange's Italian arm, Borsa Italiana , the London Stock Exchange Group as a whole offers clearing and settlement services for trades through CC&G (Cassa di Compensazione e Garanzia) and Monte Titoli.
2507-643: Is competitive, however largely between American firms, while foreign companies are excluded. In December 2005 the MoD published the Defence Industrial Strategy (DIS) which has been widely acknowledged to recognise BAE Systems as the UK's "national champion". The government claimed the DIS would "promote a sustainable industrial base, that retains in the UK those industrial capabilities needed to ensure national security." After
2616-471: Is headquartered at the existing facility in Telford, Shropshire. In August 2020 BAE Systems completed the purchase of United Technologies ' military GPS businesses for $ 1.9 billion and Raytheon 's military airborne radios business for $ 275 million. The sale of these two business was a condition of the merger approval that saw their two parent companies merge to form Raytheon Technologies . In November 2020,
2725-536: Is supporting three times the number of contractors on less than half the budget of the U.S." European governments wished to see the merger of their defence manufacturers into a single entity, a "European Aerospace and Defence Company". As early as 1995, British Aerospace and the German aerospace and defence company DaimlerChrysler Aerospace (DASA) were said to be keen to create a transnational aerospace and defence company. The two companies envisaged including Aérospatiale,
2834-665: Is the Groups Central Counterparty and covers multiple asset classes throughout the Italian equity, derivatives and bond markets. CC&G also clears Turquoise derivatives. Monte Titoli is the pre-settlement, settlement, custody and asset services provider of the Group. Monte Titoli operates both on-exchange and OTC trades with over 400 banks and brokers. The LSE's trading platform is its own Linux -based edition named Millennium Exchange . Their previous trading platform TradElect
2943-565: The Astute -class submarines, Type 26 frigates and Dreadnought -class submarines. BAE Systems is indirectly engaged in production of nuclear weapons – through its share of MBDA it is involved with the production and support of the ASMP missile, an air-launched nuclear missile which forms part of the French nuclear deterrent . The company is also the UK's only nuclear submarine manufacturer and thus produces
3052-610: The Astute -class submarines, and the Type 26 frigates were all confirmed in the 2010 SDSR. A new generation of nuclear missile submarines, the Dreadnought -class , was ordered in 2016. BAE Systems sold the regional aircraft leasing and asset management arm of its Regional Aircraft business in May 2011. This unit leases the BAe 146 /Avro RJ family, BAe ATP , Jetstream and BAe 748 . The company retained
3161-524: The Concorde supersonic airliner with Aérospatiale . British Aerospace was a civil and military aircraft manufacturer, as well as a provider of military land systems. The company had emerged from the massive consolidation of UK aircraft manufacturers since World War II. British Aerospace was formed on 29 April 1977, by the nationalisation and merger of the British Aircraft Corporation (BAC),
3270-591: The Department of Trade and Industry which prevented a reference of the merger to the Monopolies and Mergers Commission . These were largely to ensure that the integrated company would tender sub-contracts to external companies on an equal basis with its subsidiaries. Another condition was the " firewalling " of former British Aerospace and MES teams on defence projects such as the Joint Strike Fighter (JSF). In 2007
3379-531: The Gripen fighter aircraft. In 2005 it reduced this share to 20.5% and in March 2010 announced its intention to sell the remainder. The Times stated that the decision brought "to an end its controversial relationship with the Gripen fighter aircraft". Several of the export campaigns for the aircraft were subject to allegations of bribery and corruption. The company continued its move into support services in May 2010 with
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3488-684: The Hawker Siddeley Group and Scottish Aviation . Both BAC and Hawker Siddeley were themselves the result of various mergers and acquisitions. Marconi Electronic Systems was the defence subsidiary of British engineering firm the General Electric Company (GEC), dealing largely in military systems integration , as well as naval and land systems. Marconi's heritage dates back to Guglielmo Marconi 's Wireless Telegraph & Signal Company, founded in 1897. GEC purchased English Electric (which included Marconi) in 1968 and thereafter used
3597-657: The Lockheed Martin F-35 Lightning II , the Eurofighter Typhoon , the Astute -class submarine , and the Queen Elizabeth -class aircraft carriers . BAE is listed on the London Stock Exchange 's FTSE 100 Index . British Aerospace bought Marconi Electronic Systems for £7.7 billion on 30 November 1999 and merged with it to form BAE Systems. The company is the successor to many of
