Ricardo plc

Type| Public limited company

Traded as

Short description: Stock exchange in the City of London

London Stock Exchange| Arms

Type| Stock exchange
Location| City of London, England, United Kingdom
Founded| 30 December 1801; 224 years ago (1801-12-30)
Owner| London Stock Exchange Group
Key people|

* Don Robert
(Chairman)
* David Schwimmer
(CEO)

Currency| Sterling (most primary listings; stock prices are quoted in pence rather than pounds)
No. of listings| 1,918 issuers [1]
Market cap| USD$3.18 trillion (as of August 2023[update])[2]
Indices|

* FTSE 100 Index
* FTSE 250 Index
* FTSE 350 Index
* FTSE SmallCap Index
* FTSE All-Share Index

Website| {{{1}}}

London Stock Exchange (LSE) is a stock exchange in the City of London, England , United Kingdom. As of August 2023,[update] the total market value of all companies trading on the LSE stood at $3.18 trillion.[3] Its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London. Since 2007, it has been part of the London Stock Exchange Group (LSEG (LSE: [Script error: No such module "Stock tickers/LSE". LSEG])).[4] The LSE is the most-valued stock exchange in Europe as of 2023.[5] According to the 2020 Office for National Statistics report, approximately 12% of UK-resident individuals reported having investments in stocks and shares.[6] According to the 2020 Financial Conduct Authority (FCA) report, approximately 15% of UK adults reported having investments in stocks and shares.[7]

## Contents

* 1 History
* 1.1 Coffee House
* 1.2 Royal Exchange
* 1.3 First Rule Book
* 1.4 Foreign and regional exchanges
* 1.5 The Exchange before the World Wars
* 1.6 First World War
* 1.7 Second World War
* 1.8 Post-war
* 1.9 IRA bombing
* 1.10 "Big Bang"
* 2 Activities
* 2.1 Primary markets
* 2.1.1 Main Market
* 2.1.2 Alternative Investment Market
* 2.2 Secondary markets
* 3 Post trade
* 4 Technology
* 5 Mergers and acquisitions
* 5.1 NASDAQ bids
* 5.2 Proposed merger with TMX Group
* 6 Opening times
* 7 Arms
* 8 See also
* 9 References
* 10 Further reading
* 11 External links
* 12 Introduction
* 13 Historical overview
* 14 Technologies that shaped the company's first 100 years
* 14.1 1906: The Dolphin motor car
* 14.2 1915: The Mark V Tank Engine
* 14.3 1919: Turbulent head
* 14.4 1931: Indirect injection Diesel – the Comet chamber
* 14.5 1934: Citroen Rosalie – the world's first production diesel passenger car
* 14.6 1936: Flying Spray
* 14.7 1936: Rolls-Royce Crecy
* 14.8 1938: Alfa Romeo V16 racing engine
* 14.9 1941: Barostat
* 14.10 1951: Fell locomotive
* 14.11 1959: Combustion photography
* 14.12 1966: Jensen FF
* 14.13 1968: Recycle Diesel
* 14.14 1970: Noise & vibration
* 14.15 1975: Turbocharged Opel 2100D
* 14.16 1982: Chevrolet Diesel
* 14.17 1986: Voyager aircraft
* 14.18 1996: Ferrari 456
* 14.19 2006: JCB Dieselmax
* 14.20 2008: Foxhound & military vehicles
* 14.21 2009: McLaren M838T
* 14.22 2011: Ricardo co-operation with Jaguar Land Rover
* 14.23 2011: TorqStor Flywheel energy storage
* 14.24 2015: Rail & marine engineering
* 14.25 BMW C600 maxi scooter
* 14.26 Clean energy
* 14.27 Taxibot
* 15 Some additional notable projects
* 16 References
* 17 External links

## History

### Coffee House

The Royal Exchange had been founded by English financier Thomas Gresham and Sir Richard Clough on the model of the Antwerp Bourse. It was opened by Elizabeth I of England in 1571.[8][9]

During the 17th century, stockbrokers were not allowed in the Royal Exchange due to their rude manners. They had to operate from other establishments in the vicinity, notably Jonathan's Coffee-House. At that coffee house, a broker named John Castaing started listing the prices of a few commodities, such as salt, coal, paper, and exchange rates in 1698. Originally, this was not a daily list and was only published a few days of the week.[10]

This list and activity was later moved to Garraway's coffee house. Public auctions during this period were conducted for the duration that a length of tallow candle could burn; these were known as "by inch of candle" auctions. As stocks grew, with new companies joining to raise capital, the royal court also raised some monies. These are the earliest evidence of organised trading in marketable securities in London.

### Royal Exchange

After Gresham's Royal Exchange building was destroyed in the Great Fire of London, it was rebuilt and re-established in 1669. This was a move away from coffee houses and a step towards the modern model of stock exchange.[11]

The Royal Exchange housed not only brokers but also merchants and merchandise. This was the birth of a regulated stock market, which had teething problems in the shape of unlicensed brokers. In order to regulate these, Parliament passed an Act in 1697 that levied heavy penalties, both financial and physical, on those brokering without a licence. It also set a fixed number of brokers (at 100), but this was later increased as the size of the trade grew. This limit led to several problems, one of which was that traders began leaving the Royal Exchange, either by their own decision or through expulsion, and started dealing in the streets of London. The street in which they were now dealing was known as 'Exchange Alley', or 'Change Alley'; it was suitably placed close to the Bank of England. Parliament tried to regulate this and ban the unofficial traders from the Change streets.

Traders became weary of "bubbles" when companies rose quickly and fell, so they persuaded Parliament to pass a clause preventing "unchartered" companies from forming.

After the Seven Years' War (1756–1763), trade at Jonathan's Coffee House boomed again. In 1773, Jonathan, together with 150 other brokers, formed a club and opened a new and more formal "Stock Exchange" in Sweeting's Alley. This now had a set entrance fee, by which traders could enter the stock room and trade securities. It was, however, not an exclusive location for trading, as trading also occurred in the Rotunda of the Bank of England. Fraud was also rife during these times and in order to deter such dealings, it was suggested that users of the stock room pay an increased fee. This was not met well and ultimately, the solution came in the form of annual fees and turning the Exchange into a Subscription room.

The Subscription room created in 1801 was the first regulated exchange in London, but the transformation was not welcomed by all parties. On the first day of trading, non-members had to be expelled by a constable. In spite of the disorder, a new and bigger building was planned, at Capel Court.

William Hammond laid the first foundation stone for the new building on 18 May. It was finished on 30 December when "The Stock Exchange" was incised on the entrance.

### First Rule Book

London Stock Exchange in 1810

In the Exchange's first operating years, on several occasions there was no clear set of regulations or fundamental laws for the Capel Court trading. In February 1812, the General Purpose Committee confirmed a set of recommendations, which later became the foundation of the first codified rule book of the Exchange. Even though the document was not a complex one, topics such as settlement and default were, in fact, quite comprehensive.

With its new governmental commandments[12] and increasing trading volume, the Exchange was progressively becoming an accepted part of the financial life in the city. In spite of continuous criticism from newspapers and the public, the government used the Exchange's organised market (and would most likely not have managed without it) to raise the enormous amount of money required for the wars against Napoleon.

### Foreign and regional exchanges

After the war and facing a booming world economy, foreign lending to countries such as Brazil, Peru and Chile was a growing market. Notably, the Foreign Market at the Exchange allowed for merchants and traders to participate, and the Royal Exchange hosted all transactions where foreign parties were involved. The constant increase in overseas business eventually meant that dealing in foreign securities had to be allowed within all of the Exchange's premises.

Just as London enjoyed growth through international trade, the rest of Great Britain also benefited from the economic boom. Two other cities, in particular, showed great business development: Liverpool and Manchester. Consequently, in 1836 both the Manchester and Liverpool stock exchanges were opened. Some stock prices sometimes rose by 10%, 20% or even 30% in a week. These were times when stockbroking was considered a real business profession, and such attracted many entrepreneurs. Nevertheless, with booms came busts, and in 1835 the "Spanish panic" hit the markets, followed by a second one two years later.

### The Exchange before the World Wars

Debenture of The Stock Exchange, issued 1 January 1899.

By June 1853, both participating members and brokers were taking up so much space that the Exchange was now uncomfortably crowded, and continual expansion plans were taking place. Having already been extended west, east, and northwards, it was then decided the Exchange needed an entire new establishment. Thomas Allason was appointed as the main architect, and in March 1854, the new brick building inspired from the Great Exhibition stood ready. This was a huge improvement in both surroundings and space, with twice the floor space available.

By the late 1800s, the telephone, ticker tape, and the telegraph had been invented. Those new technologies led to a revolution in the work of the Exchange.

### First World War

Stock certificate of the London Stock Exchange, issued on 31 March 1920, declared as a qualification share. The capital of the Exchange from its incorporation consisted of 20,000 shares held only by its members, with trustees and directors required to hold 10 qualification shares.

As the financial centre of the world, both the City and the Stock Exchange were hit hard by the outbreak of World War I in 1914. Due to fears that borrowed money was to be called in and that foreign banks would demand their loans or raise interest, prices surged at first. The decision to close the Exchange for improved breathing space and to extend the August Bank Holiday to prohibit a run on banks, was hurried through by the committee and Parliament, respectively. The Stock Exchange ended up being closed from the end of July until the New Year, causing street business to be introduced again, as well as the "challenge system".

The Exchange was set to open again on 4 January 1915 under tedious restrictions: transactions were to be in cash only. Due to the limitations and challenges on trading brought by the war, almost a thousand members quit the Exchange between 1914 and 1918. When peace returned in November 1918, the mood on the trading floor was generally cowed. In 1923, the Exchange received its own coat of arms, with the motto Dictum Meum Pactum, My Word is My Bond.

