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- Corporation_of_Foreign_Bondholders abstract "The Corporation of Foreign Bondholders (also known as the Council of Foreign Bondholders) was a British association established in London in 1868 by private holders of debt securities issued by foreign governments, states and municipalities. In an era before extensive financial regulation, and of wide sovereign immunity, it provided a forum for British creditors to coordinate their actions during the financial boom from the 1860s to the 1950s. It created an important mechanism through which investors could formulate proposals to deal with the government defaults, particularly in the Great Depression following the 1929 Wall Street crash, including several early debt restructurings. The CFB was a not-for-profit organisation established in 1868. Its formation was triggered by a series of sovereign debt defaults in the mid-19th century. It was incorporated in 1873, under a licence from the Board of Trade, governed by a committee of representatives from brokerages and banks. In early years, bondholders criticised the settlements that it reached with defaulting bond issuers. Decisions to accept a proposal were voted on at public meetings of members, but it was suspected that banks that underwrote the debt were influencing these decisions.To address these concerns, the CFB was reconstituted in 1899 under a Private Act of Parliament, the Foreign Bondholders Corporation Act 1898 (61 & 62 Vict. c.149), which gave it the statutory duty to "watch over and protect the rights and interests of holders of public securities wherever issued but especially of foreign and colonial securities" (Article 4(a) of the Act). A new Council was created with 21 members - 6 nominated by the British Bankers Association, 6 by the London Chamber of Commerce, and 9 co-opted by the Council. Its officers were paid relatively small annual stipends, funded by its members. To assist members to coordinate their actions, the CFB collected and disseminated information about the jurisdictions in which its members invested, including confidential information delivered by its agents in some countries. Its Annual Reports summarised the debt history of relevant countries, accompanied by economic data and political information. It also provided a reading room and library, and ran lectures. Most services were free to members, funded by the interest on an initial subscription fund, and, later by including its costs in any settlements made with defaulters.Ad hoc committees were formed on request to deal with specific situations, where a country was through to be in difficulties. Representatives of the CFB would deal directly with a defaulting country on behalf of its members, giving it considerable influence. To ensure consensus decisions, one principle the CFB followed was equal treatment of all classes of bondholder. The CFB worked with other British associations of investors, including the League Loans Committee, the Chinese Bondholders Committee, and the Committee of British Long-Term and Medium Term Creditors of Germany. In several cases, the coordinated its actions were coordinated with bondholders outside the UK. The CFB maintained good relations with bondholders in other countries, including the bourses in Rotterdam and Amsterdam; Brussels and Antwerp; Frankfurt, Berlin, and Hamburg; Paris; and (to a lesser extent) New York. The CFB also maintained good relations with the British government, particularly HM Treasury and the Foreign Office, although the government was generally reluctant to exert diplomatic influence on behalf of private investors. The CFB's main mechanism to bring defaulting countries to the table was to make it difficult for defaulters to make further borrowings. The CFB exerted social pressure to discourage lending to countries in default until the default was resolved. The London Stock Exchange would refuse to list new securities issued by defaulters, and in extreme cases could delist existing securities. In a few cases, where British diplomatic interests aligned with those of investors, gunboat diplomacy was used - Britain occupied the defaulting Egypt in 1882, and Britain, Germany, and Italy blockaded the defaulting Venezuela in 1902. The differences in practices between investors in the UK and the US often led to conflicting desires, and the Monroe doctrine often allowed countries in Central and South American to default with impunity until Theodore Roosevelt announced in 1905 that Latin American countries could not use the US as a shield to avoid their debt obligations. More formal dispute resolution - mediation, arbitration, or litigation - were largely unsuccessful.The CFB became less active after Second World War, and became closely aligned with the Bank of England. It was formally wound up in 1988. Its archives are held by the Guildhall Library in London.Related to the CFB is the United States Foreign Bondholders Protective Council (FBPC). In 1933, at the request of the Department of State, President Franklin D. Roosevelt, by Executive Order, created the Foreign Bondholders Protective Council to assist US citizens and creditors in collecting on defaulted foreign government bonds. Prior to formation of the private, non-profit FBPC, no permanent organization existed to negotiate settlements with defaulting debtors. The Council was particularly active before WWII, then again in the 1970s and 1980s. As recently as 2002, both the Department of State and the Securities and Exchange Commission recommended that creditors who hold more than 18,000 Chinese government bonds issued between 1913 and 1942 seek the FBPC's assistance in negotiating fair settlements.".
