London, England (PRWEB) July 6, 2005
The last remaining specialist financial bookshop in the City of London has been rescued.
The Financial World Bookshop, formerly owned by the Institute of Financial Services had been earmarked for closure due to internal rationalisation within the IFS.
Patrick L Young, sometime derivatives trader and owner of the online publishing company erivatives.com has acquired the bookshop with the intention of securing its future.
ÂIt strikes me that in an era where financial education is more essential than ever, having a major financial centre without a specialist bookshop is ludicrous,Â comments Young, himself the author of several books such as the bestselling ÂCapital Market RevolutionÂ which charted the future of electronic markets.
ÂGiven the pricing and relative difficulty in securing supply of specialist financial titles, we find that competition from the internet has not impacted on our market significantly. With cover prices frequently in excess of 50 Pounds for specialist financial titles, our customers tend to want to browse before committing to purchase. Nevertheless, operating premises within the City of London is a very expensive business!Â
The bookshop from today will be renamed ÂThe Financial BookshopÂ Â a name change to reflect the unique status of the shop. The website has also been relaunched at:
The physical bookshop occupies 1000 square feet of prime retail space manned by an experienced specialist staff team in a central City of London location at 90 Bishopsgate, located on the busy junction of Bishopsgate, Camomile Street and London Wall, near Liverpool Street station.
The bookshop has already garnered considerable support from key financial institutions although more investment and sponsorship is being raised to ensure the shopÂs future. Key sponsors to date include EUREX, the International Petroleum Exchange (IPE), the International Securities Exchanges (ISE) and LCH.Clearnet.
The Financial Bookshop expects to announce more sponsors in due course while the company is also raising some more capital through a private placement.
ÂWe are delighted that leading businesses in the worldÂs traded markets such as EUREX, IPE, ISE and LCH.Clearnet have recognised the importance of the exchange of information and education for traders throughout the world,Â Young notes.
Sponsors have the right to distribute material through the bookshop, making it easier for them to spread key corporate information.
Patrick Young: ÂWe see this business as not merely a bookshop but thanks to the meeting space and our other facilities, it is already becoming a genuine exchange, in this case Âthe exchange of informationÂ that most intangible but most valuable commodity in all financial markets.Â
For further information please contact:
Patrick L Young
The Financial Bookshop
020 7929 7794
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