The Channel Islands are an archipelago in the English Channel, off the French coast of Normandy. They include two Crown dependencies: the Bailiwick of Jersey, the largest of the islands, they are considered the remnants of the Duchy of Normandy and, although they are not part of the United Kingdom, the UK is responsible for the defence and international relations of the islands. The Crown dependencies are not members of the European Union, they have a total population of about 164,541, the bailiwicks' capitals, Saint Helier and Saint Peter Port, have populations of 33,500 and 18,207, respectively. The total area of the islands is 198 km2. "Channel Islands" is a geographical term, not a political unit. The two bailiwicks have been administered separately since the late 13th century; each has its own independent laws and representative bodies. Any institution common to both is the exception rather than the rule; the Bailiwick of Guernsey is divided into three jurisdictions – Guernsey and Sark – each with its own legislature.
Although there are a few pan-island institutions, these tend to be established structurally as equal projects between Guernsey and Jersey. Otherwise, entities proclaiming membership of both Guernsey and Jersey might in fact be from one bailiwick only, for instance the Channel Islands Securities Exchange is in Saint Peter Port; the term "Channel Islands" began to be used around 1830 first by the Royal Navy as a collective name for the islands. The term refers only the archipelago to the west of the Cotentin Peninsula; the Isle of Wight, for example, is not a "Channel Island". The two major islands are Guernsey, they make up 92 % of the area. The permanently inhabited islands of the Channel Islands and their population and area are: Jersey 100,080 Guernsey 63,026 Alderney 2,000 Sark 600 Herm 60 Jethou 3 Brecqhou There are several uninhabited islets. Four are part of the Bailiwick of Jersey: The Minquiers Écréhous Les Dirouilles Les Pierres de Lecq These lie off Alderney: Burhou Casquets Ortac RenonquetThese lie off Guernsey: Caquorobert Crevichon Grande Amfroque Les Houmets Lihou The names of the larger islands in the archipelago in general have the -ey suffix, whilst those of the smaller ones have the -hou suffix.
These are believed to be from holmr. The Chausey Islands south of Jersey are not included in the geographical definition of the Channel Islands but are described in English as'French Channel Islands' in view of their French jurisdiction, they were linked to the Duchy of Normandy, but they are part of the French territory along with continental Normandy, not part of the British Isles or of the Channel Islands in a political sense. They are an incorporated part of the commune of Granville. While they are popular with visitors from France, Channel Islanders visit them as there are no direct transport links from the other islands. In official Jersey French, the islands are called'Îles de la Manche', while in France, the term'Îles Anglo-normandes' is used to refer to the British'Channel Islands' in contrast to other islands in the Channel. Chausey is referred to as an'Île normande'.'Îles Normandes' and'Archipel Normand' have historically, been used in Channel Island French to refer to the islands as a whole.
The large tidal variation provides an environmentally rich inter-tidal zone around the islands, some islands such as Burhou, the Écréhous, the Minquiers have been designated Ramsar sites. The waters around the islands include the following: The Swinge The Little Swinge La Déroute Le Raz Blanchard, or Race of Alderney The Great Russel The Little Russel Souachehouais Le Gouliot La Percée The highest point in the islands is Les Platons in Jersey at 143 metres above sea level; the lowest point is the English Channel. The earliest evidence of human occupation of the Channel Islands has been dated to 250,000 years ago when they were attached to the landmass of continental Europe; the islands became detached by rising sea levels in the Neolithic period. The numerous dolmens and other archaeological sites extant and recorded in history demonstrate the existence of a population large enough and organised enough to undertake constructions of considerable size and sophistication, such as the burial mound at La Hougue Bie in Jersey or the statue menhirs of Guernsey.
