27th October 2011
25 Years ago today the Big Bang occurred. No not the creation of the universe, well in some people's minds perhaps, but it was the change from open outcry to electronic and screen based trading and a change in London Stock Exchange Rules because of a huge increase in market activity.
This was a momentous change and the fact that we still have voice broking is testimony to how archaic we are or perhaps how sophisticated a financial instrument is.
I have never been a fan of voice broking when a price can be made on the screen. It takes a broker to quote the price and several back office staff to execute the trade when a simple screen price could surphise.
When volatiltiy is the corner stone of the market who can stand up and be counted? Sarkozy might need a box.
Posted by Andrew Johnston
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