3706-548: The London Stock Exchange Group (LSEG, which the exchange also lists (ticker symbol LSEG)). Despite a post- Brexit exodus of stock listings from the London Stock Exchange, the LSE was the most valued stock exchange in Europe as of 2023. According to the 2020 Office for National Statistics report, approximately 12% of UK-resident individuals reported having investments in stocks and shares. According to
3815-513: The Manchester and Liverpool stock exchanges were opened. Some stock prices sometimes rose by 10%, 20% or even 30% in a week. These were times when stockbroking was considered a real business profession, and such attracted many entrepreneurs. Nevertheless, with booms came busts, and in 1835 the "Spanish panic" hit the markets, followed by a second one two years later. By June 1853, both participating members and brokers were taking up so much space that
3924-489: The Panavia Tornado and Eurofighter Typhoon aircraft projects. Merger discussions began between British Aerospace and DASA in July 1998, just as French participation became more likely with the announcement that Aérospatiale was to merge with Matra and emerge with a diluted French government shareholding. A merger was agreed between British Aerospace chairman Richard Evans and DASA CEO Jürgen Schrempp . Meanwhile, GEC
4033-527: The TAI TF Kaan aircraft. On 10 October 2017, BAE announced that it would lay off nearly 2,000 out of its approximately 35,000 employees in Britain, mainly due to an order shortage for the Typhoon fighter. In 2019 BAE Systems sold a 55% share of its UK land business to Rheinmetall . The resultant joint venture (JV), Rheinmetall BAE Systems Land (RBSL), was established in July 2019 following regulatory approval and
4142-413: The 1980s to shift the burden of risk to the contractor and were in contrast to "cost plus contracts" where a contractor was paid for the value of its product plus an agreed profit. BAE Systems was operating in "the only truly open defence market", which meant it was competing with US and European companies for British defence projects, while they were protected in their home markets. The US defence market
4251-512: The British government declassified the HERTI (High Endurance Rapid Technology Insertion), an Unmanned Aerial Vehicle (UAV) which can navigate autonomously. It is currently developing a sixth-generation jet fighter aircraft for the RAF marketed as the " Tempest " along with the MoD, Rolls-Royce , Leonardo and MBDA. It is intended to enter service from 2035 replacing the Typhoon aircraft in service with
4360-568: The DASA merger in favour of purchasing its British rival. The merger of British Aerospace and MES was announced on 19 January 1999. Evans stated in 2004 that his fear was that an American defence contractor would acquire MES and challenge both British Aerospace and DASA. The merger created a vertically integrated company which The Scotsman described as "[a combination of British Aerospace's] contracting and platform-building skills with Marconi's coveted electronics systems capability", for example combining
4469-620: The Electronic Trading Service (SETS) was launched, bringing greater speed and efficiency to the market. Next, the CREST settlement service was launched. In 2000, the LSE's shareholders voted to become a public limited company, London Stock Exchange plc. The LSE also transferred its role as the United Kingdom's listing authority to the Financial Services Authority . EDX London , an international equity derivatives business,
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4578-582: The Exchange for improved breathing space and to extend the August Bank Holiday to prohibit a run on banks, was hurried through by the committee and Parliament , respectively. The Stock Exchange ended up being closed from the end of July until the New Year, causing street business to be introduced again, as well as the "challenge system". The Exchange was set to open again on 4 January 1915 under tedious restrictions: transactions were to be in cash only. Due to
4687-490: The Exchange was now uncomfortably crowded, and continual expansion plans were taking place. Having already been extended west, east, and northwards, it was then decided the Exchange needed an entire new establishment. Thomas Allason was appointed as the main architect, and in March 1854, the new brick building inspired from the Great Exhibition stood ready. This was a huge improvement in both surroundings and space, with twice
4796-575: The Exchange. On 20 July 1990, a bomb planted by the Provisional Irish Republican Army (IRA) exploded in the men's toilets behind the visitors' gallery. The area had already been evacuated and nobody was injured. About 30 minutes before the blast at 8:49 a.m., a man who said he was a member of the IRA told Reuters that a bomb had been placed at the exchange and was about to explode. Police officials said that if there had been no warning,
