Claim ef1e1972Checked 21 Jul 2026
TrueOn the truth scale
“Market-makers in a busy market have people all around them screaming and shouting.”
Reasoning & Evidence21 Jul 2026
The claim is a straightforward descriptive assertion about the work environment of market-makers on open-outcry trading floors — specifically that they have "people all around them screaming and shouting." Nigel Farage worked as a commodities trader in the City of London from 1982, including at firms like Drexel Burnham Lambert, Crédit Lyonnais Rouse, and Refco, operating in environments such as the London Metal Exchange (LME) Ring.
The evidence strongly corroborates this description. Multiple sources describe open-outcry trading floors as extremely noisy environments where traders shout bids and offers at one another:
- A 2025 AFP/France24 article on the LME Ring quotes a trader saying at its peak "the pit would be full of 22 brokers, 300 people, huge wall of noise. So you could barely hear yourself think," and describes traders "shouting orders across" the floor.
- Reuters describes the LME Ring as "intense five-minute bursts of yelling and arcane hand signals" with "suited figures yelling and waving."
- The South China Morning Post calls it "a baffling theatre of shouting and hand gestures."
- The FIA's oral history of open-outcry trading includes a trader saying "I yelled and screamed every day to make my money," and another describing how "pandemonium just broke loose" when markets opened.
- A Time magazine archive article on commodity trading pits describes traders who "wave their arms, yell as loud as God made it possible to yell" and "shout in his face, scream in his ears."
- A Wiley-published memoir of a floor trader describes "Everyone was yelling instructions at the top of their voice" and "sweat-soaked dealers shouted to get their orders heard."
This is a well-documented characteristic of open-outcry trading floors during the period Farage worked in the City (1980s–1990s). The claim is accurate and no important qualification is missing.
Sources: France24/AFP, "Inside Europe's last 'open-outcry' trading floor" (https://www.france24.com/en/live-news/20250409-inside-europe-s-last-open-outcry-trading-floor); Reuters, "London Metal Exchange moves open outcry trading floor" (https://www.reuters.com/article/markets/currencies/london-metal-exchange-moves-open-outcry-trading-floor-idUSKCN0V52EF/); South China Morning Post, "Victorian London lives on in shouts at metal exchange" (https://www.scmp.com/business/commodities/article/1544512/victorian-london-lives-shouts-metal-exchange); FIA, "End of an Era" (https://www.fia.org/marketvoice/articles/end-era); Time, "Commodities: The Court of Ceres" (https://time.com/archive/6784659/commodities-the-court-of-ceres); Wikipedia, "Nigel Farage" (https://en.wikipedia.org/wiki/Nigel_Farage)
From article
The pressure of being a market-maker in a busy market, when you’ve got people all around you screaming and shouting at you and you’re dealing in numbers and it’s like that, that, that, that – that’s pretty pressurised. That’s why it’s a young man’s job. You don’t get many 50-year-old money-brokers: they can’t do it any more. Goodness me! It’s not an easy job. Not an easy job.
When I joined the City, it was the dying days of a gentlemen’s club: magnificent, socially wonderful but going nowhere – there was still a whiff of P G Wodehouse about people who toddled off to the City all day and did things that nobody understood at all. But what I saw in the Eighties and Nineties was London becoming in many ways a genuine global centre for entrepreneurial flair, for innovation, for very hard work – and for creating profits. And without those profits we can’t have the schools and hospitals we need in this country – it’s very, very simple. I am absolutely not conflicted in any way at all about the fact that what we did, overall, was for a social good.
Sources opened
| [1] | france24.com |
| [2] | reuters.com |
| [3] | londonist.com |
| [4] | fortune.com |
| [5] | fastmarkets.com |
| [6] | lme.com |
| [7] | investopedia.com |
| [8] | marketswiki.com |
| [9] | scmp.com |
| [10] | en.wikipedia.org |
| [11] | thetimes.com |
| [12] | britannica.com |
| [13] | bbc.co.uk |
| [14] | bbc.com |
| [15] | time.com |
| [16] | fia.org |
| [17] | waterstechnology.com |
| [18] | catalogimages.wiley.com |
| [19] | catalogimages.wiley.com |