### Second World War

In 1937, officials at the Exchange used their experiences from World War I to draw up plans for how to handle a new war. The main concerns included air raids and the subsequent bombing of the Exchange's perimeters, and one suggestion was a move to Denham, Buckinghamshire. This however never took place. On the first day of September 1939, the Exchange closed its doors "until further notice" and two days later World War II was declared. Unlike in the prior war, the Exchange opened its doors again six days later, on 7 September.

As the war escalated into its second year, the concerns for air raids were greater than ever. Eventually, on the night of 29 December 1940, one of the greatest fires in London's history took place. The Exchange's floor was hit by a clutch of incendiary bombs, which were extinguished quickly. Trading on the floor was now drastically low and most was done over the phone to reduce the possibility of injuries.

The Exchange was only closed for one more day during wartime, in 1945 due to damage from a V-2 rocket. Nonetheless, trading continued in the house's basement.

### Post-war

Trading floor in 1955

After decades of uncertain if not turbulent times, stock market business boomed in the late 1950s. This spurred officials to find new, more suitable accommodation. The work on the new Stock Exchange Tower began in 1967. The Exchange's new 321 feet (98 metres) high building had 26 storeys with council and administration at the top, and middle floors let out to affiliate companies. Queen Elizabeth II opened the building on 8 November 1972; it was a new City landmark, with its 23,000 sq ft (2,100 m2) trading floor.

The Stock Exchange Tower pictured from atop the National Westminster Tower in 1983

1973 marked a year of changes for the Stock Exchange. First, two trading prohibitions were abolished. A report from the Monopolies and Mergers Commission recommended the admittance of both women and foreign-born members on the floor. Second, in March the London Stock Exchange formally merged with the eleven British and Irish regional exchanges, including the Scottish Stock Exchange.[13] This expansion led to the creation of a new position of Chief Executive Officer; after an extensive search this post was given to Robert Fell. There were more governance changes in 1991, when the governing Council of the Exchange was replaced by a Board of Directors drawn from the Exchange's executive, customer, and user base; and the trading name became "The London Stock Exchange".

FTSE 100 Index (pronounced "Footsie 100") was launched by a partnership of the Financial Times and the Stock Exchange on 3 January 1984. This turned out to be one of the most useful indices of all, and tracked the movements of the 100 leading companies listed on the Exchange.

### IRA bombing

On 20 July 1990, a bomb planted by the Provisional Irish Republican Army (IRA) exploded in the men's toilets behind the visitors' gallery. The area had already been evacuated and nobody was injured.[14] About 30 minutes before the blast at 8:49 a.m., a man who said he was a member of the IRA told Reuters that a bomb had been placed at the exchange and was about to explode. Police officials said that if there had been no warning, the human toll would have been very high.[15] The explosion ripped a hole in the 23-storey building in Threadneedle Street and sent a shower of glass and concrete onto the street.[16] The long-term trend towards electronic trading platforms reduced the Exchange's attraction to visitors, and although the gallery reopened, it was closed permanently in 1992.

### "Big Bang"

The biggest event of the 1980s was the sudden de-regulation of the financial markets in the UK in 1986. The phrase "Big Bang" was coined to describe measures, including abolition of fixed commission charges and of the distinction between stockjobbers and stockbrokers on the London Stock Exchange, as well as the change from an open outcry to electronic, screen-based trading.

In 1995, the Exchange launched the Alternative Investment Market, the AIM, to allow growing companies to expand into international markets. Two years later, the Electronic Trading Service (SETS) was launched, bringing greater speed and efficiency to the market. Next, the CREST settlement service was launched. In 2000, the Exchange's shareholders voted to become a public limited company, London Stock Exchange plc. London Stock Exchange also transferred its role as UK Listing Authority to the Financial Services Authority (FSA-UKLA).

EDX London, an international equity derivatives business, was created in 2003 in partnership with OM Group. The Exchange also acquired Proquote Limited, a new generation supplier of real-time market data and trading systems.

Paternoster Square; LSEG occupies the building that takes up much of the right side of this picture. London Stock Exchange office interior at Paternoster Square

The old Stock Exchange Tower became largely redundant with Big Bang, which deregulated many of the Stock Exchange's activities: computerised systems and dealing rooms replaced face-to-face trading. In 2004, London Stock Exchange moved to a brand-new headquarters in Paternoster Square, close to St Paul's Cathedral.

In 2007, the London Stock Exchange merged with Borsa Italiana, creating London Stock Exchange Group (LSEG). The Group's headquarters are in Paternoster Square.

The Stock Exchange in Paternoster Square was the initial target for the protesters of Occupy London on 15 October 2011. Attempts to occupy the square were thwarted by police.[17] Police sealed off the entrance to the square as it is private property, a High Court injunction having previously been granted against public access to the square.[18] The protesters moved nearby to occupy the space in front of St Paul's Cathedral.[19] The protests were part of the global Occupy movement.

On 25 April 2019, the final day of the Extinction Rebellion disruption in London, 13 activists glued themselves together in a chain, blocking the entrances of the Stock Exchange.[20][21] The protesters were all later arrested on suspicion of aggravated trespass.[21] Extinction Rebellion had said its protesters would target the financial industry "and the corrosive impacts of the ... sector on the world we live in" and activists also blocked entrances to HM Treasury and the Goldman Sachs office on Fleet Street.[22]

## Activities

### Primary markets

There are two main markets on which companies trade on the LSE: the main market and the alternative investment market.

#### Main Market

The main market is home to over 1,300 large companies from 60 countries.[23] The FTSE 100 Index ("footsie") is the main share index of the 100 most highly capitalised UK companies listed on the Main Market.[24]

#### Alternative Investment Market

The Alternative Investment Market is LSE's international market for smaller companies. A wide range of businesses including early-stage, venture capital-backed, as well as more-established companies join AIM seeking access to growth capital. The AIM is classified as a Multilateral Trading Facility (MTF) under the 2004 MiFID directive, and as such it is a flexible market with a simpler admission process for companies wanting to be publicly listed.[25]

### Secondary markets

The securities available for trading on London Stock Exchange:[26]

* Common stock
* Bonds, including retail bonds
* Derivatives
* Exchange-traded funds
* Debt securities
* Exchange-traded commodities
* Structured products
* Covered warrants
* Global depositary receipts (GDRs)
* Gilt-edged securities

## Post trade

Through the Exchange's Italian arm, Borsa Italiana, the London Stock Exchange Group as a whole offers clearing and settlement services for trades through CC&G (Cassa di Compensazione e Garanzia) and Monte Titoli.[27][28] is the Groups Central Counterparty (CCP) and covers multiple asset classes throughout the Italian equity, derivatives and bond markets. CC&G also clears Turquoise derivatives. Monte Titoli (MT) is the pre-settlement, settlement, custody and asset services provider of the Group. MT operates both on-exchange and OTC trades with over 400 banks and brokers.

## Technology

London Stock Exchange's trading platform is its own Linux-based edition named Millennium Exchange.[29]

Their previous trading platform TradElect was based on Microsoft's .NET Framework, and was developed by Microsoft and Accenture. For Microsoft, LSE was a good combination of a highly visible exchange and yet a relatively modest IT problem.[30]

Despite TradElect only being in use for about two years,[31] after suffering multiple periods of extended downtime and unreliability[32][33] the LSE announced in 2009 that it was planning to switch to Linux in 2010.[34][35] The main market migration to MillenniumIT technology was successfully completed in February 2011.[36]

LSEG provides high-performance technology, including trading, market surveillance and post-trade systems, for over 40 organisations and exchanges, including the Group's own markets. Additional services include network connectivity, hosting and quality assurance testing. MillenniumIT, GATElab and Exactpro are among the Group's technology companies.[37]

The LSE facilitates stock listings in a currency other than its "home currency". Most stocks are quoted in GBP but some are quoted in EUR while others are quoted in USD.

## Mergers and acquisitions

On 3 May 2000, it was announced that the LSE would merge with the Deutsche Börse; however this fell through.[38]

On 23 June 2007, the London Stock Exchange announced that it had agreed on the terms of a recommended offer to the shareholders of the Borsa Italiana S.p.A. The merger of the two companies created a leading diversified exchange group in Europe. The combined group was named the London Stock Exchange Group, but still remained two separate legal and regulatory entities. One of the long-term strategies of the joint company is to expand Borsa Italiana's efficient clearing services to other European markets.

In 2007, after Borsa Italiana announced that it was exercising its call option to acquire full control of MBE Holdings; thus the combined Group would now control Mercato dei Titoli di Stato, or MTS. This merger of Borsa Italiana and MTS with LSE's existing bond-listing business enhanced the range of covered European fixed income markets.

London Stock Exchange Group acquired Turquoise (TQ), a Pan-European MTF, in 2009.[39]

On 9 October 2020, London Stock Exchange agreed to sell the Borsa Italiana (including Borsa's bond trading platform MTS) to Euronext for €4.3 billion (£3.9 billion) in cash.[40] Euronext completed the acquisition of the Borsa Italiana Group on 29 April 2021 for a final price of €4,444 million.[41]

On 12 Dec 2022, Microsoft bought a nearly 4% stake in LSE (London Stock Exchange Group) as part of a ten-year cloud deal.[42]

### NASDAQ bids

In December 2005, London Stock Exchange rejected a £1.6 billion takeover offer from Macquarie Bank. London Stock Exchange described the offer as "derisory", a sentiment echoed by shareholders in the Exchange. Shortly after Macquarie withdrew its offer, the LSE received an unsolicited approach from NASDAQ valuing the company at £2.4 billion. This too it rejected. NASDAQ later pulled its bid, and less than two weeks later on 11 April 2006, struck a deal with LSE's largest shareholder, Ameriprise Financial's Threadneedle Asset Management unit, to acquire all of that firm's stake, consisting of 35.4 million shares, at £11.75 per share.[43] NASDAQ also purchased 2.69 million additional shares, resulting in a total stake of 15%. While the seller of those shares was undisclosed, it occurred simultaneously with a sale by Scottish Widows of 2.69 million shares.[44] The move was seen as an effort to force LSE to the negotiating table, as well as to limit the Exchange's strategic flexibility.[45]

Subsequent purchases increased NASDAQ's stake to 25.1%, holding off competing bids for several months.[46][47][48] United Kingdom financial rules required that NASDAQ wait for a period of time before renewing its effort. On 20 November 2006, within a month or two of the expiration of this period, NASDAQ increased its stake to 28.75% and launched a hostile offer at the minimum permitted bid of £12.43 per share, which was the highest NASDAQ had paid on the open market for its existing shares.[49] The LSE immediately rejected this bid, stating that it "substantially undervalues" the company.[50]

NASDAQ revised its offer (characterized as an "unsolicited" bid, rather than a "hostile takeover attempt") on 12 December 2006, indicating that it would be able to complete the deal with 50% (plus one share) of LSE's stock, rather than the 90% it had been seeking. The U.S. exchange did not, however, raise its bid. Many hedge funds had accumulated large positions within the LSE, and many managers of those funds, as well as Furse, indicated that the bid was still not satisfactory. NASDAQ's bid was made more difficult because it had described its offer as "final", which, under British bidding rules, restricted their ability to raise its offer except under certain circumstances.

