What was the Exchange Rate Mechanism (ERM)?

What was the ERM Exchange Rate Mechanism, and how did George Soros use it to brake the Bank of England?

In this series “Tales from the Trading Desk” long time FX trader, stock/futures/floor broker, Dick Mathews breaks down his early career and discusses his switch into the futures market and the characters that were in the “open outcry” pits!

He discusses some of the nicknames of the traders on the floor. And he jokes with Blake Morrow how the traders would react when in bad trades, or after big winning trades! Also, they have some car conversations, but he also tells you the history of his Ferrari Dino that was once owned by Elton John!