4905-448: The LSE merged with Borsa Italiana , creating London Stock Exchange Group (LSEG). The Group's headquarters are in Paternoster Square . Paternoster Square was the initial target for the protesters of Occupy London on 15 October 2011. Attempts to occupy the square were thwarted by police. Police sealed off the entrance to the square as it is private property, a High Court injunction having previously been granted against public access to
5014-679: The LSE: the main market and the alternative investment market. The main market is home to over 1,300 large companies from 60 countries. The FTSE 100 Index ("footsie") is the main share index of the 100 most highly capitalised British companies listed on the Main Market. The Alternative Investment Market is LSE's international market for smaller companies. A wide range of businesses including early-stage, venture capital -backed, as well as more-established companies join AIM seeking access to growth capital. The AIM
5123-497: The Marconi brand for its defence businesses (as GEC-Marconi and later Marconi Electronic Systems). GEC's own defence heritage dates back to World War I, when its contribution to the war effort included radios and bulbs. World War II consolidated this position, as the company was involved in important technological advances, notably the cavity magnetron for radar . Between 1945 and 1999, GEC-Marconi/Marconi Electronic Systems became one of
5232-495: The MoD announced the award of a 20-year, £2.4 billion munitions contract to BAE. This will see BAE manufacture 39 different munitions for the UK armed forces and supersedes the 2008 MASS contract. In July 2023, BAE received a related £280 million order to address a munitions shortage caused by the supply of ammunition to Ukraine. In 2022, during the Russian invasion of Ukraine , major arms manufacturers, including BAE Systems, reported
5341-625: The RAF. BAE Systems Land and Armaments manufactures the M2/M3 Bradley fighting vehicle family, the US Navy Advanced Gun System (AGS), M113 armoured personnel carrier (APC), M109 Paladin , Archer , M777 howitzer , the British Army's Challenger 2 , Warrior Tracked Armoured Vehicle , Panther Command and Liaison Vehicle , and the SA80 assault rifle . Major naval projects include
5450-476: The Royal Exchange hosted all transactions where foreign parties were involved. The constant increase in overseas business eventually meant that dealing in foreign securities had to be allowed within all of the Exchange's premises. Just as London enjoyed growth through international trade, the rest of Great Britain also benefited from the economic boom. Two other cities in particular showed great business development: Liverpool and Manchester. Consequently, in 1836 both
5559-620: The UK Armed Forces' ammunition and required BAE to modernise its munitions manufacturing facilities. BAE Systems expanded its intelligence and security business with the £531 million purchase of Detica Group in July 2008. It continued this strategy with purchases of Danish cyber and intelligence company ETI for approximately $ 210 million in December 2010, and Norkom Group PLC the following month for €217 million. The latter provides counter fraud and anti-money laundering solutions to
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#17328441541375668-428: The UK and Saudi Arabia reached an agreement on an arms package which saw a £1.6 billion contract awarded to BAE for the delivery of 55 Pilatus PC-21 and 22 BAE Systems Hawk aircraft. The Sultanate of Oman ordered Typhoon and Hawk aircraft worth £2.5 billion in December 2012. In September 2012, it was reported that BAE Systems and EADS had entered merger talks which would have seen BAE shareholders own 40% of
5777-495: The UK and the US. The F-35 (JSF) programme became the focus of this effort, with British government ministers such as Lord Drayson , Minister for Defence Procurement , suggesting the UK would withdraw from the project without the transfer of technology that would allow the UK to operate and maintain F-35s independently. On 12 December 2006, Lord Drayson signed an agreement which allows "an unbroken British chain of command" for operation of
5886-542: The United Kingdom and in the United States, where its BAE Systems Inc. subsidiary is one of the six largest suppliers to the US Department of Defense . Its next biggest markets are Saudi Arabia, then Australia; other major markets include Canada, Japan, India, Turkey, Qatar, Oman and Sweden. The company was formed on 30 November 1999 by the £ 7.7 billion purchase of and merger of Marconi Electronic Systems (MES),