Hoards of Armorican coins have been excavated, providing evidence of trade and contact in the Iron Age period. Evidence for Roman settlement is sparse, although evidently the islands were visited by Roman officials and traders; the Roman name for the Channel Islands was I. Lenuri and is included in the Peutinger Table The traditional Latin na
Financial Services Authority
The Financial Services Authority was a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board in 1985, its board was appointed by the Treasury. It was structured as a company limited by guarantee and was funded by fees charged to the financial services industry. Due to perceived regulatory failure of the banks during the financial crisis of 2007–2008, the UK government decided to restructure financial regulation and abolish the FSA. On 19 December 2012, the Financial Services Act 2012 received royal assent, abolishing the FSA with effect from 1 April 2013, its responsibilities were split between two new agencies: the Financial Conduct Authority and the Prudential Regulation Authority of the Bank of England. Until its abolition, Lord Turner of Ecchinswell was the FSA's chairman and Hector Sants was CEO until the end of June 2012, having announced his resignation on 16 March 2012.
Its main office was in Canary Wharf, with another office in Edinburgh. When acting as the competent authority for listing of shares on a stock exchange, it was referred to as the UK Listing Authority, maintained the Official List; the Securities and Investments Board Ltd was incorporated on 7 June 1985 at the instigation of the UK Chancellor of the Exchequer, the sole member of the company and who delegated certain statutory regulatory powers to it under the Financial Services Act 1986. It had the legal form of a company limited by guarantee. After a series of scandals in the 1990s, culminating in the collapse of Barings Bank, there was a desire to bring to an end the self-regulation of the financial services industry and to consolidate regulatory responsibilities, split amongst multiple regulators; the SIB revoked the recognition of The Financial Intermediaries and Brokers Regulatory Association as a Self-Regulatory Organisation in the United Kingdom in June 1994, subject to a transitional wind-down period to provide for continuity of regulation, whilst members moved to the Personal Investment Authority, which in turn was subsumed.
The name of the Securities and Investments Board was changed to the Financial Services Authority on 28 October 1997 and it started to exercise statutory powers given to it by the Financial Services and Markets Act 2000 that replaced the earlier legislation and came into force on 1 December 2001. At that time the FSA took over the role of the Securities and Futures Authority, a self-regulatory organisation responsible for supervising the trading in shares and futures in the UK. In addition to regulating banks, insurance companies and financial advisers, the FSA regulated mortgage business from 31 October 2004 and general insurance intermediaries from 14 January 2005. On 16 June 2010, the Chancellor of the Exchequer, George Osborne, announced plans to abolish the FSA and separate its responsibilities between a number of new agencies and the Bank of England; the Financial Conduct Authority would be responsible for policing the financial activities of the City and the banking system. A new Prudential Regulation Authority would carry out the prudential regulation of financial firms, including banks, investment banks, building societies and insurance companies.
On 19 December 2012 the Financial Services Act 2012 received royal assent and came into force on 1 April 2013. The act created a new regulatory framework for financial services and abolished the FSA; the Act gave the Bank of England responsibility for financial stability, bringing together macro and micro prudential regulation, created a new regulatory structure consisting of the Bank of England's Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority. The Financial Capability division of the FSA broke away from the organisation in 2010, became known as the Money Advice Service. Companies involved in any of the following activities had to be regulated by the FSA. Accepting deposits Issuing e-money Effecting or carrying out contracts of insurance as principal Dealing in investments Arranging deals in investments, regulated mortgage contracts, Mortgage Conduct of Business rules home reversion plans, or home purchase plans Managing investments Assisting in the administration and performance of a contract of insurance Safeguarding and administering investments Sending dematerialised instructions Establishing etc. collective investment schemes, personal pension schemes, or stakeholder pension schemes Advising on investments, regulated mortgage contracts, regulated home reversion plans, or regulated home purchase plans Lloyd's insurance market activities Entering into and administering a funeral plan, regulated mortgage contract, home reversion plan or a home purchase plan Agreeing to do most of the above activitiesFrom 14 January 2005 the FSA regulated the motor industry, applicable when insurance products were sold in conjunction with the vehicle purchase.
This regulation, which covered around 5,000 motor dealers, focused on the FSA's "Treating Customers Fairly" principles that were supposed to be representative of the motor dealers' trading style. The Financial Services and Markets Act 2000 imposed four statutory objectives upon the FSA: market confidence: maintaining confidence in the financial system.
