London Stock Exchange rings out

A giant countdown clock and key has been used to launch the London Stock Exchange's opening bell.

Chancellor George Osborne triggered trade by "unlocking" the market with a plastic key as the timer struck 8am on a giant globe.

It is thought that other well-known celebrities and personalities will be brought in to turn the key for stock market flotation and other important occasions.

Later in May commodities giant Glencore is expected to mark its listing on the stock exchange.

The giant globe, placed in the central atrium of the LSE headquarters at Paternoster Square, is set against more than 500 high-definition screens, which outside of the market opening event, will show news, prices and weather.

The exchange is following in the footsteps of its competitors, such as Nasdaq and the New York Stock Exchange, which have maintained the opening bell ritual as a marketing tool.

The Chancellor said: "As the world's most international exchange, the London Stock Exchange brings businesses from all over the world to London, fuelling our reputation as the world's premier global financial centre."

He added: "I hope this new market open ceremony will help to showcase London's unique strengths."

The London Stock Exchange Group, which runs the trading post, hopes the ritual will boost its profile.