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When the SS Great Eastern laid the first working transatlantic telegraph cable in 1866, a message that had taken ten days by steamship suddenly crossed the ocean in minutes, and the financial markets of London and New York were forced, within a single trading week, to invent the modern concept of synchronised global price.

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On the morning of July 27, 1866, the SS Great Eastern dropped anchor in Heart’s Content, Newfoundland, with 1,686 nautical…