London Stock Exchange Group
London Stock Exchange Group plc is a British-based stock exchange and financial information company. It is headquartered in United Kingdom, it owns London Stock Exchange, Borsa Italiana, MillenniumIT, Russell Indexes, FTSE International and majority stakes in LCH and MTS. The London Stock Exchange was founded in Sweeting's Alley in London in 1801, it moved to Capel Court the following year. In 1972 the Exchange moved to a new purpose-built trading floor in Threadneedle Street. Deregulation, sometimes known as "big bang", came in 1986 and external ownership of member firms was allowed for the first time. In 1995 the Alternative Investment Market was launched and in 2004 the Exchange moved again, this time to Paternoster Square. Between April and May 2006, having been rebuffed in an informal approach, Nasdaq built up a 23% stake in the Exchange; the stake grew to 29% as a result of the London exchange's share consolidation. Nasdaq has since sold its investment. In 2007 the Exchange acquired the Milan-based Borsa Italiana for 1.6bn euro to form the London Stock Exchange Group plc.
The combination was intended to diversify customer base. The all-share deal diluted the stakes of existing LSE shareholders, with Borsa Italiana shareholders receiving new shares representing 28 per cent of the enlarged register. On 16 September 2009, the London Stock Exchange Group agreed to acquire Millennium Information Technologies, Ltd. a Sri Lankan-based software company specialising in trading systems, for US$30m. The acquisition was completed on 19 October 2009. On 9 February 2011 TMX Group, operator of the Toronto Stock Exchange agreed to join forces with the London Stock Exchange Group in a deal described by TMX head Tom Kloet as a'merger of equals'; the deal, subject to government approval would create the world's largest exchange operator for mining stocks. In the UK the LSE Group first announced it as a takeover, however in Canada the deal was reported as a merger; the provisional name for the combined group would be LTMX Group plc. On 13 June 2011, a rival, hostile bid from the Maple Group of Canadian interests, was unveiled for the TMX Group.
This was a cash and stock bid of $3.7 billion CAD, launched in the hope of blocking the LSE Group's takeover of TMX. The group was composed of financial institutions of Canada; the London Stock Exchange however announced it was terminating the merger with TMX on 29 June 2011 citing that "LSEG and TMX Group believe that the merger is unlikely to achieve the required two-thirds majority approval at the TMX Group shareholder meeting". In July 2012, the LSE bought a 5% stake in Delhi Stock Exchange. On 2 June 2014, the LSE became the 10th stock exchange to join the United Nations' Sustainable Stock Exchanges initiative. On 26 June 2014, the LSE announced it had agreed to buy Frank Russell Co. making it one of the largest providers of index services. In January 2015, Reuters reported that the London Stock Exchange Group planned to put Russell Investments up for sale, estimates the sale will produce $1.4 billion per unit. In March 2016, the company announced; the companies will be brought under a new holding company, UK TopCo, will retain both headquarters in London and Frankfurt.
On 25 February 2017, the London Stock Exchange Group PLC stated it wouldn't sell its fixed-income trading platform in Italy to Deutsche Börse AG, to appease anti-trust concerns. The planned merger between the two exchanges, estimated to create the largest exchange in Europe, was subsequently described as "at risk" by the Wall Street Journal; the merger attempt was blocked by EU Competition Regulator on 29 March 2017 stating that "The Commission's investigation concluded the merger would have created a de facto monopoly in the markets for clearing fixed income instruments". In April 2018, former Goldman Sachs banker David Schwimmer was hired as chief executive of the London Stock Exchange Group, replacing Xavier Rolet, ousted in November 2017. Schwimmer's most recent role at Goldman Sachs was serving as "global head of market structure and global head of metals and mining in investment banking". Principal subsidiaries areas follows: Following the merger with Borsa Italiana, the group is Europe's leading equities business, with 48% of the FTSEurofirst 100 by market capitalisation and with the most liquid order book by value and volume traded.