5995-416: The aircraft. On 22 December 2006 BAE received a £947 million contract to provide guaranteed availability of Royal Air Force (RAF) Tornados. In May 2007 the company announced its subsidiary BAE Systems Inc. was to purchase Armor Holdings for £2.3 billion (approx. US$ 4.5 billion c. 2007) and completed the deal on 31 July 2007. The company was a manufacturer of tactical wheeled vehicles and
6104-558: The company announced the closure of the Avro Regional Jet ( Avro RJ ) production line at Woodford and the cancellation of the Avro RJX, an advanced series of the aircraft family, as the business was "no longer viable". The final Avro RJ to be completed became the last British civil airliner. In November 2001 BAE sold its 49.9% share of Thomson Marconi Sonar to Thales for £85 million. A further step of European defence consolidation
6213-449: The company proceed with the sale. Shareholders voted in favour and the sale was completed on 13 October. This saw the end of UK-owned involvement in civil airliner production. Airbus Operations Ltd (the former Airbus UK) continued to be the Airbus "Centre of Excellence" for wing production, employing over 9,500 in 2007. In February 2010 BAE Systems announced a £592 million writedown of
6322-619: The company's RO Defence unit to form BAE Systems Land Systems. Recognising the lack of scale of this business compared to General Dynamics, BAE Systems executives soon identified the US defence company United Defense Industries (UDI), a major competitor to General Dynamics, as a main acquisition target. On 7 March 2005 BAE announced the £2.25 billion (approx. US$ 4.2 billion c. 2005) acquisition of UDI. UDI, now BAE Systems Land and Armaments , manufactures combat vehicles, artillery systems, naval guns, missile launchers and precision guided munitions. In December 2005, BAE Systems announced
6431-450: The company's shares. BAE Systems' first annual report identified Airbus, support services to militaries and integrated systems for air, land and naval applications as key areas of growth. It also stated the company's desire to both expand in the US and participate in further consolidation in Europe. BAE Systems described 2001 as an "important year" for its European joint ventures, which were reorganised considerably. The company has described
6540-452: The contribution of Airbus UK. After its creation, BAE Systems had a difficult relationship with the MoD. This was attributed to deficient project management by the company, but also in part to the deficiencies in the terms of "fixed price contracts". CEO Mike Turner said in 2006 "We had entered into contracts under the old competition rules that frankly we shouldn't have taken". These competition rules were introduced by Lord Levene during
6649-507: The defence electronics and naval shipbuilding subsidiary of the General Electric Company plc (GEC), with British Aerospace , an aircraft, munitions and naval systems manufacturer. BAE Systems is the successor to various aircraft, shipbuilding, armoured vehicle, armaments and defence electronics companies, including the Marconi Company , the first commercial company devoted to the development and use of radio; A.V. Roe and Company , one of
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#17328441541376758-431: The duration that a length of tallow candle could burn; these were known as "by inch of candle" auctions. As stocks grew, with new companies joining to raise capital, the royal court also raised some monies. These are the earliest evidence of organised trading in marketable securities in London. After Gresham's Royal Exchange building was destroyed in the Great Fire of London , it was rebuilt and re-established in 1669. This
6867-408: The financial industry "and the corrosive impacts of the ... sector on the world we live in" and activists also blocked entrances to HM Treasury and the Goldman Sachs office on Fleet Street . On 3 March 2022 the LSE declared it would suspend trading in GDR securities for Russian firms, subsequent to the 2022 Russian invasion of Ukraine . There are two main markets on which companies trade on
6976-482: The financial markets in the UK in 1986. The phrase "Big Bang" was coined to describe measures, including abolition of fixed commission charges and of the distinction between stockjobbers and stockbrokers on the London Stock Exchange, as well as the change from an open outcry to electronic, screen-based trading . In 1995, the Exchange launched the Alternative Investment Market , the AIM, to allow growing companies to expand into international markets. Two years later,
7085-487: The floor space available. By the late 1800s, the telephone, ticker tape , and the telegraph had been invented. Those new technologies led to a revolution in the work of the Exchange. As the financial centre of the world, both the City and the Stock Exchange were hit hard by the outbreak of World War I in 1914. Due to fears that borrowed money was to be called in and that foreign banks would demand their loans or raise interest, prices surged at first. The decision to close
