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Inefficient markets

Ken Livingstone rides to the defence of the stock exchange, just when it doesn't matter any more. Plus, accurate data does matter. Can we rely on the ONS?

By Michael Prest   January 2007

Red Ken defends the stock market

When Ken Livingstone poses as a protector of the London Stock Exchange (LSE) you know something is up. The occasion was November’s bid by Nasdaq, the US stock exchange which rivals the older New York Stock Exchange (NYSE) in size, for the LSE. The London mayor considered this an affront to honest capitalist competition and complained to the Office of Fair Trading.

But Ken’s anxieties appear to be rather out of date. His advisers are overlooking the rapid decline in importance of the traditional exchange. Nasdaq’s move was a response to a curious…

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