Market dynamics
by Tim Koller
The London Stock Exchange, founded in 1773, introduced a trading rule book in 1812, requiring, among other things, that stock price reporting be accurate and regular first twice a week, then, starting in 1825, daily. By the 1840s, telegraphs were clacking financial information in close to real time. Stock price information also travelled by runners, horseback, and carrier birds. By 1866, traders on the floor of the London Stock Exchange could see price changes on the New York Stock Exchange after a mere 20 minutes instead of the more than two weeks it once took the same information to travel. Information improved not only by moving more quickly but also by diffusing more broadly and reflecting an ever-expanding pool of inputs, analyses, and people. By the beginning of the 20th century, the number of stock exchanges worldwide had reached 89 and included 20 million investors. A hundred years later, in 2015, the number had more than doubled: 189 stock e
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