In the end, NASDAQ's offer was roundly rejected by LSE shareholders. Having received acceptances of only 0.41% of rest of the register by the deadline on 10 February 2007, Nasdaq's offer duly lapsed.[51]

On 20 August 2007, NASDAQ announced that it was abandoning its plan to take over the LSE and subsequently look for options to divest its 31% (61.3 million shares) shareholding in the company in light of its failed takeover attempt.[52] In September 2007, NASDAQ agreed to sell the majority of its shares to Borse Dubai, leaving the United Arab Emirates-based exchange with 28% of the LSE.[53]

### Proposed merger with TMX Group

On 9 February 2011, London Stock Exchange Group announced it had agreed to merge with the Toronto-based TMX Group, the owners of the Toronto Stock Exchange, creating a combined entity with a market capitalization of listed companies equal to £3.7 trillion.[54] Xavier Rolet, CEO of the LSE Group at the time, would have headed the new enlarged company, while TMX Chief Executive Thomas Kloet would have become the new firm president. London Stock Exchange Group however announced it was terminating the merger with TMX on 29 June 2011 citing that "LSEG and TMX Group believe that the merger is highly unlikely to achieve the required two-thirds majority approval at the TMX Group shareholder meeting".[55] Even though LSEG obtained the necessary support from its shareholders, it failed to obtain the required support from TMX's shareholders.

## Opening times

Normal trading sessions on the main orderbook (SETS) are from 08:00 to 16:30 local time every day of the week except Saturdays, Sundays and holidays declared by the exchange in advance. The detailed schedule is as follows:

1. Trade reporting 07:15–07:50
2. Opening auction 07:50–08:00
3. Continuous trading 08:00–16:30
4. Closing auction 16:30–16:35
5. Order maintenance 16:35–17:00
6. Trade reporting only 17:00–17:15

[56] Auction Periods (SETQx)

SETSqx (Stock Exchange Electronic Trading Service – quotes and crosses) is a trading service for securities less liquid than those traded on SETS.

The auction uncrossings are scheduled to take place at 8:00, 9:00, 11:00, 14:00, and 16:35.

Observed holidays are New Year's Day, Good Friday, Easter Monday, May Bank Holiday, Spring Bank Holiday, Summer Bank Holiday, Christmas Day, and Boxing Day. If New Year's Day, Christmas Day, and/or Boxing Day falls on a weekend, the following working day is observed as a holiday.

## Arms

Coat of arms of Ricardo plc  |

Adopted
10 September 1923
Crest
On a wreath of the colours, In front of a tower proper a lion passant guardant Or.
Escutcheon
Argent, a cross and in the first quarter a sword erect gules; on a chief of the second a balance Or.
Supporters
On either side a griffin sable, gorged with a mural crown Or.
Motto
DICTUM MEUM PACTUM[57]

|

## See also

* List of stock exchanges
* List of stock exchanges in the Commonwealth of Nations
* List of stock exchanges in the United Kingdom, the British Crown Dependencies and United Kingdom Overseas Territories
* Stock Exchange forgery 1872–73
* TAURUS (share settlement)

