Market for the world
NOW the Exchange has to learn to live in a market economy. People in markets so often find this difficult. It cannot expect to dictate to its customers or to tell them which systems or networks to use. They can use systems and networks of their own, and exchange stocks without using a conven- tional stock exchange. OM and Morgan Stanley, they might like to know, are about to launch an electronic market, designed to transcend frontiers. Stocks are not loads of hay which have to be hauled to the nearest town with a market, and London is a mar- ketplace for the world, not just for its own hinterland and Frankfurt's. If the Swedes can plant these ideas in the tower's top floor, they will do us all a favour, and if this means clearing out the Exchange's direction and management, that will be a favour, too.
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