7194-413: The floor. Second, in March the London Stock Exchange formally merged with the eleven British and Irish regional exchanges, including the Scottish Stock Exchange . This expansion led to the creation of a new position of chief executive officer ; after an extensive search this post was given to Robert Fell. There were more governance changes in 1991, when the governing Council of the Exchange was replaced by
7303-476: The former Armor Holdings business following the loss of the Family of Medium Tactical Vehicles contract in 2009. It was outbid by Oshkosh Corporation for the £2.3 billion ($ 3.7 billion) contract. Land and Armaments had been the "star performer" of BAE Systems' subsidiaries, growing from sales of £482 million in 2004 to £6.7 billion in 2009. BAE Systems inherited British Aerospace's 35% share of Saab AB , with which it produced and marketed
7412-400: The global financial services industry where its software assists institutions to comply with regulations on financial intelligence and monitoring. BAE Systems inherited British Aerospace's share of Airbus Industrie, which consisted of two factories at Broughton and Filton . These facilities manufactured wings for the Airbus family of aircraft. In 2001 Airbus was incorporated as Airbus SAS,
7521-505: The government announced that it had agreed to release BAE Systems from ten of the undertakings due to "a change in circumstances". BAE Systems inherited the UK government-owned "golden" share that was established when British Aerospace was privatised. This unique share prevents amendments of certain parts of the company's Articles of Association without the permission of the Secretary of State. These Articles require that no foreign person or persons acting together may hold more than 15% of
7630-420: The human toll would have been very high. The explosion ripped a hole in the 23-storey building in Threadneedle Street and sent a shower of glass and concrete onto the street. The long-term trend towards electronic trading platforms reduced the Exchange's attraction to visitors, and although the gallery reopened, it was closed permanently in 1992. The biggest event of the 1980s was the sudden de-regulation of
7739-418: The latter to Finmeccanica for €400 million (approx. £270 million c. 2007) in March 2007. In May 2004, it was reported that the company was considering selling its shipbuilding divisions, BAE Systems Naval Ships and BAE Systems Submarines . It was understood that General Dynamics wished to acquire the submarine building facilities at Barrow-in-Furness , while VT Group was said to be interested in
7848-492: The limitations and challenges on trading brought by the war, almost a thousand members quit the Exchange between 1914 and 1918. When peace returned in November 1918, the mood on the trading floor was generally cowed. In 1923, the Exchange received its own coat of arms , with the motto Dictum Meum Pactum , My Word is My Bond. In 1937, officials at the Exchange used their experiences from World War I to draw up plans for how to handle
7957-513: The list of Top 100 suppliers to the MoD received contracts totalling £3.98 billion, with total revenue being higher when other subsidiary income is included. In comparison, the second largest supplier is Babcock International Group and its subsidiaries, with a revenue of £1.1 billion from the MoD. Oxford Economic Forecasting states that in 2002 the company's UK businesses employed 111,578 people, achieved export sales of £3 billion and paid £2.6 billion in taxes. These figures exclude
8066-420: The long-term strategies of the joint company is to expand Borsa Italiana's efficient clearing services to other European markets. In 2007, after Borsa Italiana announced that it was exercising its call option to acquire full control of MBE Holdings; thus the combined Group would now control Mercato dei Titoli di Stato, or MTS. This merger of Borsa Italiana and MTS with LSE's existing bond-listing business enhanced
8175-654: The loss of 940 jobs, and a further 835 jobs would be lost at Filton, near Bristol, and at the shipyards in Govan, Rosyth, and Scotstoun in Scotland. On 9 October 2014, the company announced the loss of 440 management jobs across the country, with 286 of the job cuts in Lancashire. In July 2014 it announced the acquisition of US intelligence company Signal Innovations Group Inc. to augment imagery and data analysis technologies in its Intelligence & Security business. In August 2014, BAE
8284-537: The manufacturer of the Eurofighter with the company that provided many of the aircraft's electronic systems; British Aerospace was MES's largest customer. In contrast, DASA's response to the breakdown of the merger discussion was to merge with Aérospatiale to create the European Aeronautic Defence and Space Company ( EADS ), a horizontal integration . Seventeen undertakings were given by BAE Systems to