## References

1. ↑ "Market Statistics - Focus (April 2023) The World Federation of Exchanges". World Federation of Exchanges. https://focus.world-exchanges.org/issue/april-2023/market-statistics.
2. ↑ "London Stock Exchange (LSE)". https://www.tradinghours.com/markets/lse.
3. ↑ "London Stock Exchange (LSE)". https://www.tradinghours.com/markets/lse.
4. ↑ "History of London Stock Exchange Group". http://www.lseg.com/about-london-stock-exchange-group/history.
5. ↑ Foy, Simon (2023-10-19). "London Stock Exchange overtakes Paris to regain crown as Europe’s biggest market" (in en-GB). The Telegraph. ISSN 0307-1235. https://www.telegraph.co.uk/business/2023/10/19/london-stock-exchange-overtakes-paris-europe-market/.
6. ↑ David Summers (3 March 2022). "Ownership of UK quoted shares: 2020". Office for National Statistics. https://www.ons.gov.uk/economy/investmentspensionsandtrusts/bulletins/ownershipofukquotedshares/2020.
7. ↑ Nisha Arora (11 February 2021). "Financial Lives 2020 survey: the impact of coronavirus". Financial Conduct Authority. https://www.fca.org.uk/publication/research/financial-lives-survey-2020.pdf.
8. ↑ "Royal Exchange, London". http://www.walklondon.com/london-attractions/royal-exchange.htm.
9. ↑ "Heritage | The Royal Exchange" (in en-US). http://www.theroyalexchange.co.uk/heritage/.
10. ↑ "St Paul's Institute: A Valuable Exchange at the Royal Exchange". http://www.stpaulsinstitute.org.uk/dialogue/tanya-barman/opinion/2012/jun/21/a-valuable-exchange-at-the-royal-exchange.
11. ↑ "Gresham Grasshopper, Royal Exchange, London – Insect Sculptures on Waymarking.com" (in en). http://www.waymarking.com/waymarks/WM6R6Y_Gresham_Grasshopper_Royal_Exchange_London.
12. ↑ Ranald Michie (1999). The London Stock Exchange: A History. Oxford University Press. ISBN 9780191529344. https://books.google.com/books?id=ZCaQDwAAQBAJ&q=London Stock Exchange First Rule Book&pg=PA37. Retrieved 7 June 2019.
13. ↑ "Calls for Scotland to have its own stock exchange". 4 August 2010. http://www.heraldscotland.com/news/home-news/calls-for-scotland-to-have-its-own-stock-exchange-1.1045699.
14. ↑ "On This Day: 20 July 1990: IRA bombs Stock Exchange". BBC News. 20 July 1990. http://news.bbc.co.uk/onthisday/hi/dates/stories/july/20/newsid_2515000/2515667.stm.
15. ↑ FINEMAN, MARK (21 July 1990). "Bomb Blast Rips London's Stock Exchange; No Injuries Reported : Terrorism: Apparent IRA warning allows time to evacuate the building and surrounding area". Los Angeles Times. https://articles.latimes.com/1990-07-21/news/mn-170_1_london-stock-exchange.
16. ↑ "London Stock Exchange Is Rocked by a Bombing". The New York Times. 21 July 1990. https://www.nytimes.com/1990/07/21/world/london-stock-exchange-is-rocked-by-a-bombing.html.
17. ↑ Davies, Caroline (16 October 2011). "Occupy London protest continues into second day". The Guardian (London). https://www.theguardian.com/uk/2011/oct/16/occupy-london-protest-second-day.
18. ↑ "Stock exchange occupation blocked". Media Wales (Wales). 15 October 2011. http://www.walesonline.co.uk/news/uk-news/2011/10/15/stock-exchange-occupation-blocked-91466-29601928/.
19. ↑ "Occupy London: Protest continues for second day". BBC News (London). 16 October 2011. https://www.bbc.co.uk/news/uk-15324901.
20. ↑ Hope, Kate (25 April 2019). "Extinction Rebellion protesters glue themselves to London Stock Exchange". https://www.euronews.com/2019/04/25/extinction-rebellion-protesters-glue-themselves-to-london-stock-exchange.
21. ↑ 21.0 21.1 "Extinction Rebellion activists end London protests". 25 April 2019. https://www.bbc.co.uk/news/uk-england-london-48058177.
22. ↑ "Extinction Rebellion: London Stock Exchange blocked by climate activists". 25 April 2019. https://www.bbc.co.uk/news/uk-england-london-48049040.
23. ↑ "London Stock Exchange". https://www.londonstockexchange.com/raise-finance/equity/main-market?tab=insights-and-reports&lang=en.
24. ↑ Lessambo, Felix I. (2021). International Finance: New Players and Global Markets. Springer. ISBN 9783030692322. https://books.google.com/books?id=6eAhEAAAQBAJ&q=The main market is home to over 1,300 large companies from 60 different countries. London Stock Exchange&pg=PA86. Retrieved 18 April 2021.
25. ↑ "AIM". Thomson Reuters. https://uk.practicallaw.thomsonreuters.com/8-107-6392?transitionType=Default&contextData=(sc.Default)&firstPage=true.
26. ↑ "SECURITY TYPES". London Stock Exchange. https://www.londonstockexchange.com/traders-and-brokers/security-types/security-types.htm.
27. ↑ CC&G - London Stock Exchange Group. Retrieved 26 August 2015.
28. ↑ Monte Titoli London Stock Exchange Group. Retrieved 26 August 2015.
29. ↑ Leo King (14 February 2011). "London Stock Exchange finished the switch to Linux". Computerworld UK. http://www.computerworlduk.com/news/open-source/3260727/london-stock-exchange-in-historic-linux-go-live/.
30. ↑ Ajay Shah (4 July 2009). "Microsoft inside the exchange". Blogspot. http://ajayshahblog.blogspot.com/2009/07/microsoft-inside-exchange.html.
31. ↑ "London Stock Exchange to replace Tradelect with Millennium". London: ComputerWeekly.com. 4 September 2009. http://www.computerweekly.com/news/1280090627/London-Stock-Exchange-to-replace-Tradelect-with-Millennium.
32. ↑ Rowena Mason (10 September 2008). "Seven-hour LSE blackout caused by double glitch". The Daily Telegraph (London). https://www.telegraph.co.uk/finance/markets/4676369/Seven-hour-LSE-blackout-caused-by-double-glitch.html.
33. ↑ "London Stock Exchange trading hit by technical glitch". BBC News. 26 November 2009. http://news.bbc.co.uk/1/hi/business/8380607.stm.
34. ↑ David M. Williams (8 October 2009). "London Stock Exchange gets the facts and dumps Windows for Linux". ITWire. http://www.itwire.com/opinion-and-analysis/the-linux-distillery/28359-london-stock-exchange-gets-the-facts-and-dumps-windows-for-linux.
35. ↑ "London Stock Exchange Rejects .NET For Open Source". Slashdot. 6 October 2009. http://linux.slashdot.org/story/09/10/06/1742203/London-Stock-Exchange-Rejects-NET-For-Open-Source.
36. ↑ Stafford, Philip (14 February 2011). "LSE moves to faster UK trading system". Financial Times. ISSN 0307-1766. http://www.ft.com/intl/cms/s/0/8a87cf48-383e-11e0-8257-00144feabdc0.html.
37. ↑ "Investor Relations". http://www.lseg.com/investor-relations.
38. ↑ "2000: Leading stock exchanges plan merger". 3 May 2000. http://news.bbc.co.uk/onthisday/hi/dates/stories/may/3/newsid_2481000/2481359.stm.
39. ↑ "LSE confirms Turquoise acquisition talks". https://www.thetradenews.com/lse-confirms-turquoise-acquisition-talks/.
40. ↑ "LSE agrees to sell Borsa Italiana to Euronext for €4.3 billion". 9 October 2020. https://www.reuters.com/article/uk-lse-borsa-italiana-m-a-idUKKBN26U0H7.
41. ↑ "Euronext today completes the acquisition of the Borsa Italiana Group and publishes Q1 2021 results". https://www.euronext.com/en/about/media/euronext-press-releases/acquisition-borsa-italiana-group-and-q1-2021-results.
42. ↑ "Microsoft buys near 4% stake in London Stock Exchange Group as part of 10-year cloud deal". https://www.cnbc.com/2022/12/12/microsoft-buys-near-4percent-stake-in-london-stock-exchange-and-launches-10-year-partnership.html.
43. ↑ Patrick, M.; Lucchetti, A.; Reilly, D.; Taylor, E. (11 April 2006). "Nasdaq Acquires 15% of LSE". The Wall Street Journal. https://www.wsj.com/articles/SB114477409808123029.
44. ↑ "Scottish Widows says has sold 2.7 mln LSE shares at 1,175 pence". Forbes. 12 April 2006. https://www.forbes.com/finance/feeds/afx/2006/04/12/afx2665242.html.
45. ↑ Ortega, E. (11 April 2006). "Nasdaq Buys 15 Percent Stake in LSE for $782 Million". Bloomberg News. https://www.bloomberg.com/apps/news?pid=10000103&sid=aY106PolhKUQ&refer=us.
46. ↑ MacDonald, A.; Lucchetti, A. (4 May 2006). "In LSE Stakes, Nasdaq Advances, Euronext Falls". The Wall Street Journal. https://www.wsj.com/articles/SB114670228362743269.
47. ↑ Lucchetti, A.; MacDonald, A. (11 May 2006). "Nasdaq Lifts Its LSE Stake to 24%". The Wall Street Journal. https://www.wsj.com/articles/SB114729205685149301.
48. ↑ Goldsmith, B.; Elliott, M. (19 May 2006). "Nasdaq raises LSE stake, making rival bids harder". Reuters. http://today.reuters.com/business/newsArticle.aspx?type=bankingFinancial&storyID=nL1923903. [yes|permanent dead link|dead link}}]
49. ↑ Lucchetti, A.; MacDonald, A. (20 November 2006). "Nasdaq Makes Bid to Buy Rest of London Stock Exchange". The Wall Street Journal. https://www.wsj.com/articles/SB116400769286328180.
50. ↑ "LSE rejects £2.7bn Nasdaq offer". BBC News. 20 November 2006. http://news.bbc.co.uk/1/hi/business/6164376.stm.
51. ↑ "Nasdaq fails in takeover bid for London Stock Exchange". International Herald Tribune. 11 February 2007. https://www.nytimes.com/2007/02/11/business/worldbusiness/11iht-nasdaq.4549290.html.
52. ↑ "Sale Update". reuters.co.uk. 20 August 2007. http://investing.reuters.co.uk/news/articleinvesting.aspx?type=mergersNews&storyID=2007-08-20T091233Z_01_L2025258_RTRIDST_0_LSE-NASDAQ-SALE-UPDATE-1.XML.
53. ↑ Magnusson, N.; McSheehy, W. (20 September 2007). "Dubai to Buy Stakes in Nasdaq, LSE; Strikes OMX Deal". bloomberg.com. https://www.bloomberg.com/apps/news?pid=20601087&sid=aqzGAS7oAezg&refer=home.
54. ↑ "LSE agrees merger with TMX of Canada". BBC News. 9 February 2011. https://www.bbc.co.uk/news/business-12400785.
55. ↑ "Announcement re LSEG/TMX Group merger – London Stock Exchange". Londonstockexchangegroup.com. http://www.londonstockexchangegroup.com/newsroom/2011pressreleases/lseannouncementrelsegtmxgroupmerger.htm.
56. ↑ "SETSqx and SEAQ". https://www.lseg.com/areas-expertise/our-markets/london-stock-exchange/equities-markets/trading-services/domestic-trading-services/setsqx.
57. ↑ "'London Stock Exchange'". https://www.heraldry-wiki.com/heraldrywiki/index.php?title=London_Stock_Exchange.

## Further reading

* Michie, R. C. (1999). The London Stock Exchange: A History. Oxford: Oxford University Press. ISBN 0-19-829508-1.

## External links

* Documents and clippings about Ricardo plc in the 20th Century Press Archives of the ZBW

* v
* t
* e

Financial markets

Types of markets|

* Primary market
* Secondary market
* Third market
* Fourth market

Types of stocks|

* Common stock
* Golden share
* Preferred stock
* Restricted stock
* Tracking stock

Share capital|

* Authorised capital
* Issued shares
* Shares outstanding
* Treasury stock

Participants|

* Broker-dealer
* Day trader
* Floor broker
* Floor trader
* Investor
* Market maker
* Proprietary trader
* Quantitative analyst
* Financial law
* Regulator
* Stock trader

Exchanges|

* Electronic communication network
* List of stock exchanges
* Trading hours
* Multilateral trading facility
* Over-the-counter

Stock valuation|

* Alpha
* Arbitrage pricing theory
* Beta
* Bid–ask spread
* Book value
* Capital asset pricing model
* Capital market line
* Dividend discount model
* Dividend yield
* Earnings per share
* Earnings yield
* Net asset value
* Security characteristic line
* Security market line
* T-model

Trading theories
and strategies|

* Algorithmic trading
* Buy and hold
* Contrarian investing
* Day trading
* Dollar cost averaging
* Efficient-market hypothesis
* Fundamental analysis
* Growth stock
* Market timing
* Modern portfolio theory
* Momentum investing
* Mosaic theory
* Pairs trade
* Post-modern portfolio theory
* Random walk hypothesis
* Sector rotation
* Style investing
* Swing trading
* Technical analysis
* Trend following
* Value averaging
* Value investing

Related terms|

* Block trade
* Cross listing
* Dark pool
* Dividend
* Dual-listed company
* DuPont analysis
* Efficient frontier
* Flight-to-quality
* Government bond
* Haircut
* Initial public offering
* Long
* Margin
* Market anomaly
* Market capitalization
* Market depth
* Market manipulation
* Market trend
* Mean reversion
* Momentum
* Open outcry
* Position
* Public float
* Public offering
* Rally
* Returns-based style analysis
* Reverse stock split
* Share repurchase
* Short selling
* Slippage
* Speculation
* Stock dilution
* Stock exchange
* Stock market index
* Stock split
* Trade
* Uptick rule
* Volatility
* Voting interest
* Yield

[ ⚑ ]  51°30′54.25″N 0°5′56.77″W﻿ / ﻿51.5150694°N 0.0991028°W﻿ / 51.5150694; -0.0991028

0.00

(0 votes)

Original source: https://en.wikipedia.org/wiki/London Stock Exchange. Read more

|

Industry| Automotive, Clean energy, Defence, Rail, Marine
Founded| 1915 (as Engine Patents Ltd.)
Headquarters| Shoreham-by-Sea, England

Key people

| Graham Ritchie (CEO)
Revenue|  £352.0 million (2019/2020)

Number of employees

| 3000 (2020)
Website| ricardo.com

Ricardo plc is a British publicly listed company named after its founder, Sir Harry Ricardo, originally incorporated and registered as Engine Patents Ltd. in 1915. Ricardo is a global engineering, environmental and strategic consultancy, operating across a range of market sectors. Since 1919 the headquarters have been at Shoreham-by-Sea, West Sussex. Ricardo develops engines, transmissions, vehicle systems, intelligent transportation systems (ITS) and hybrid & electric systems in addition to providing environmental and strategic consultancy services.

## Introduction

Ricardo activities cover a range of market sectors including passenger car, commercial vehicle, rail, defence, motorsport, motorcycle, off-highway, marine, clean energy and power generation and government. Its client list includes transportation original equipment manufacturers, supply chain organisations, energy companies, financial institutions and government agencies.