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- Corporation_of_Foreign_Bondholders wikiPageExternalLink new0203.htm.
- Corporation_of_Foreign_Bondholders wikiPageExternalLink wp03107.pdf.
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- Corporation_of_Foreign_Bondholders wikiPageLength "6886".
- Corporation_of_Foreign_Bondholders wikiPageOutDegree "34".
- Corporation_of_Foreign_Bondholders wikiPageRevisionID "551977696".
- Corporation_of_Foreign_Bondholders wikiPageWikiLink 1882_Anglo-Egyptian_War.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink 1929_Wall_Street_crash.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Act_of_Parliament.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Anglo-Egyptian_War.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Bank_of_England.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Board_of_Trade.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink British_Bankers_Association.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink British_government.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Brokerage.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Brokerage_firm.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Category:Organizations_disestablished_in_1988.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Category:Organizations_established_in_1868.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Chinese_Bondholders_Committee.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Committee_of_British_Long-Term_and_Medium_Term_Creditors_of_Germany.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Debt_restructuring.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Egypt.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Financial_regulation.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Foreign_Bondholders_Corporation_Act_1898.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Foreign_Bondholders_Protective_Council.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Foreign_Bondholders_Protective_Council_(FBPC).
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Foreign_Office.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Foreign_and_Commonwealth_Office.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Government_debt.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Government_of_the_United_Kingdom.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Great_Depression.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Guildhall_Library.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Gunboat_diplomacy.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink HM_Treasury.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink League_Loans_Committee.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink London_Chamber_of_Commerce.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink London_Chamber_of_Commerce_&_Industry.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink London_Stock_Exchange.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Monroe_Doctrine.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Monroe_doctrine.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Security_(finance).
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Sovereign_debt.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Sovereign_immunity.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Theodore_Roosevelt.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Underwriting.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Venezuela.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Venezuelan_Affair.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Wall_Street_Crash_of_1929.
- Corporation_of_Foreign_Bondholders wikiPageWikiLink Wikt:bourse.
- Corporation_of_Foreign_Bondholders wikiPageWikiLinkText "Corporation of Foreign Bondholders".
- Corporation_of_Foreign_Bondholders hasPhotoCollection Corporation_of_Foreign_Bondholders.
- Corporation_of_Foreign_Bondholders wikiPageUsesTemplate Template:No_footnotes.
- Corporation_of_Foreign_Bondholders subject Category:Organizations_disestablished_in_1988.
- Corporation_of_Foreign_Bondholders subject Category:Organizations_established_in_1868.
- Corporation_of_Foreign_Bondholders hypernym Association.
- Corporation_of_Foreign_Bondholders type Article.
- Corporation_of_Foreign_Bondholders type Organisation.
- Corporation_of_Foreign_Bondholders type Article.
- Corporation_of_Foreign_Bondholders type Disestablishment.
- Corporation_of_Foreign_Bondholders type Establishment.
- Corporation_of_Foreign_Bondholders type Organization.
- Corporation_of_Foreign_Bondholders type Organization.
- Corporation_of_Foreign_Bondholders comment "The Corporation of Foreign Bondholders (also known as the Council of Foreign Bondholders) was a British association established in London in 1868 by private holders of debt securities issued by foreign governments, states and municipalities. In an era before extensive financial regulation, and of wide sovereign immunity, it provided a forum for British creditors to coordinate their actions during the financial boom from the 1860s to the 1950s.".
- Corporation_of_Foreign_Bondholders label "Corporation of Foreign Bondholders".
- Corporation_of_Foreign_Bondholders sameAs m.064m1tk.
- Corporation_of_Foreign_Bondholders sameAs Q5172538.
- Corporation_of_Foreign_Bondholders sameAs Q5172538.
- Corporation_of_Foreign_Bondholders wasDerivedFrom Corporation_of_Foreign_Bondholders?oldid=551977696.
- Corporation_of_Foreign_Bondholders isPrimaryTopicOf Corporation_of_Foreign_Bondholders.