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| Author: | Beunza, D. Stark, D. |
| Title: | Tools of the trade: the socio-technology of arbitrage in a Wall Street trading room |
| Journal: | Industrial and Corporate Change
2004 : APR, VOL. 13:2, p. 369-400 |
| Index terms: | Arbitrage Stock exchanges Financial markets Trading Sociology Technology Work USA |
| Language: | eng |
| Abstract: | To analyze the organization of trading (hereafter as: trad.) in the era of quantitative finance, an ethnography of arbitrage (here as: arb.) is conducted, the trad. strategy best exemplifying finance in the wake of the quantitative revolution. In contrast to value and momentum investing, it is argued, arb. involves an art of association - the construction of comparability across different assets. In place of essential or relational characteristics, the peculiar valuation taking place in arb. is based on an operation that makes something the measure of something else - associating securities to each other. The process of recognizing opportunities and the practices of making novel associations are shaped by the specific socio-spatial and socio-technical configurations of the trad. room. Calculation is distributed across persons and instruments as the trad. room organizes interaction among diverse principles of valuation. |
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