As well as the Shoreham UK headquarters, there are technical centres in Royal Leamington Spa, Cambridge, Chicago , Detroit, Aachen, Schwäbisch Gmünd (Germany), Prague, Coriano (Rimini, italy) and regional offices in Shanghai, Yokohama, Seoul, New Delhi, and Moscow.

## Historical overview

Harry (later Sir Harry) Ricardo was born in London in 1885 and was educated at Rugby and Cambridge where he studied at Trinity College. The first internal combustion engined cars were made by Daimler and Benz in the year of his birth and in his childhood days he was clearly highly influenced by these new forms of transport. He was renowned for his research into the problem of knock in engines; the results of his work on fuel and reducing fuel consumption assisted Alcock and Brown to cross the Atlantic for the first time by aircraft. Over the years, he was responsible for significant developments in the design of piston engines for a number of applications and derivatives of his original designs are still in production.

He was elected Fellow of the Royal Society (FRAeS) in 1929 and in 1948 was knighted in recognition of his services to the internal combustion engine industry. He died in 1974 at the age of 89.[1]

From his earliest days, Harry Ricardo had a fascination for engines. He had designed and built many small engines in his youth including, at the age of 17, an engine to pump water at the family home in Sussex. In 1906 he filed his first engine design patent while still a student at Cambridge. In 1908 'The Two-Stroke Engine Company' started to manufacture and sell a car – the Dolphin – fitted with the same novel engine he had designed and patented earlier as a student at Cambridge. This also found its way into many of the Shoreham-built fishing boats until almost every fisherman had a Dolphin engine in his boat; they were suited to prolonged low speed operation and proved extremely reliable.

In 1915 Harry Ricardo formed Engine Patents Ltd, the company which is today known as Ricardo plc.[2] In this year he was contacted by the Royal Naval Air Service (RNAS) to help with the design of a device to manoeuvre battle tanks into position aboard railway wagons. In fact, he discovered numerous problems with the tank engine itself that he was able to help with. For example, the existing engine, a Daimler 105 bhp sleeve-valve gasoline engine, had a poor lubrication system and many failures occurred as a result. Its purely reciprocating sleeves supplied a large quantity of oil into the exhaust port and the tank's location was revealed by the pall of blue smoke. Harry designed a new 4-stroke crosshead-type engine producing 150 bhp with no visible smoke.

Around 8000 engines were produced to power the tanks. Many more of these engines found applications powering generators in workshops, hospitals and camps. The success of this venture yielded £30,000 in royalties and led to Harry Ricardo being able to buy the land and set up the company on its present site in 1919.[3]

## Technologies that shaped the company's first 100 years

Here is a selection of Ricardo-inspired developments marking advances in land, sea and air environments.[4] (Ref 4 covers all of these in more detail)

### 1906: The Dolphin motor car

Started during Harry Ricardo's student days in Cambridge, the Dolphin project for a range of passenger cars was technically interesting, but ended in commercial collapse. Ricardo himself was not involved in owning or running the company, but its failure steered the young engineer away from manufacturing and towards research and development. Ricardo, while still at Cambridge, had patented an innovative split-cycle two-stroke layout, with the first cylinder pumping the compressed fuel-air mixture into the second, where the combustion took place. The combustion chamber was advanced, too, allowing a degree of charge stratification. His cousin, Ralph, who had the idea of starting the Dolphin motor car works in Shoreham, and was the main partner, centred the car's propulsion system on Harry's engine, as options for internal combustion engines in the early 1900s were very limited.

Both two and four-cylinder versions were built, along with a large car to suit the bigger engine. Eight of the large cars were built, mainly for family members, but only a single prototype of the smaller machine. This was used by Harry Ricardo for his personal transport for the next ten years. The intention had always been to offer the engine to other vehicle builders, but though the car business struggled, a measure of success came from an unexpected quarter. The fishermen at Shoreham harbour were so impressed with a prototype boat fitted with the unit that they all quickly adopted this engine in their boats. Particularly appreciated was the unit's smooth and steady low idle speed, which was perfect for their coastal fishing requirements.

Though the Two-Stroke Car Company closed in 1909, the engine design lived on as a 700 cc, 12 hp unit powering the Lloyd Vox light car, of which 100 were sold in the run-up to the First World War.

### 1915: The Mark V Tank Engine

The background to Harry Ricardo's development of a new engine for the Mk V tank is well known. Top military officials had long been divided over the merits of these so-called land ships, which were originally designed to allow an advance in the face of machine-gun fire from the enemy lines. It fell in the end to the Admiralty, with the strong support of Winston Churchill, to make the case for tanks, and by 1915 the go-ahead had been given for a limited development programme – albeit with a low priority in the use of scarce resources such as aluminium and high-grade fuel. The early tanks suffered from many problems, from uncertainty about battlefield tactics and communication, to unreliability, tricky manoeuvring and the tendency to emit thick smoke under acceleration. The element of surprise had been sacrificed, and the tanks needed significant improvement if they were to influence the course of the war. Through his contacts in government circles, Harry Ricardo was entrusted with the design of a wholly new engine for the 28-tonne machines and the creation of a network of factories to build the units in large numbers.

More than 8000 units were built and saw service in everything from tanks and transports to railway engines, boats and stationary applications.

### 1919: Turbulent head

The side-valve engines of the immediate post WW1 era were inefficient, and the intrinsic limitations of their combustion chamber geometries prevented them from achieving high enough Compression ratios to develop reasonable power outputs. Only the more complex and much less reliable overhead valve engines could manage respectable power figures; these were generally confined to sports and expensive luxury cars.

Harry Ricardo's contribution was to understand the combustion process and develop a cylinder head that retained the simplicity and the low cost of the side valve layout, but which rethought the shape of the combustion chamber to provide both the greater compression required for power, and the improved gas mixing that he realised was essential for stable combustion and the avoidance of damaging detonation. This he achieved with an asymmetric profile to the combustion chamber which used a squish effect to induce turbulence in the gases above the rising piston, compressing them into the chamber to one side, where they were ignited by the spark plug.

The quickly patented design was simple and very effective, giving low-cost side-valve engines the performance of the much pricier OHV units of that day. The development was immediately popular with a wide variety of vehicle makers, from Vauxhall and Triumph to Harley-Davidson, Hillman-Humber, Ford, Austin and many others. Soon it was to be found on almost every side-valve engine in production and, charged at around 37 pence per engine, earned Ricardo substantial royalties until improved fuel quality eventually allowed overhead valves to take over in the 1950s.

### 1931: Indirect injection Diesel – the Comet chamber

Inspired though it was, the Comet diesel cylinder head, which provided Ricardo with much of its royalty income from the 1930s until almost the turn of the century, was not a single, isolated invention. As befitted Harry Ricardo's ever-inventive turn of mind, Comet was a concept that evolved and improved continuously right through to the 1990s, keeping pace with market and legislative demands and adapting itself to new vehicle categories. Invariably, at least one of the many single-cylinder test engines in the Shoreham laboratories would be evaluating a new variant on the Comet principle.

The original Comet Mk1, which first appeared in AEC's engine for London bus fleets in the early 1930s, was followed by improved versions giving more economy, better cold starting – for some while a weak point of Comet engines – and more power. By 1936, 18 UK companies and 14 foreign firms had taken up licences for the technology: among these organisations were well-known brand names such as Citroën, Berliet, MAN, Armstrong Siddeley and de Havilland Aircraft. Fiat was quick to sign up, after its technical director was given a demonstration by AEC and London's bus operator.

Development progressed apace, with the principle spreading into other sectors such as agriculture, where the Standard-Triumph 23 diesel proved a big success in Massey Ferguson tractors. Comet diesels also powered successive generations of Land Rovers and a large number of Peugeots, including the big-selling 403. By the 1960s, Fiat was the biggest licensee. Japan and India were fertile ground, too, and by the time the Comet patents began to expire in the 1970s, nearly all diesel cars on the market were using the system. One fresh application even appeared just after the millennium.

### 1934: Citroen Rosalie – the world's first production diesel passenger car

André Citroën was a pioneer in many more ways than just the front wheel drive, streamlining and unitary construction he is best known for today. In the late 1920s, he had been quick to appreciate the potential of the diesel engine for passenger cars and, having followed Ricardo's work with AEC on the London buses fitted with the innovative Comet cylinder head, he visited Ricardo at Shoreham in 1933 to discuss possible co-operation on a 1.7-litre unit suitable for a medium-sized model. With Citroën engineers working alongside Ricardo specialists at Shoreham, progress was swift, and soon prototypes were running on the road, reportedly to the "complete satisfaction" of M. Citroën.

The model was homologated under the name Rosalie in late 1934 and a pre-production run of some 50 or 75 units were loaned to taxi drivers for in-service evaluation. When these were sold, the Rosalie became the first-ever production diesel passenger car to be marketed commercially, pre-dating the Mercedes 260D by nearly a year, though historians continue to dispute the actual figures.

The Rosalie's career would have been more glorious but for the death of André Citroën in 1935, the subsequent financial difficulties of his company and the German occupation of France: in the event, several hundred were built, along with a much larger number of engines for vans and other commercial vehicles. As a light and highly efficient family car, the Rosalie earned great praise from the French press and set the template for the models that today account for more than half of all sales across Europe.[citation needed]

### 1936: Flying Spray

With gasoline-fuelled aero engines having advanced rapidly during WW1 and the 1920s, many engineers – including some in the military – began investigating the diesel principle in the hope that similar or even greater potential might be found. At the behest of the Air Ministry, Ricardo had been working on a variety of engines for both aircraft and airships, and in 1929 he received a request to work with Rolls-Royce to convert a Kestrel V12, at that time the standard engine for fighter aircraft, to diesel operation.

