The Financial Revolution was a set of economic and financial reforms in Britain after the Glorious Revolution in 1688 when William III invaded England. The reforms were based in part on Dutch economic and financial innovations that were brought to England by William III. New institutions were created: a public debt (first government bonds were issued in 1693) and the Bank of England (1694). Soon thereafter, English joint-stock companies began going public. A central aspect of the financial revolution was the emergence of a stock market.