||In 1884, competing stock exchanges amalgamated to form the Stock Exchange of Melbourne. Experience of the Depression of the 1890s led the Exchange to introduce the practice of underwriting. With the pre-eminence of Melbourne in Australian financial affairs, the Exchange occupied an important position in the development of a regulated Australian share market. In 1987 the independent stock exchanges in the state capitals amalgamated to form the Australian Stock Exchange.
||Stock exchange, Stock Exchange