To facilitate the change, Ricardo also removed the Kestrel's four overhead valves per cylinder and replaced them with a single sleeve valve system, a move entailing a very considerable redesign. The first results were very encouraging, with more power and lower specific fuel consumption than the gasoline version. This attracted the attention of Captain George Eyston, one of a trio of racing drivers who established successively higher land and water speed records in a variety of machinery. Eyston had been holder of the diesel speed record in a specially prepared saloon car, also with a Ricardo engine (an AEC bus engine with the Comet combustion system), and his later 1934 record breaker had been powered by the gasoline version of the Kestrel: logic suggested that the RR/D diesel Kestrel in the same car would be a good combination.

And so it proved, with the Flying Spray taking the world diesel speed record at Bonneville in May 1936, at 159 miles per hour (256 km/h) – a record that stood until 1950.

### 1936: Rolls-Royce Crecy

Sir Henry Royce, co-founder of Rolls-Royce, lived close to Harry Ricardo on the Sussex coast, and as early as 1931 they discussed the possibility of a new high power-to-weight aero engine for use in interceptor aircraft. The requirement would lead to some of the most elaborate piston engines ever designed. Ricardo had been working on a two-stroke diesel single-cylinder experimental engine, the E.65. The Rolls-Royce engine would be a V12 model with direct injection, stratified charge, sleeve valve with uniflow scavenging, and high-pressure supercharger. Control was entirely via fuel metering, with no conventional throttle. The fuel was later changed to petrol, leaving the Crecy with a unique combination of features for a petrol engine.[5]

Harry Ricardo saw the two-stroke aero engine as a logical bridge between conventional piston engines and the future generation of gas turbine jets; he was able to point to an estimated 50 percent advantage in power and 15 percent in fuel consumption compared to the ubiquitous Rolls-Royce Merlin. However the development of the powerful Rolls-Royce Griffon and Napier Sabre (also a sleeve-valve design) on the one hand, and the Rolls-Royce Welland and de Havilland Goblin jet engines on the other, meant there was no need for an interim piston engine and, in December 1944, the project was dropped, much to Ricardo's regret.[5] Some of the know-how would later be exploited in other programmes.

### 1938: Alfa Romeo V16 racing engine

In the intensely nationalistic pre-war atmosphere prevailing in Italy, Alfa Corse, under the leadership of Enzo Ferrari, was impelled to compete, and its Spanish-born head of R&D, Wifredo Ricart, turned to Harry Ricardo for technical advice. The supercharged Tipo 162 3-litre V16 that emerged from this collaboration was destined never to race, let alone be tested in anger, yet it stands as one of the most advanced competition engines of the era, and was influential in the design of many subsequent racing engines, including Alfa's post-war 158 and 159 and BRM's own ultra-complex V16.

Together, Ricart and Ricardo laid down a wide-angle V16, with 135 degrees between the banks; it was to be a high-revving unit, with square bore and stroke dimensions – an unusual feature at the time. Two-stage supercharging boosted the early testbed engines to 490 hp at 7800 rev/min, with the expectation of reaching 560 hp with an increase in engine speed to 8200 rev/min. These were the highest specific power figures ever achieved – with the exception of Mercedes-Benz's just-released 1.5-litre V8.

Though enough components had been made for six examples of this engine, Italy's entry into the war put an end to all further development. Yet there is one important legacy of this remarkable engine: Ricart planned a roadgoing coupé, the Tipo 163, using this engine centrally mounted in non-supercharged form. This, it could be argued, would be the blueprint for the mid-engined supercars that today dominate the high performance market.

### 1941: Barostat

Although Harry Ricardo was deeply committed to the philosophy of sophisticated gasoline-fuelled piston engines for Britain's World War Two fighter aircraft, he was equally aware of the potential of the gas turbine engine, and had already helped Frank Whittle with the combustion chamber and burner design of his prototype jet engine. Ricardo workshops fabricated the 90-odd burner-atomizers used in the engine, which was already undergoing testing. The other problem concerning Whittle was the question of the fuel supply to the jet engine and how the pressure in the system could be stabilised as the aircraft climbed and the ambient atmospheric pressure varied. No solution had yet been found, so Ricardo was asked to assist. He proposed a device, a relief valve subsequently named 'Barostat', which automatically reduced the pressure in the fuel lines as the aircraft gained altitude. This relieved the pilot of having to continuously adjust the throttle settings, and avoided the risk of the engine overspeeding.

The experimental Gloster E.28/39, built to test Whittle's engine, made the UK's first jet-powered flight in May 1941, and subsequent development led ultimately to the Gloster Meteor, the twin-jet fighter that entered RAF service in 1944. During the development of Whittle's engine, Harry Ricardo had declared that he would waive any patent royalties on devices connected with the jet engine. Whittle himself was fiercely protective of his design, and both were unhappy when the General Electric Company in the US, which had been allowed to copy the engine, itself patented the unit and the Ricardo Barostat.

### 1951: Fell locomotive

The brainchild of Lt-Col LFR Fell, who convinced his friend Harry Ricardo to undertake its development, the 4-8-4 Fell locomotive had one of the most complex drivetrains ever seen in the railway industry.

Fell's intention had been to sidestep the energy conversion losses being encountered in the diesel-electric locomotives then coming into service. To this end, he devised an all-mechanical power transmission system which provided the required variable gearing and which was claimed to be lighter than a standard arrangement. No fewer than four 500 hp V12 Paxman-Ricardo diesel engines were specified, along with an additional pair of AEC-Ricardo marine diesels, whose job was to power the Superchargers feeding the four main engines. Two large banks of radiators and fans ensured cooling for all six engines, and twin cabs and duplicated controls enabled the locomotive to operate in either direction.

The four main engines were coupled hydraulically to the central gearbox incorporating three differentials. The system allowed the driver to employ any number of the main engines, depending on the load and the speed required. The cleverness of the arrangement was in the way that the supercharge pressure delivered by the two auxiliary engines fell progressively as the speed of the main engines rose, thus ensuring constant horsepower over the whole rpm range. The locomotive entered trial service on the London to Derby line in 1951 but fell victim to rationalisation within the newly nationalised rail network. Nevertheless, Ricardo's interest in rail transport continued, and the company has advised on many rail and rolling stock programmes in the years that have followed.

### 1959: Combustion photography

Harry Ricardo's famously vivid 1931 lecture to the Royal Society of Arts, in which he invited his audience to "accompany me inside the cylinder of a diesel engine", passionately described the process of diesel combustion, in great detail. Yet for all its drama, it was largely a work of his brilliant imagination and deduction, for at that time no one had been able to see inside a working cylinder, whether gasoline or diesel.

Early tests with wool tufts, Stroboscopes and tiny windows had given some indications of the phenomena inside, but it was only in 1959, with an article in New Scientist, that Ricardo engineers Hempson and Scott were able to illustrate their argument with a sequence of colour photographs of actual combustion taking place. Taken using a series of mirrors and a Fastax camera running at 16,000 frames per second, this was the first of a series of major steps in advancing the understanding of the combustion process and the formation of pollutants within the cylinder. Crucially, engineers were no longer blind when it came to picturing combustion events, helping combustion chamber design to progress from an art to a science.

"Transparent" engines of different descriptions and increasing complexity later evolved and could be used to evaluate different phenomena such as swirl, tumble and squish, and to study flame propagation in minute detail. Yet the biggest step of all came with the development of digital modelling of the engine and the gas flows within it. Now, immensely sophisticated CFD (Computational Fluid Dynamics) simulations and visualisations guide today's engine designers, and any engine configuration can be simulated, and its performance predicted, with a high degree of confidence in its accuracy, and without the need to build any hardware whatsoever.

### 1966: Jensen FF

Tractor magnate Harry Ferguson had long been convinced that four-wheel drive would provide important safety benefits on the road, as well as in the rough. Having failed to persuade British car makers to adopt his system, he and a core group of engineers developed a Formula 1 car to prove the point.

The P99 was driven to a single Formula 1 win, in 1961, by Stirling Moss, and though Ferguson died in the same year, the principles were developed further and applied to an innovative luxury coupé – the 1966 Jensen FF. Powered by a Chrysler V8 engine driving all four wheels through a three-speed automatic transmission, the elegantly styled GT also incorporated the aircraft-derived Dunlop Maxaret anti-skid braking system, leading it to be declared the world's safest car.

Despite its status as the first ever four-wheel drive road car and the first to feature ABS, the FF's high price kept it out of reach of many buyers; it was the similarly stylish but simpler and less expensive rear-drive Interceptor that stole the public imagination, and only 320 examples[6] of the FF were made.

Ferguson's company, by then known as FF Developments, went on to provide valuable 4WD expertise to rally teams during the Group B era, and pioneered the viscous coupling unit, which found widespread application in road vehicles such as the Ford Sierra XR4x4, and Sapphire Cosworth. The company was acquired by Ricardo in 1994 and forms the kernel of the Ricardo group's driveline operations in the UK.

### 1968: Recycle Diesel

The title of this device does not point to a capacity to re-use diesel fuel, nor to run on other forms of recycled fuels. Instead, it was the outcome of a request by the US Navy in the late 1960s to develop a diesel power unit capable of running for extended periods at ocean depths of up to 600 feet (180 m). The 'recycle' in its title refers to the unit's ability to blend a proportion of its exhaust gas with fresh oxygen (carried on board as HTP) and diesel fuel to enable underwater operation for up to 12 hours at a stretch.

The requirement for the Recycle Diesel arose because the growing military and civil interest in oceanographic research had highlighted the poor performance of submarines using pure electric power units with lead-acid batteries.

The US Navy specification for the device included simple controls and automated operation by one person, along with a 30 hp output – sufficient to give a 20-tonne submarine a speed of 8 knots. The closed-loop nature of the engine's operation required precise matching of the quantities of diesel fuel and oxygen injected into the flow of exhaust gases, themselves accurately controlled for volume, temperature and water content. Compressed air was used to start the Perkins four-cylinder diesel so as to avoid the risk of an explosive mixture of oxygen, and the finished power pack had three times the power to mass of batteries and could power a 10-tonne submersible for 16 hours at 6 knots.