8393-520: The most famous British aircraft, defence electronics and warship manufacturers. Predecessor companies built the Comet , the world's first commercial jet airliner; the Harrier "jump jet", the world's first operational vertical/short take-off and landing (VTOL) aircraft; the "groundbreaking" Blue Vixen radar carried by Sea Harrier FA2s and which formed the basis of the Eurofighter's CAPTOR radar; and co-produced
8502-444: The other major European aerospace company, but only after its privatisation. The first stage of this integration was seen as the transformation of Airbus from a consortium of British Aerospace, DASA, Aérospatiale and Construcciones Aeronáuticas SA into an integrated company; with this aim British Aerospace and DASA were united against the various objections of Aérospatiale. As well as Airbus, British Aerospace and DASA were partners in
8611-659: The partnership was to learn about the high speed build and operations processes of McLaren. The company announced the acquisition of Tenix Defence , a major Australian defence contractor in January 2008. The purchase was completed on 27 June for A$ 775 million (£373 million) making BAE Systems Australia that country's largest defence contractor. The MoD awarded BAE Systems a 15-year munitions contract in August 2008 worth up to £3 billion, known as Munition Acquisition Supply Solution (MASS). The contract guaranteed supply of 80% of
8720-482: The public, the government used the Exchange's organised market (and would most likely not have managed without it) to raise the enormous amount of money required for the wars against Napoleon. After the war and facing a booming world economy, foreign lending to countries such as Brazil, Peru and Chile was a growing market. Notably, the Foreign Market at the Exchange allowed for merchants and traders to participate, and
8829-528: The publication of the DIS BAE Systems CEO Mike Turner said "If we didn't have the DIS and our profitability and the terms of trade had stayed as they were... then there had to be a question mark about our future in the UK". Lord Levene said in the balance between value for money or maintaining a viable industrial base the DIS "tries as well as it can to steer a middle course and to achieve as much as it can in both directions. ...We will never have
8938-544: The purchase of the marine support company Atlantic Marine for $ 352 million. In September 2010 BAE Systems announced plans to sell the Platform Solutions division of BAE Systems Inc., which the Financial Times estimated could yield as much as £1.3 billion. Despite "considerable expressions of interest", the sale was abandoned in January 2011. The purchases of Queen Elizabeth -class aircraft carriers ,
9047-563: The rationale for expansion in the US; "[it] is by far the largest defence market with spend running close to twice that of the Western European nations combined. Importantly, US investment in research and development is significantly higher than in Western Europe." When Dick Olver was appointed chairman in July 2004 he ordered a review of the company's businesses which ruled out further European acquisitions or joint ventures and confirmed
9156-507: The remaining yards on the Clyde . Instead, in 2008 BAE Systems merged its Surface Fleet arm with the shipbuilding operations of VT Group to form BVT Surface Fleet , an aim central to the British Government's Defence Industrial Strategy . On 4 June 2004, BAE Systems outbid General Dynamics for Alvis Vickers , the UK's main manufacturer of armoured vehicles. Alvis Vickers was merged with
9265-597: The resulting organisation. On 10 October 2012, the companies said the merger talks had been called off. The Guardian reported that this was due to the German Government's concern about the "potential size of the French shareholding in the combined company, as well as disagreements over the location of the group's headquarters". In November 2013, BAE Systems announced that shipbuilding would cease in Portsmouth in 2014 with
9374-493: The sale of its German naval systems subsidiary, Atlas Elektronik, to ThyssenKrupp and EADS. The Financial Times described the sale as "cut price" because French company Thales bid €300 million, but was blocked from purchasing Atlas by the German government on national security grounds. On 31 January 2006 the company announced the sale of BAE Systems Aerostructures to Spirit AeroSystems, Inc. , having said as early as 2002 that it wished to dispose of what it did not regard as
9483-511: The slow pace of informal negotiations, BAE Systems exercised its put option which saw investment bank Rothschild appointed to give an independent valuation. Six days after this process began, Airbus announced delays to the A380 with significant effects on the value of Airbus shares. On 2 June 2006 Rothschild valued the company's share at £1.87 billion, well below its own analysts' and even EADS's expectations. The BAE Systems board recommended that
