The Shipping Forecast.pdf

The Shipping Forecast.pdf - COMMENT THE TRADER The shipping...

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5 FEB - 11 FEB 2016 I NVESTORS CHRONICLE 19 COMMENT T he jobs of a humble money broker or bottom of the rung FX voice broker are all pretty much obso- lete thanks to computer trading, but middle-men are still useful for price discovery in niche or thinly traded financial instruments. Thursday evenings in the City could be pretty raucous, bottled beers (an upmarket novelty in the early 1980s) bought by the crate and of course, a glass of dry white wine for the lady. But what’s interesting is that the shipping industry still relies very heavily on brokers. Tables, tallies, locations, and prices of cargo ships and their loads have been kept for centuries, in Britain centering on the Baltic Exchange in St Mary Axe, London EC3. Bombed by the IRA in 1992, trading moved temporarily to the Lloyd’s of London building until new premises were built down the road in 1995; the skyscraper affectionately known as ‘the gherkin’ now stands on the old site.
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