[alleyb]

It might interest some to know that the first hour of trading was established a very long time ago before Pete even came up with the concept of IB by UK fund managers especially in the Gilt market which used to have the local hours of trading from 10-5.

They would await the usual elevenses sherry and biscuits with the Bank of England visitation that occurred every morning but at a different discount house and susbsequently Bank/Broker-Dealer. Many things would be discussed and from this the term nod and wink came about for the The Old Lady as The Bank was referred to would sometimes suggest that a particular hous position may need re-thinking.
The Fund managers therefore awaitied the first hour for this visit before making trading decisions.
There are other colourful stories about the Government Broker for example that when a Tap issue (New borrowing) was to be announced would walk into the Stock Exchange and if there was a slip of paper showing from his suit ticket pocket then there was going to be an announcement and the boys at the Gilt pitches would have time to adjust positions before the Goverment Broker arrived at the pitch where he would declare the details of the Tap