Its activities include: London Stock Exchange: The London Stock Exchange is Europe's leading stock exchange and is owned by the London Stock Exchange Group plc. Borsa Italiana: Borsa Italiana is Italy's leading stock exchange and is owned by the London Stock Exchange Group plc. MillenniumIT: MillenniumIT was acquired by LSEG in 2009 as their technology service provider, it offers a trading platform known as Millennium Exchange and is available for use at most of the leading stock markets in the world. Cassa di Compensazione e Garanzia: CC&G provides central counterparty services, it was purchased along with Borsa Italiana in 2007. Monte Titoli: Monte Titoli is the Italian Central Securities Depository for Italian issued financial instruments, it performs pre-settlement and custody services for its member participants. It was created in 1978 and acquired by the Borsa Italiana in 2002 before becoming part of the LSEG. Turquoise: on 21 December 2009, the LSE agreed to take a 60% stake in rival trading platform Turquoise, which has a 7% share of the market.
Turquoise will be merged with the LSE's trading facility Baikal Global. LCH: on 3 April 2012, LSE and LCH shareholders voted overwhelmingly to take up to 60 percent of the clearing operat
A stock exchange, securities exchange or bourse, is a facility where stock brokers and traders can buy and sell securities, such as shares of stock and bonds and other financial instruments. Stock exchanges may provide for facilities the issue and redemption of such securities and instruments and capital events including the payment of income and dividends. Securities traded on a stock exchange include stock issued by listed companies, unit trusts, pooled investment products and bonds. Stock exchanges function as "continuous auction" markets with buyers and sellers consummating transactions via open outcry at a central location such as the floor of the exchange or by using an electronic trading platform. To be able to trade a security on a certain stock exchange, the security must be listed there. There is a central location at least for record keeping, but trade is less linked to a physical place, as modern markets use electronic communication networks, which give them advantages of increased speed and reduced cost of transactions.
Trade on an exchange is restricted to brokers. In recent years, various other trading venues, such as electronic communication networks, alternative trading systems and "dark pools" have taken much of the trading activity away from traditional stock exchanges. Initial public offerings of stocks and bonds to investors is done in the primary market and subsequent trading is done in the secondary market. A stock exchange is the most important component of a stock market. Supply and demand in stock markets are driven by various factors that, as in all free markets, affect the price of stocks. There is no obligation for stock to be issued through the stock exchange itself, nor must stock be subsequently traded on an exchange; such trading may be off over-the-counter. This is the usual way that bonds are traded. Stock exchanges are part of a global securities market. Stock exchanges serve an economic function in providing liquidity to shareholders in providing an efficient means of disposing of shares.
The idea of debt dates back to the ancient world, as evidenced for example by ancient Mesopotamian city clay tablets recording interest-bearing loans. There is little consensus among scholars as to; some see the key event as the Dutch East India Company's founding in 1602, while others point to earlier developments. Economist Ulrike Malmendier of the University of California at Berkeley argues that a share market existed as far back as ancient Rome. One of Europe's oldest stock exchanges is the Frankfurt Stock Exchange established in 1585 in Frankfurt am Main. In the Roman Republic, which existed for centuries before the Empire was founded, there were societates publicanorum, organizations of contractors or leaseholders who performed temple-building and other services for the government. One such service was the feeding of geese on the Capitoline Hill as a reward to the birds after their honking warned of a Gallic invasion in 390 B. C. Participants in such organizations had partes or shares, a concept mentioned various times by the statesman and orator Cicero.
In one speech, Cicero mentions "shares that had a high price at the time". Such evidence, in Malmendier's view, suggests the instruments were tradable, with fluctuating values based on an organization's success; the societas declined into obscurity in the time of the emperors, as most of their services were taken over by direct agents of the state. Tradable bonds as a used type of security were a more recent innovation, spearheaded by the Italian city-states of the late medieval and early Renaissance periods. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fully-fledged capital market: the stock market in its modern sense. In the early 1600s the Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed."
