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The Intelligence from The Economist

Ticker shock: London’s wheezing stockmarket

The Intelligence from The Economist

The Economist

Daily News, Global News, News

4.53.7K Ratings

🗓️ 6 October 2021

⏱️ ? minutes

🧾️ Download transcript

Summary

A global financial centre must move with the times, and—so far—London has not. Our correspondent lays out the causes of the malaise, and how to fix it. For many years compulsory military service was on the decline; we ask why so many countries are bringing it back. And why Europe is the destination for a growing class of digital nomads.

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Transcript

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0:00.0

Hello and welcome to the Intelligence from the Economist, on your host, Jason Palmer.

0:08.9

Every weekday we provide a fresh perspective on the events shaping your world.

0:17.8

Some countries that have compulsory military service are aiming to instill a healthy discipline

0:22.5

or just teach some marketable skills, but that is not what's behind the recent spike

0:28.0

in the number of countries embarking on or expanding the draft.

0:33.3

And the pandemic has taught office workers of the world that maybe they don't need to

0:37.2

be in the office ever.

0:39.3

We meet with some of the digital nomads working from anywhere but home and a growing number

0:43.9

of businesses helping them do it.

0:55.8

First, traders at the London Metal Exchange have what is these days an unusual way of deciding

1:07.8

the cost of industrial metals.

1:11.7

Shouting.

1:16.1

Eight dealers sitting in a red leather circle of sofas are trading with each other.

1:24.0

Matthew Chamberlain is the boss of the London Metal Exchange and a champion of the yelling

1:28.2

based system.

1:30.0

Most markets, be they stock exchanges or commodity exchanges, started out doing what we're

1:35.8

doing, which is called open-out cry trading.

1:39.6

But unlike every other trading venue in Europe, we've maintained our trading ring.

1:46.4

The trading ring at lunchtime is like looking back into a 1980s version of London's financial

1:51.3

heart known as the city.

1:53.8

We think men in suits with their blood up a phone pressed against each ear.

1:58.1

For a few minutes, it's all whispers and plotting.

...

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