9592-572: The square. The protesters moved nearby to occupy the space in front of St Paul's Cathedral . The protests were part of the global Occupy movement . On 25 April 2019, the final day of the Extinction Rebellion disruption in London, 13 activists glued themselves together in a chain, blocking the entrances of the LSE. The protesters were all later arrested on suspicion of aggravated trespass. Extinction Rebellion had said its protesters would target
9701-412: The stock room pay an increased fee. This was not met well and ultimately, the solution came in the form of annual fees and turning the Exchange into a Subscription room. The Subscription room created in 1801 was the first regulated exchange in London, but the transformation was not welcomed by all parties. On the first day of trading, non-members had to be expelled by a constable. In spite of the disorder,
9810-399: The support and engineering activities of the business. In September 2011, BAE Systems began consultation with unions and workers over plans to cut nearly 3,000 jobs, mostly in the company's military aircraft division. In its 2012 half-year report, the company revealed a 10% decline in revenue in the six months up to 30 June due to falling demand for armaments. In May 2012 the governments of
9919-437: The top, and middle floors let out to affiliate companies. Queen Elizabeth II opened the building on 8 November 1972; it was a new City landmark, with its 23,000 sq ft (2,100 m ) trading floor. 1973 marked a year of changes for the Stock Exchange. First, two trading prohibitions were abolished. A report from the Monopolies and Mergers Commission recommended the admittance of both women and foreign-born members on
10028-449: The two companies. However the difficulties of integrating the companies in this way led to a re-evaluation of the proposal; BAE Systems' 2004 Annual Report states that "recognising the complexity of the earlier proposed Eurosystems transaction with Finmeccanica we have moved to a simpler model". The main part of this deal was the dissolution of AMS and the establishment of SELEX Sensors and Airborne Systems ; BAE Systems sold its 25% share of
10137-415: The vicinity, notably Jonathan's Coffee-House . At that coffee house, a broker named John Castaing started listing the prices of a few commodities including salt, coal, paper, and exchange rates in 1698. Originally, this was not a daily list and was only published a few days of the week. This list and activity was later moved to Garraway's coffee house. Public auctions during this period were conducted for
10246-425: The war escalated into its second year, the concerns for air raids were greater than ever. Eventually, on the night of 29 December 1940, one of the greatest fires in London's history took place. The Exchange's floor was hit by a clutch of incendiary bombs , which were extinguished quickly. Trading on the floor was now drastically low and most was done over the phone to reduce the possibility of injuries. The Exchange
10355-516: The world's first battlecruiser ; and Vickers Shipbuilding and Engineering , builder of the Royal Navy's first submarines . Since its 1999 formation, BAE Systems has made a number of acquisitions, most notably of United Defense and Armor Holdings of the United States, and has sold its shares in Airbus , Astrium , AMS and Atlas Elektronik . It is involved in several major defence projects, including
10464-586: The world's first aircraft companies; de Havilland , manufacturer of the Comet , the world's first commercial jet airliner; Hawker Siddeley , manufacturer of the Harrier , the world's first VTOL attack aircraft; British Aircraft Corporation , co-manufacturer of the Concorde supersonic transport; Supermarine , manufacturer of the Spitfire ; Yarrow Shipbuilders , builder of the Royal Navy 's first destroyers ; Fairfield Shipbuilding and Engineering Company , builder of
10573-436: The world's most important defence contractors . GEC's major defence related acquisitions included Associated Electrical Industries in 1967, Yarrow Shipbuilders in 1985, Plessey companies in 1989, parts of Ferranti 's defence business in 1990, the rump of Ferranti when it went into receivership in 1993/1994, Vickers Shipbuilding and Engineering in 1995 and Kværner Govan in 1999. In June 1998, MES acquired Tracor ,
10682-429: Was a move away from coffee houses and a step towards the modern model of stock exchange. The Royal Exchange housed not only brokers but also merchants and merchandise. This was the birth of a regulated stock market, which had teething problems in the shape of unlicensed brokers. In order to regulate these, Parliament passed an Act in 1697 that levied heavy penalties, both financial and physical, on those brokering without