The VOC, formed to build up the spice trade, operated as a colonial ruler in what is now Indonesia and beyond, a purview that included conducting military operations against the wishes of the exploited natives and of competing colonial powers. Control of the company was held by its directors, with ordinary shareholders not having much influence on management or access to the company's accounting statements. However, shareholders were rewarded well for their investment; the company paid an average dividend of over 16% per year from 1602 to 1650. Financial innovation in Amsterdam took many forms. In 1609, investors led by Isaac Le Maire formed history's first bear market syndicate, but their coordinated trading had only a modest impact in driving down share prices, which tended to remain robust throughout the 17th century. By the 1620s, the company was expanding its securities issuance with the first use of corporate bonds. Joseph de la Vega known as Joseph Penso de la Vega and by other variations of his name, was an Amsterdam trader from a Spanish Jewish family and a prolific writer as well as a successful businessman in 17th-century Amsterdam.
His 1688 book Confusion of Confusions explained the workings of the city's stock market. It was the earliest book about stock trading and inner workings of a stock market, taking the form of a dialogue between a merchant, a shareholder and a philosopher, the book described a market, sophisticated but prone to excesses, de la Vega of
A casino is a facility which houses and accommodates certain types of gambling activities. The industry that deals in casinos is called the gaming industry. Casinos are most built near or combined with hotels, retail shopping, cruise ships or other tourist attractions. There is much debate over whether the social and economic consequences of casino gambling outweigh the initial revenue that may be generated; some casinos are known for hosting live entertainment events, such as stand-up comedy and sporting events. The term "casino" is a confusing linguistic false friend for translators. Casino is of Italian origin; the term casino may mean summerhouse, or social club. During the 19th century, the term casino came to include other public buildings where pleasurable activities took place. In modern-day Italian a casino is either a brothel, a mess, or a noisy environment, while a gaming house is spelt casinò, with an accent. Not all casinos were used for gaming; the Catalina Casino, a famous landmark overlooking Avalon Harbor on Santa Catalina Island, has never been used for traditional games of chance, which were outlawed in California by the time it was built.
The Copenhagen Casino was a theatre, known for the mass public meetings held in its hall during the 1848 Revolution, which made Denmark a constitutional monarchy. Until 1937, it was a well-known Danish theatre; the Hanko Casino in Hanko, Finland—one of that town's most conspicuous landmarks—was never used for gambling. Rather, it was a banquet hall for the Russian nobility which frequented this spa resort in the late 19th century and is now used as a restaurant. In military and non-military usage in German and Spanish, a casino or kasino is an officers' mess; the precise origin of gambling is unknown. It is believed that gambling in some form or another has been seen in every society in history. From the Ancient Greeks and Romans to Napoleon's France and Elizabethan England, much of history is filled with stories of entertainment based on games of chance; the first known European gambling house, not called a casino although meeting the modern definition, was the Ridotto, established in Venice, Italy in 1638 by the Great Council of Venice to provide controlled gambling during the carnival season.
It was closed in 1774. In American history, early gambling establishments were known as saloons; the creation and importance of saloons was influenced by four major cities: New Orleans, St. Louis and San Francisco, it was in the saloons that travelers could find people to talk to, drink with, gamble with. During the early 20th century in America, gambling became outlawed and banned by state legislation and social reformers of the time. However, in 1931, gambling was legalized throughout the state of Nevada. America's first legalized casinos were set up in those places. In 1976 New Jersey allowed gambling in Atlantic City, now America's second largest gambling city. Most jurisdictions worldwide have a minimum gambling age. Customers gamble by playing games of chance, in some cases with an element of skill, such as craps, baccarat and video poker. Most games played have mathematically determined odds that ensure the house has at all times an overall advantage over the players; this can be expressed more by the notion of expected value, uniformly negative.
This advantage is called the house edge. In games such as poker where players play against each other, the house takes a commission called the rake. Casinos sometimes give out complimentary comps to gamblers. Payout is the percentage of funds returned to players. Casinos in the United States say that a player staking money won from the casino is playing with the house's money. Video Lottery Machines have become one of the most popular forms of gambling in casinos; as of 2011 investigative reports have started calling into question whether the modern-day slot-machine is addictive. Casino design—regarded as a psychological exercise—is an intricate process that involves optimising floor plan, décor and atmospherics to encourage gambling. Factors influencing gambling tendencies include sound and lighting. Natasha Dow Schüll, an anthropologist at the Massachusetts Institute of Technology, highlights the decision of the audio directors at Silicon Gaming to make its slot machines resonate in "the universally pleasant tone of C, sampling existing casino soundscapes to create a sound that would please but not clash".
