As noted in Chapter 2, traditional demarcations in the UK banking system began to break down in the 1970s. Not only did this process accelerate in the 1980s but traditional demarcations between the banking and the wider financial system also began to crumble. The 1970s also witnessed an internationalisation of banking (1) and increasing competition from foreign banks which had established themselves in London, either directly or through Consortium banks (2). Also in the 1970s, the Eurobond market grew significantly and international trading in the securities of major multinational companies developed. The prospect of globalised securities markets with twenty-four hour trading, revolving around major financial centres in the various time zones, became increasingly realistic. The UK stock market remained aloof from these developments even though London was host to the Euromarkets. It was a closed shop with a trading system which was out of line with the practices of the markets in other major financial centres, such as Tokyo and New York.