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The Stock Market’s 'Confusion de Confusiones' - The Tontine Coffee-House

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Amsterdam was the first city in the world with an active stock market. In some respects, it was a minor market, with a small number of participants and few publicly-traded shares. However, the practices of participants and the instruments with which they traded would be surprisingly familiar to us today. Documenting the functioning of this early stock market was Joseph de la Vega, who wrote the first book on the subject of the market, titled Confusion de Confusiones. Joseph de la Vega            Joseph de la Vega was a Sephardic Jewish speculator and broker in Amsterdam, born around 1650. He was one among a community of perhaps about 7,500 in the city whose ancestors left Spain and Portugal. Joseph de la Vega’s father, a banker, may have hailed from near Córdoba in Spain and was a victim of the Inquisition there. Joseph was one of four brothers, two of whom went to London; Joseph stayed in Amsterdam.            There were restrictions placed on Jews in the city; they were prohibited fr

Amsterdam was the first city in the world with an active stock market. In some respects, it was a minor market, with a small number of participants and few publicly-traded shares. However, the practices of participants and the instruments with which they traded would be surprisingly familiar to us today. Documenting the functioning of this early stock market was Joseph de la Vega, who wrote the first book on the subject of the market, titled Confusion de Confusiones. Joseph de la Vega Joseph de la Vega was a Sephardic Jewish speculator and broker in Amsterdam, born around 1650. He was one…

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