We have just had in the UK a general election where, I think for the first time, social media overtook conventional forms of electioneering to present a result very different from that expected by pretty much all the political parties and the commentariat.
I’ve written elsewhere about the upheaval facing the power generation and distribution business created by the focus on electricity storage and the likely problems caused for suppliers of telephone landline services by the growth of mobile telecommunications. I wonder now if the business of running market exchanges may be facing a similar watershed.
The London Stock Exchange, Lloyds, the London Metal Exchange and the others grew out of the need for traders of particular items to meet face-to-face to make their deals because the only alternative method of communication was by written notes, which would go by horse, carriage, ship etc. but definitely precluded the opportunity for immediate dealing.