Where Was Robin Hood?

For over two hundred years, messengers and couriers in London, England have settled money market transactions between financial institutions by walking from one to the other.

Beginning October 1 of this year, banking officials are starting a computer clearing system and doing away with the "on foot" exchange.

The reason for finally making the change to more modern means of settlement was an on-the-street, broad daylight robbery.

A courier, walking between institutions carrying 80 certificates of deposit valued at $130 million, was robbed at knifepoint by three men.

The securities were later recovered during a routine baggage search at Heathrow Airport in London.

In the meantime, however, the financial institutions decided the old method of exchange is just too dangerous to continue.

Too bad Robin Hood is not around any more to protect those messengers!

Copyright © 1990 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 1, No. 7, 7/90