Description
Book SynopsisTrading floors are a thing of the past. Thanks to a combination of computers, high-speed networks and algorithms, millions of financial transactions now happen in fractions of a second. This book studies the automation of stock markets in the United Kingdom and the United States of America, identifying the invisible actors, devices, and politics that were central to the creation of electronic trading. In addition to offering a detailed account of how stock exchanges wrestled with technology, the book also invites readers to rethink the nature of markets in modern societies. Markets, it argues, are sites for the creation of relations, and in studying how these relations changed through technology, the book highlights the sources, dynamics, and consequences of automation. In this respect, the book is both a history of automation in finance and a sociological analysis of the way in which automation gradually changed the lives and work of key financial actors.
Trade Review'Automating Finance is relevant for researchers and students of economic sociology, but its contributions travel beyond this with tremendous implications for other fields, including management,organisational sociology, public administration and public policy. Finance professionals would also enjoy the book, as they could learn how technical entrepreneurs manoeuvred through institutional,structural and organisational dynamics in automating finance.' M. Kerem Coban, LSE Review of Books
'… the book is wide-ranging in both its theoretical inspirations and the empirical details it develops. What the book conveys extremely well is precisely how modern markets are produced by multiple moral, political, and organizational struggles.' Nahoko Kameo, American Journal of Sociology
Table of ContentsPreface; 1. Markets in milliseconds; 2. Infrastructures of kinship; 3. The power of invisibility; 4. The hubris of platforms; 5. The wizards of king street; 6. Making moral markets; 7. Rabbits guarding the lettuce; 8. Infrastructures, kinship, and queues.