Dr Alan Hirsch, founder of the Smell & Taste Treatment and Research Foundation in Chicago, studied the impact of certain scents on gamblers, discerning that a pleasant albeit unidentifiable odour released by Las Vegas slot machines generated about 50% more in daily revenue. He suggested. Casino designer Roger Thomas is credited with implementing a successful, disruptive design for the Las Vegas Wynn Resorts casinos in 2008, he broke casino design convention by introducing natural sunlight and flora to appeal to women. Thomas put in skylights and antique clocks, defying the commonplace notion that a casino should be a timeless space; the following li
An institutional investor is an entity which pools money to purchase securities, real property, other investment assets or originate loans. Institutional investors include banks, insurance companies, hedge funds, REITs, investment advisors and mutual funds. Operating companies which invest excess capital in these types of assets may be included in the term. Activist institutional investors may influence corporate governance by exercising voting rights in their investments. Although institutional investors appear to be more sophisticated than retail investors, it remains unclear if professional active investment managers can reliably enhance risk adjusted returns by an amount that exceeds fees and expenses of investment management. Lending credence to doubts about active investors' ability to'beat the market', passive index funds have gained traction with the rise of passive investors: the three biggest US asset managers together owned an average of 18% in the S&P 500 Index and together constituted the largest shareholder in 88% of the S&P 500 by 2015.
The potential of institutional investors in infrastructure markets is noted after financial crises in the early twenty-first century. Roman law ignored the concept of juristic person, yet at the time the practice of private evergetism sometimes led to the creation of revenues-producing capital which may be interpreted as an early form of charitable institution. In some African colonies in particular, part of the city's entertainment was financed by the revenue generated by shops and baking-ovens offered by a wealthy benefactor. In the South of Gaul, aqueducts were sometimes financed in a similar fashion; the legal principle of juristic person might have appeared with the rise of monasteries in the early centuries of Christianity. The concept might have been adopted by the emerging Islamic law; the waqf became a cornerstone of the financing of education, waterworks and the construction of monuments. Alongside some Christian monasteries the waqfs created in the 10th century AD are amongst the longest standing charities in the world.
Following the spread of monasteries and other hospitals, donating sometimes large sums of money to institutions became a common practice in medieval Western Europe. In the process, over the centuries those institutions acquired sizable estates and large fortunes in bullion. Following the collapse of the agrarian revenues, many of these institution moved away from rural real estate to concentrate on bonds emitted by the local sovereign; the importance of lay and religious institutional ownership in the pre-industrial European economy cannot be overstated, they possessed 10 to 30% of a given region arable land. In the 18th century, private investors pool their resources to pursue lottery tickets and tontine shares allowing them to spread risk and become some of the earliest speculative institutions known in the West. Following several waves of dissolution the weight of the traditional charities in the economy collapsed. New types of institutions emerged, yet despite some success stories, they failed to attract a large share of the public's savings and, for instance, by 1950, they owned 48% of US equities and even less in other countries.
Because of their sophistication, institutional investors may be exempt from certain securities laws. For example, in the United States, institutional investors are eligible to purchase private placements under Rule 506 of Regulation D as "accredited investors". Further, large US institutional investors may qualify to purchase certain securities restricted from retail investment under Rule 144A. In Canada, companies selling to accredited investors are waived from needing to file with the security exchange commission; as intermediaries between individual investors and companies, institutional investors are important sources of capital in financial markets. By pooling constituents' investments, institutional investors arguably reduce the cost of capital for entrepreneurs while diversifying constituents' portfolios, their greater ability to influence corporate behaviour as well to select investors profiles may help diminish agency costs. Institutional investors investment horizons' differ, but do not share the same life cycle as human beings.
