To access the Dealing Room click on the link below.
The Dealing Room is the heart of any broking firm. This is where dealers trade stocks, futures, bonds, forex, derivatives and other instruments on the various markets.
A brief history
In the old stock exchange building at 17 Diagonal Street in Johannesburg, all stock traders traded on what was known as "The Floor". This was a large hall with a wooden floor where stocks were traded on an "open outcry" market - the seemingly organised chaos where traders shouted, whistled, waved little pieces of paper around and everyone seemed to know exactly what they wanted to buy or sell.
Amazingly, the "open outcry" market worked quite well, but thanks to technology the JSE introduced a more transparent and controlled computerised trading system (Marketworks) in June 1996, that sent dealers back to their respective offices. For the first time in the history traders from different firms were separated - from then on each company had to provide its dealers with a separate room for trading. This was soon known amongst traders as The Dealing Room.
After so many years of standing shoulder to shoulder - shouting, yelling, sharing the joy of welcome profits as well as cruel losses - it was only natural that the sudden isolation came as a bit of a culture shock to dealers. Gone were the opportunities to discuss market views, spread rumours or just share thoughts with other traders outside of the internal Dealing Room.
Being a very creative species, traders soon found a way around this obstacle by meeting at the Bulls & Bears restaurant or the JSE Club. Once the exclusive domain of members of the JSE, the need of traders to mingle with their own kind soon led to the JSE Club having to open its doors to all traders and co-workers. It became known as The Red Room. The Red Room was opposite the old "Floor". One entered through heavy wooden doors and walked past ancient trophies in show cases to the pub area where dark, ruby walls surrounded the entrant, decorated with huge mirrors, old bar stools and Arthur, the bar attendant - always immaculately dressed in long sleeved shirt and tie.
This is where the rumours were born, where the market direction was pondered, where dealers tried to make sense out of a market that seemed to have a will of its own.
Then the JSE decided to leave central Johannesburg and move out to Sandton with most of the major listed companies. The new JSE building at 2 Gwen Lane would only house JSE staff and individual broking firms could either stay behind at 17 Diagonal St or find new offices.
Today the old JSE building reminds one of a ghost town.
There are very few brokers left and the once vibrant, exciting vibe inside the building is gone. Broking firms are scattered across the country in offices of their own - they still have their respective Dealing Rooms, but traders don't mingle like they used to.
This is exactly what KeyNews wants to restore: that old camaraderie among traders where everyone knew everybody else be it a somebody or a nobody. Where pranks were pulled on newcomers and old-timers alike. Where rumours started and ended. Where traders could discuss the things that were important to them.
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