In their relentless search for ways to make people unhappy the upstanding folk who run the Hong Kong stock exchange last week cut the lunchtime break from 90 minutes to one hour. As ever, they defended their move on the grounds that they are following what the big boys do in exchanges overseas.
This is more than ominous because in places such as Britain, the US and Germany, lunch breaks have been eliminated altogether, as is the case in Singapore where, notoriously, all forms of joy are perilously close to being outlawed.
Up until March last year, Hong Kong stock exchange traders enjoyed a two-hour lunch break; but this was then cut to 90 minutes. A year on, the war on lunch has intensified with yet another 30 minutes being lopped off. Almost forgotten are the heady days of the broker's famous shark's fin soup and rice dish, served at large circular tables where relaxed brokers bonded and, of course, did a bit of business that could be confirmed at a later time.
When the previous lunch break cut was enforced, the stock exchange assured the world that it would make the local bourse more competitive, more in line with international practice, and so on. What actually happened, according to a Bloomberg survey, was that average turnover dropped marginally from HK$69.8 billion per day to HK$67.8 billion, while the average number of shares traded dropped more significantly by 28 per cent. This hardly presents a compelling case for reform.
The suspicion lingers that the real motive for the war on lunch is attributable to the famous line from the film Wall Street, in which Gordon Gekko declares that 'lunch is for wimps'. It's great macho stuff, fully in line with the image of the self-confident people who populate the world of the stock exchange and believe that they are somehow above the normal behaviour and needs of mere mortals.
When I first started seriously covering stock markets as a lowly reporter for the London-based Investors Chronicle we had a rather severe editor who took a dim view of anyone suspected of enjoying themselves. But even he was prepared to sign off on the odd impressive lunch because he knew the best flow of information, sometimes known as tips, came over the lunch table.