10791-491: Was also under pressure to participate in defence industry consolidation. Reporting the appointment of George Simpson as GEC managing director in 1996, The Independent said "some analysts believe that Mr Simpson's inside knowledge of BAe, a long-rumoured GEC bid target, was a key to his appointment. GEC favours forging a national 'champion' defence group with BAe to compete with the giant US organisations." When GEC put MES up for sale on 22 December 1998, British Aerospace abandoned
10900-568: Was announced that the LSE would merge with the Deutsche Börse ; however this fell through. On 23 June 2007, the LSE announced that it had agreed on the terms of a recommended offer to the shareholders of the Borsa Italiana S.p.A. The merger of the two companies created a leading diversified exchange group in Europe. The combined group was named the London Stock Exchange Group, but still remained two separate legal and regulatory entities. One of
11009-631: Was awarded a £248 million contract from the British government to build three new offshore patrol vessels . In October 2014, BAE Systems won a £600 million contract from the MoD to maintain Portsmouth naval base for five years. During 2014 BAE Systems acquired US-based cybersecurity firm Silversky for $ 232.5 million. During Prime Minister Theresa May 's visit to Turkey in January 2017, BAE and TAI officials signed an agreement, worth about £100 million, for BAE to provide assistance in developing
11118-479: Was based on Microsoft's .NET Framework , and was developed by Microsoft and Accenture. Despite TradElect only being in use for about two years, after suffering multiple periods of extended downtime and unreliability the LSE announced in 2009 that it was planning to switch to Linux in 2010. The main market migration to MillenniumIT technology was successfully completed in February 2011. The previous system, SETS,
11227-474: Was created in 2003 in partnership with OM Group. The Exchange also acquired Proquote Limited, a new generation supplier of real-time market data and trading systems. The old Stock Exchange Tower became largely redundant with Big Bang, which deregulated many of the LSE's activities: computerised systems and dealing rooms replaced face-to-face trading. In 2004, the LSE moved to a brand-new headquarters in Paternoster Square , close to St Paul's Cathedral . In 2007,
11336-496: Was expected to cover "all the costs of completion of the current contract". The troubled Nimrod project would ultimately be cancelled as part of the 2010 Strategic Defence and Security Review (SDSR). The UK government, following a cabinet row described as "one of the most bitter Cabinet disputes over defence contracts since the Westland helicopter affair in 1985", ordered 20 BAE Hawk trainer aircraft with 24 options in July 2003 in
11445-417: Was in takeover discussions with TRW , an American aerospace, automotive and defence business. This was prompted by Northrop Grumman 's £4.1 billion (approx. US$ 6 billion c. 2002) hostile bid for TRW in February 2002. A bidding war between BAE Systems, Northrop and General Dynamics ended on 1 June when Northrop's increased bid of £5.1 billion was accepted. On 11 December 2002, BAE Systems issued
11554-612: Was introduced in October 1997 and used until 2007. The London Market Information Link, a COBOL application running on a HP Tandem server was used to disseminate market data to terminals before being replaced by Infolect. The LSE facilitates stock listings in a currency other than its "home currency". Most stocks are quoted in GBP but some are quoted in EUR while others are quoted in USD. On 3 May 2000, it
11663-484: Was only closed for one more day during wartime, in 1945 due to damage from a V-2 rocket . Nonetheless, trading continued in the house's basement. After decades of uncertain if not turbulent times, stock market business boomed in the late 1950s. This spurred multiple officials to find new, more suitable accommodation. The work on the new Stock Exchange Tower began in 1967. The Exchange's new 321 feet (98 metres) high building had 26 storeys with council and administration at
11772-608: Was suitably placed close to the Bank of England . Parliament tried to regulate this and ban the unofficial traders from the Change streets. Traders became weary of "bubbles" when companies rose quickly and fell, so they persuaded Parliament to pass a clause preventing "unchartered" companies from forming. After the Seven Years' War (1756–1763), trade at Jonathan's Coffee House boomed again. In 1773, Jonathan, together with 150 other brokers, formed
11881-405: Was the merger of BAE's share of Matra BAe Dynamics and the missile division of Alenia Marconi Systems (AMS) into MBDA in December. MBDA thus became the world's second largest missile manufacturer. Although EADS (now Airbus SE ) was later reported to be interested in acquiring full control of MBDA, BAE said that, unlike Airbus, MBDA is a "core business". In June 2002, BAE Systems confirmed it
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