Recycle even appeared on the British television programme Tomorrow's World but it eventually lost momentum within the US military and was overtaken by newer developments.

### 1970: Noise & vibration

Ricardo opened its first dedicated noise control facilities – an anechoic cell and a handful of staff – in the early 1970s when drive-by noise legislation was soon to be introduced.

Today, Ricardo's NVH work has expanded into areas of subjective noise and sound quality as well as having to meet legislative exterior noise limits.

That trend has continued, and over the years the number of test cells and staff has steadily risen. Sound quality has featured strongly in recent work for Jaguar and McLaren – the latter featured on a television programme – as well as for BMW on the Mini Cooper S.

Noise simulations of different proposed grand prix engine types have also been made, comparing an in-line four and a V6 against high-revving, naturally aspirated V8s. No hardware was built: all was accomplished using WAVE software.

### 1975: Turbocharged Opel 2100D

This 1970s-era Opel Rekord was a Ricardo prototype based on a standard production vehicle, and served as a technology demonstrator. Under the bonnet was an important new type of engine – a turbo diesel – which Ricardo specialists were confident held significant potential for the future.

The volume of diesel cars in circulation in 1970 was very low, perhaps because the vehicles themselves were generally slow to start, noisy, smoky, and with sluggish performance, they tended to be confined to Europe's taxi ranks, rather than appealing to the mainstream buyer.

Ricardo's aim with the turbo diesel demonstrator was to match the performance of the gasoline car of the same 2.1 litre displacement; this was achieved, with a 40 percent increase in power over the standard model. The twin fuel crises of the 1970s jolted Europe's carmakers into action, and by the end of the decade Volkswagen had a diesel Golf, Mercedes-Benz had developed its five-cylinder turbo diesel, and Peugeot was first to market with its 604 turbo diesel.

1981: HRCC VW Jetta

More of a working research vehicle than a technology demonstrator, the 1981 VW Jetta prototype was part of Ricardo's HRCC programme to improve the fuel economy of gasoline engines through a number of measures, including a much higher compression ratio, the ability to run on very lean air-fuel mixtures, and the tolerance of lower- octane fuels.

The HRCC (High Ratio Compact Chamber) Jetta engine benefited from the lessons learned in nearly five years of fundamental research and testing of lean burn concepts on single- cylinder test engines. In its gasoline form, it claimed a thermal efficiency some 10 percent better than the standard engine, along with an improvement in actual economy of five percent. The HRCC cylinder head had different combustion chamber geometry and relocated spark plug and valves; the inlet system was revised, too, as was the camshaft profile. In combination with reshaped pistons, it produced a compression ratio of 13:1 – extremely high for the time – yet could run on lower octane fuel than its conventional counterpart.

The Jetta was said to have demonstrated good driveability, often a drawback with lean-burn vehicles, and though its hydrocarbon emissions were higher than the donor car's, it claimed lower NOx and CO outputs.

This programme attracted the attention of the US EPA, which commissioned a study of a methanol-fuelled version of the HRCC engine, again concluding that there was potential in the design.

### 1982: Chevrolet Diesel

After the shock of the double fuel crises of the 1970s, US manufacturers took action to stem the fuel thirst of their large and heavy vehicles. Some rushed to import smaller models, others to de-rate the big gasoline V8s that had long dominated the market. However, some of the moves backfired: many of the hastily created diesels proved tricky to drive, unreliable or even self-destructive, giving diesel a bad name in the US market that took decades to shake off.

Yet, even after that initial fuel hysteria had subsided and the market returned to normality, GM realised that properly delivered diesel power would soon be an essential part of the product offer of any major producer, especially when it came to pick-up trucks and other dual purpose vehicles. Accordingly, GM commissioned Ricardo in the US to assist with a fresh start on diesel, and for the 1982 model year Chevrolet appeared with a new 6.2-litre V8 offering upwards of 130 hp.

Ricardo's adaptation of the existing all-iron gasoline V8 featured the company's famous Comet cylinder heads and indirect injection using mechanical injectors and a rotary pump; with identical engine mounts and bellhousing bolt patterns to the gasoline version, the diesel was a straight swap and easily integrated on the production line.

Evidence of the efficiency of the design came with a 20/24 mpg EPA city/highway rating, and the solidity of the unit was clear when it was chosen to power the Hummer H1. The engine remained in production until 2000, when it was replaced by the Duramax series.

### 1986: Voyager aircraft

The Voyager aircraft set out to fly non-stop right around the world without refuelling. Ricardo was one of the companies assisting designer and pilot Richard Rutan in the five-year project, reconfiguring the twin Teledyne Continental engines for maximum efficiency. Mounted front and rear of the central fuselage carrying the two crew, the engines had different roles: one was to be operated intermittently at full throttle for best specific fuel consumption during climb, while the other would run continuously for cruise. The key to in-flight economy, said Voyager officials, was to keep the engines running as lean as possible.

With a dry weight of just 1250 kg, but carrying over 3100 kg of fuel, the composite construction aircraft was optimised for maximum lift and minimum drag; with a maximum airspeed of less than 200 km/h, it was vulnerable to headwinds and turbulence, often forcing the crew to change altitude in search of calmer conditions. Yet the calculations proved accurate, even if the fuel flow readings in flight were misleading: on 23 December 1986, nine days after taking off, Voyager touched down again at Edwards AFB in California, having flown more than 40,000 km at altitudes up to 20,000 ft (6000 m). In its tanks remained just 56 litres of fuel.

### 1996: Ferrari 456

Ferrari commissioned FFD-Ricardo in the US to develop an automatic version of the 456GT four-seater coupé, preserving the V12's famous driving experience but offering ease of use. Ricardo configured a four-speed torque converter transmission from scratch, using bought-in internal components and with a novel layout dictated by the six-speed manual Ferrari's rear transaxle gearbox architecture. The propeller shaft from the front-mounted V12 drove the torque converter mounted ahead of the rear axle line, while the gearbox was positioned behind and fed its output forward to the differential.

Labelled GTA when it was launched in 1996, the automatic 456 drew powerful praise from an unexpected quarter – enthusiasts' magazines. "One of the best auto setups on any fast GT", said Car Magazine, revelling in a transmission that allowed the engine to rev to 7000 rev/min before shifting to the next ratio.

### 2006: JCB Dieselmax

Ricardo had previously assisted JCB with the design of the new 444 generation of diesel engines for its range of construction machines. Later, JCB and Ricardo decided to make a bid for the world diesel land speed record using the Ricardo-designed JCB engines.

Ricardo simulations pointed to a power requirement of 1500 hp to reach the 350 mph (563 km/h) target, and with a detailed knowledge of the engine's every component, Ricardo's diesel performance specialists worked out that, with a double engine arrangement, that target could be within reach.

It was a tall order to boost each engine from 125 hp to six times that output: laid on their sides and fitted with dry sumps, each four-cylinder, 5 litre engine ran at 6 bar boost, with intercooling and water injection; soon they were giving 600 hp. A number of bespoke components were required, including a solid billet crankshaft, competition fuel injectors and pistons and modified cam profiles.

Wing Commander Andy Green, piloting the JCB Dieselmax LSR car at Bonneville Salt Flats in Utah, in August 2006, successfully achieved a new diesel speed record of 350.092 miles per hour (563.418 km/h).

### 2008: Foxhound & military vehicles

Developed by Ricardo under the name Ocelot, the British Army's Foxhound is a radical take on the formula of a light-protected patrol vehicle. Changing military requirements such as peacekeeping duties and patrolling in potentially hostile areas were exposing the limitations of existing designs based on medium-duty 4x4 platforms; in particular, improved protection was needed against roadside bombs and IEDs.

Among the requirements of the military specification were a maximum weight of 7.5 tonnes (to enable airlifting by a Chinook helicopter) and a width of no more than 2.1 m. The architecture developed by Ricardo and its partner Force Protection Europe is a radical one: the hull is V-shaped to deflect bomb blasts, all the powertrain and mechanical components are housed inside, and interchangeable rear 'pods' allow it to do duty as a flatbed pick-up, ambulance or reconnaissance vehicle. The 3.2 litre six cylinder engine drives all four wheels, and even if an entire wheel and suspension corner is blown off, the vehicle can continue.

Ease of access for the maintenance or repair of the mechanical elements is a high priority: within the hull the engine, transmission, exhaust and air intake are all mounted on a single frame, allowing the assembly to be removed as a whole and replaced by another in less than an hour.

Ricardo has manufactured a substantial batch of Foxhounds for the British Ministry of Defence and the experience gained in the programme has fed back into subsequent projects for military vehicles.

### 2009: McLaren M838T

In 2009, McLaren selected Ricardo as a development and manufacturing partner for a new engine for road car applications. Ricardo – through FFD – had previously supported McLaren by supplying the production transmission for the original McLaren F1 road car.

The technical demands were challenging: the engine had to be the most powerful, the cleanest and the most efficient in its class. Just 18 months were available between design start and pilot production. With the deployment of world-class software tools, the basic configuration of the engine was soon established — a 3.8 litre twin-turbo V8 — and the use of design for assembly techniques helped avoid tricky stages in the assembly process.

With a total of over 400 Ricardo staff contributing to the project, both the engine and the state-of-the-art manufacturing facility at the Ricardo HQ in Shoreham were complete by the January 2011 deadline, and by the end of the year 1500 engines had been delivered. True to the specification, these engines did combine remarkable power – 600 hp – in relation to their CO2 emissions of just 279 g/km. Power has subsequently been raised first to 625 hp and then to 650, and McLaren has since increased its contract to 5000 engines a year.

