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Editor's letter - Taking stock of the market.
(From Financial Director)
When BBC Breakfast runs its morning 'City' slot, it cuts from the studio to go live to the London Stock Exchange. As if that mattered. There's no trading floor, of course - hasn't been for more than 15 years - and not even any screen traders within shot. In fact, what actually takes place at the new stock exchange building itself probably wouldn't look radically different from The Office. For the stock exchange itself, its media centre - where the BBC's Declan Curry and reporters from Sky News, Channel 4 and others do their commentaries - is not only a revenue stream in its own right, it's now "replacing the old trading floor as the public face of the Exchange", says its annual report. The image is the reality.
It's easy to get quite emotionally attached to the stock exchange. Admittedly, it's not such a good show as it used to be back in the days when a top-hatted gentleman known as the government broker would stride onto the floor and announce a new gilt-edge 'tap' stock (probably at a ludicrous interest rate of about 12%), while floor ...
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