In 1698 the stockjobbers of London were turned out of the Royal Exchange. They were too
loud and too disreputable for the merchants upstairs, so they walked a few dozen yards down
the road and set up in a narrow passage between Cornhill and Lombard Street, dealing across
the tables of two coffee houses: Jonathan's and Garraway's.
That same year a broker named John Castaing began posting a list of stock
and commodity prices on the wall at Jonathan's. He called it The Course of the
Exchange. It is the ancestor of every ticker that has scrolled along the bottom of a
screen since — including the one at the top of this page.
Twenty-two years later the alley was the epicentre of the South Sea Bubble.
Fortunes were made and destroyed across those same tables through 1720, though Defoe had
already published the guidebook the year before — a pamphlet titled The Anatomy of
Exchange Alley: or, a System of Stock-Jobbing. The traders eventually formalised
themselves, moved out in 1773, and became the London Stock Exchange.
So for seventy-five years the most consequential financial market in the world had no
building, no institution, and no wires. It was a few people in a room, reading each other
across a table.
That is exactly the game we wanted to make.
The alley is still there, running off Cornhill in the City of London.
Look for the sign that reads Change Alley, EC3V — 'Change being the old contraction of
the Royal Exchange. It is easy to walk straight past.