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Engendering markets: Technology and institutional change in financial futures trading.

机译：促进市场发展：金融期货交易中的技术和机构变革。

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摘要

Since the mid-1990s, technological advances in futures trading changed how contracts are traded. The traditional organization of trading, known as face-to-face or open outcry trading, has been challenged by screen-based, electronic trading. Promising better, more efficient markets, electronic trading has largely supplanted open outcry trading. While most accounts treat this shift as a technological change, electronic trading has proved to be a more fundamental, institutional change in how markets are constituted and conducted. This dissertation examines this institutional change as it alters the relationships between market participants, as well as the overarching identities, uses of information, arenas of discretion, and organizational structures that make up a futures market. My research methods include six months participant observation as a clerk on the floor of a national open outcry futures exchange, site visits and observations on the floors of four electronic trading firms, and formal interviews with 60 traders, clerks, floor managers, and other trading personnel. I gathered secondary data on changes in the financial futures trading environments. I structure my findings with a framework that consists of four interconnected arenas, highlighting the institutional changes across the trading technologies: identities, information, discretion, and exteriority. The first arena identifies how masculinity is mobilized to solve the problem of creating a trading community and cultivating trust across open outcry and electronic trading, with physical, overtly sexualized masculinity dominated in open outcry, and a more technocratic, intellectualized masculinity predominating in electronic trading. What counts as information, both its form and its usage, is identified in the second arena. The third arena shows how discretion has shifted from trading community in open outcry to the mechanism of the trading medium in electronic trading. And the fourth arena ties these together by showing how electronic markets provide stability by treating the market not as a collectively-realized social process, but as an independent, already-existing entity. This dissertation reveals that sociological analyses of markets move beyond questions of economic efficiency towards a more nuanced, empirical view of how markets are made and how they operate.
机译：自1990年代中期以来，期货交易的技术进步改变了合约的交易方式。传统的交易组织，称为面对面交易或公开喊价交易，已经受到基于屏幕的电子交易的挑战。有了更好，更有效率的市场，电子交易已大大取代了公开喊价交易。尽管大多数帐户将这种转变视为技术变化，但事实证明，电子交易是市场构成和行为方式上更为根本的制度性变化。本文研究了这种制度上的变化，它改变了市场参与者之间的关系，以及构成期货市场的总体身份，信息的使用，自由裁量权以及组织结构。我的研究方法包括在全国公开喊价期货交易所担任服务员六个月的参与者观察，在四个电子贸易公司的场所进行实地访问和观察，以及对60名交易员，文员，场内经理和其他交易进行正式访谈人员。我收集了有关金融期货交易环境变化的辅助数据。我用一个由四个相互联系的领域组成的框架来结构化我的发现，重点介绍了交易技术的机构变化：身份，信息，自由裁量权和外部性。第一个领域确定了如何动员男性气质，以解决建立交易社区和在公开喊价和电子交易中培养信任的问题，在公开喊价中主导的是身体性，明显性化的男性气质，而在电子交易中则主要是技术专家化，知识化的男性气质。在第二个领域中确定了什么是信息，无论是形式还是用途。第三个领域显示自由裁量权如何从公开喊价中的交易社区转移到电子交易中的交易媒介机制。第四个领域通过显示电子市场如何通过将市场不视为集体实现的社会过程，而是视为一个独立的，已经存在的实体来提供稳定性，从而将这些市场联系在一起。这篇论文揭示了市场的社会学分析已经从经济效率的问题转向了对市场如何形成和如何运作的更为细致的，经验性的观点。

著录项

  • 作者

    Levin, Peter A.;

  • 作者单位

    Northwestern University.;

  • 授予单位 Northwestern University.;
  • 学科 Sociology General.; Sociology Industrial and Labor Relations.
  • 学位 Ph.D.
  • 年度 2004
  • 页码 258 p.
  • 总页数 258
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 社会学;社会学;
  • 关键词

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