Unlike individuals, they do not have a phase of accumulation followed by one of consumption, they do not die. Here insurance companies differ from the rest of the institutional investors. Therefore, they need liquid assets which reduces their investment opportunities. Others like pension funds can predict long ahead when they will have to repay their investors allowing them to invest in less liquid assets such as private equities, hedge funds or commodities. Other institutions have an extended investment horizon, allowing them to invest in illiquid assets as they are unlikely to be forced to sell them before term. In various countries different types of institutional investors may be more important. In oil-exporting countries sovereign wealth funds are important, while in developed countries, pension funds may be more important. Japan is home to the world's largest pension fund and is home to 63 of the top 300 pension funds worldwide; these include: Government Pension
Dart Group PLC is a holding company based in West Yorkshire, for an airline company linked with the Channel Islands and a distribution company based in Lincolnshire. Its head office is located in the Low Fare Finder House on the grounds of Leeds/Bradford Airport, City of Leeds, England. Subsidiary Jet2.com has its head office in the same building. Its name derives from the type of aircraft; the company's operations originated in 1971 when Art Carpenter formed two companies: Carpenter's Air Services Ltd to fly flowers using contracted aircraft to the UK mainland from Guernsey. In 1975, these two companies became Express Air Freight. In 1978, purchased Handley Page Dart Herald aircraft to fly flowers and fresh produce from the Channel Islands to Bournemouth Airport, consumer goods from the UK via Bournemouth to the Channel Islands. In 1979, the company became Express Air Services and flew contracts for the Royal Mail to the Channel Islands from Bournemouth and Liverpool from 1980. In 1983, the company changed its name to identify with its regional route, becoming three companies under the Channel Express name, which had the air freight, running of the two Dart Herald aircraft, the distribution within the UK as separate operations.
It was purchased in 1983 by Philip Meeson. It was split into Distribution divisions. In 1985 a third Dart Herald aircraft was bought, which flew an overnight parcels service from Birmingham International Airport to Nuremberg and Hanover. Channel Express Group Ltd floated on the UK's Unlisted Securities Market and had seven Super Dart Herald aircraft. In 1989 it bought the first of three Lockheed Electra aircraft, as well as having nine Super Dart Herald aircraft. In 1991, the company floated on the London Stock Exchange. In 1994 it purchased the Spalding-based company Fowler-Welch, a temperature-controlled distribution company; the first of seven Fokker F27 aircraft was purchased in 1994. Its airline group, Channel Express bought its first 257-seater Airbus A-300B4 in 1996, it was converted to become a freighter at BAE Systems in Filton. A southern distribution centre was built in Portsmouth in 1999 under the Channel Express name; the Coolchain distribution company in Kent was bought in 1999. By 2000 the company had two divisions.
In 2001, two Boeing 737 aircraft were purchased with a quick-change facility allowing a freight aircraft to transform into a passenger aircraft in only 30 minutes. In 2002, four Boeing 737 aircraft were purchased with two becoming 737 QC aircraft and two as passenger aircraft. From February 2003, the Jet2 low-cost airline began flying from Leeds-Bradford Airport to mainland Europe destinations. Fowler-Welch and Coolchain merged to become Fowler-Welch Coolchain Ltd in 2003. Eight Boeing 737-300 aircraft were purchased in 2003 to bring the total to 12. In 2004, six more Boeing 737-300 passenger aircraft were purchased, routes from Belfast International Airport started in April and from Manchester Airport in December. In 2005, routes began from Newcastle Airport in October and two Boeing 757-200 aircraft were purchased. In 2006, six more Boeing 757-200 passenger aircraft were bought and the Channel Express Portsmouth distribution base was sold to Ferryspeed C. I. Ltd in June. A package holiday company, Jet2holidays.com, was formed in January 2007.
The company has the Jet2.com low cost airline that flies from Leeds Bradford Airport, the Fowler-Welch Coolchain chilled food distribution company, based in Spalding, Lincolnshire. Jet2.com destinations Official website