### 2011: Ricardo co-operation with Jaguar Land Rover

For as long as it has existed, Ricardo has maintained consulting agreements with the major automakers, engine builders and government organisations of the day. These agreements continue to prove of great value to company managements requiring consultancy and technical advice.

The special working relationship with Jaguar Land Rover was announced in November 2011 and relates to product development geared towards delivering the best value. This agreement, announced the two companies, would enable selected programmes to be delivered to market as quickly as possible. Two examples of key programmes with active Ricardo support are the four-cylinder gasoline versions of the Jaguar XJ and XF luxury cars for the Chinese market, and the all-wheel drive derivatives of these same models, aimed at buyers in the North American snowbelt states. Ricardo has been able to support Jaguar Land Rover in a period of exceptionally rapid expansion and model development.

Further examples of Ricardo support for Jaguar Land Rover include the manual transmission version of the new Jaguar F-Type sports coupé and convertible, and their four-wheel drive editions. The benefits are mutual: Jaguar Land Rover has been able to bring more products to market in a shorter time and to a world- class standard, and the collaboration has led to shared expertise in key engineering and programme management domains.

### 2011: TorqStor Flywheel energy storage

The storing of energy in a fast-spinning flywheel has a natural appeal to engineers, promising maximum efficiency because there are no wasteful energy conversions required – the system is entirely mechanical. In 2011, Ricardo announced an important breakthrough in its pioneering Kinergy (the forerunner of TorqStor) high-speed flywheel project, introducing a magnetic coupling and gearing system to allow energy to be transferred to and from the flywheel directly through the containment wall holding the flywheel in its vacuum. This gives much better efficiency than using a mechanical shaft spinning at flywheel speed, which can be up to 60,000 rev/min, and is also able to provide a step-down to much lower speeds to make that energy more accessible.

The Kinergy concept, rated at 960 kJ, was a feature of the Flybus mechanical hybrid project led by Torotrak and including Optare and Allison Transmission. Demonstrating the effectiveness of flywheel systems for energy saving where the duty cycles are regular and repeated, Ricardo also showed the system in the HFX excavator in 2013; the company estimated a fuel saving of 10 percent, with more possible in a wheel-loader application.

Further applications have been explored in a variety of fields, including diesel trains. Ricardo, Artemis Intelligent Power and Bombardier are collaborating on the DDflyTrain research project to use the next-generation TorqStor flywheel system to bring regenerative braking, previously only available on electric trains, to diesel-hydraulic units. In recognition of TorqStor's potential for simple and cost-effective energy saving through hybridisation, the system was selected by the SAE World Congress for its 2014 Tech Award. A Ricardo-led research project in conjunction with the UK Department for Transport highlighted technology upgrade options for the rail network's diesel fleet, and the company is working with Bombardier and Artemis to integrate Ricardo TorqStor flywheel energy storage to allow brake energy recovery in diesel rolling stock.

### 2015: Rail & marine engineering

Other Ricardo rail industry projects have included an assessment of the viability of using liquefied natural gas instead of diesel fuel for the Canadian National Railway, the design and development of safety-critical electronic control systems, and collaboration with Scomi Rail of Malaysia on the development of monorail driveline technologies. A major step came in the first quarter of 2015 with the acquisition of Lloyd's Register Rail and the formation of a separate Ricardo Rail business unit.

In the marine area, Ricardo expertise has been applied to everything from small outboard motors and stern drives, to large 8 MW 16-cylinder diesels; novel engine concepts promise efficiency levels close to 60 percent, and computer modelling of complete ship propulsion systems is able to calculate the likely benefits of competing energy storage technologies and give return-on-investment predictions. One programme identified, and rectified, the deck vibration issues affecting a 55-ft luxury motor cruiser.

### BMW C600 maxi scooter

Ricardo, having successfully collaborated with BMW on the development of the upgraded four-cylinder K1200 sports bike in 2008 and the six-cylinder K1600 luxury tourer in 2011, was chosen as development partner for the new maxi scooter.

Part of Ricardo's brief was to visit the large number of outside suppliers to the project to ensure that manufacturing was up to BMW's high standards. On a more technical level, a 270-degree crank angle was selected for the parallel twin engine in order to give it a more potent exhaust note, reminiscent of a 90-degree V twin. The scooter went through its early project gateways based solely on analysis and simulation results.

### Clean energy

Major energy sector programmes that Ricardo has undertaken in recent years include engineering and analysis support for a Samsung Heavy Industries' 7 MW offshore wind turbine, the development of a reduced-cost and more robust solar collector and engine generator, and drivetrain technology benchmarking for a major wind power equipment manufacturer.

In addition, a major study for the UK National Grid on grid balancing through the charging of electric vehicle fleets gained widespread coverage, and in late 2014 Ricardo acquired PPA Energy to significantly upgrade its capabilities across the sector.

### Taxibot

With the boom in air travel at the beginning of this century came a steep rise in aviation emissions – and not just in the air. The increase in aircraft movements has meant an even steeper jump in ground-level emissions as planes manoeuvre and taxi under their own power before waiting for their takeoff slot.

The finding that the average passenger jet aircraft consumes over 477 litres of fuel while taxiing led Israeli Aerospace Industries (IAI) to investigate a ground handling tractor capable of towing the aircraft to its takeoff position, where the main engines would then be started. This would not only save fuel, emissions and ground- level noise, but would also reduce the amount of ground-level engine running, where debris ingestion is a major risk.

IAI had a concept for a semi-robotic tug – Taxibot – which clamped around the aircraft's nosewheel and was controlled remotely by the pilot, just as if he or she was taxiing the plane in the normal way. Ricardo refined the concept, adding a third axle and an improved control system; a key step was to use the aircraft's brakes for slowing down.

Ricardo built the tug unit and a test trailer which replicated the load of a Boeing 747 aircraft, and later a retired 747/200 was used to further refine the feel of the system, as experienced by the pilot. IAI has since been working with Airbus at Toulouse and, more recently, Taxibot has been under evaluation at Frankfurt Airport and has been certified by Boeing for the 737.

## Some additional notable projects

* The draught-sensing three-point linkage used by tractors. Ricardo's innovation was to automate it so that it only operated when the vehicle was moving.
* Investigations into the Stirling engine for fuel-efficiency – commissioned by the U.S. Department of Energy in 1978.
* Direct fuel-injection systems for aircraft and automobile engines.
* About 1990 Ricardo undertook the development of an automatic layshaft transmission as part of an integrated power-train control system.[7]
* Transmissions for motorsport, notably the gearbox for the Audi R8 used in the 24 Hours of Le Mans
* Improving the BMW K1200 series motorcycle engines which were subsequently fitted to the BMW Motorrad K1300S, K1300GT and K1300R models.[8]
* Executing the complete design of the six cylinder motor for the BMW Motorrad BMW K1600GT and K1600GTL, and the design and manufacture of its transmission, under contract to BMW.
* Development of the BMW midsize scooter C400 X and C400 GT. New single-cylinder ICE Power unit with 350 ccm displacement and design of complete vehicle layout including integration, validation and industrialisation.
* An engine capable of switching between two-stroke and four-stroke cycles is the result of a collaboration between Ricardo, Denso, Jaguar Land-Rover and the Centre for Automotive Engineering at the University of Brighton. The engine is claimed to improve fuel economy by up to 25%.[9]
* The company collaborated with Xtrac by assisting with some parts manufacture for the 1044 gearbox, supplied in 2010 to three Formula One teams: Lotus, Virgin and HRT. This gearbox was mated to the Cosworth CA2010 engine.[10]
* Ricardo undertook an investigation on the behalf of SAIC into the Head gasket issues of the Rover K Series and to remedy the problems with engine. The improvements included a redesigned head and case, as well as changing the manufacturing process and quality of material. No head gasket issues have been recorded and thanks to Ricardo, the SAIC Kavachi is seen as the ultimate version of the Rover K Series.[citation needed]
* Transmissions manufactured by Ricardo are used in the Jaguar XJ220, Ford GT, Aston Martin Valkyrie and the 270 Mph Hennessey Venom GT.[citation needed]

## References

1. ↑ Morrison, David (2012). Harry Ricardo – A Passion for Efficiency. Newcomen. pp. 153–176. ISBN 978-0-904685-15-2.
2. ↑ Ricardo, Harry (1968). Memories and Machines, The Pattern of My Life (1st ed.). Constable London.
3. ↑ Reynolds, John (1999). Engines and Enterprise – The Life and Work of Sir Harry Ricardo. Sutton Publishing. ISBN 0750917121.
4. ↑ Lewin, Tony (2015). Ricardo, 100 Years of Innovation & Technology. Evonprint Ltd. ISBN 978-0-9573292-1-8.
5. ↑ 5.0 5.1 Nahum, A., Foster-Pegg, R.W., Birch, D. The Rolls-Royce Crecy, Rolls-Royce Heritage Trust. Derby, England. 1994 ISBN 1-872922-05-8
6. ↑ Robson, Graham (2006). A to Z British cars 1945–1980. Devon, UK: Herridge. ISBN 0-9541063-9-3. https://archive.org/details/azbritishcars1940000robs.
7. ↑ Gott, Philip G., Changing Gears: The Development of the Automotive Transmission, Society of Automotive Engineers, 1991, Pages 366–369
8. ↑ Carter, Tony. "A VERY SPECIAL K 1300 THAT IS". MSL April 2009 – Issue no. 583. Motorcycle Sport & Leisure Magazine. http://www.mslmagazine.co.uk/articles/583/tested_583.htm.
9. ↑ The Engineer: Technology & Innovation Awards 2009, The Engineer, London, 9 November 2009, Page 43.
10. ↑ Racecar Engineering, Vol 20 No 3, March 2010, Pages 31–36.

## External links

* Ricardo plc website
* Ricardo Extends DCT Production for Open-top Bugatti

0.00

(0 votes)

|

Retrieved from "https://handwiki.org/wiki/index.php?title=Company:Ricardo_plc&oldid=1048021"
*[No.]: Number
*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template