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Where do electronic markets come from? : Regulation and the transformation of financial exchanges
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Castelle, Michael, Millo, Yuval, Beunza, Daniel and Lubin, David C. (2016) Where do electronic markets come from? : Regulation and the transformation of financial exchanges. Economy and Society, 45 (2). pp. 166-200. doi:10.1080/03085147.2016.1213985 ISSN 0308-5147.
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Official URL: https://doi.org/10.1080/03085147.2016.1213985
Abstract
The practices of high-frequency trading (HFT) are dependent on automated financial markets, especially those produced by securities exchanges electronically interconnected with competing exchanges. How did this infrastructural and organizational state of affairs come to be? Employing the conceptual distinction between fixed-role and switch-role markets, we analyse the discourse surrounding the design and eventual approval of the Securities and Exchange Commission’s Regulation of Exchanges and Alternative Trading Systems (Reg ATS). We find that the disruption of the exchange industry at the hands of automated markets was produced through an interweaving of both technological and political change. This processual redefinition of the 'exchange', in addition, may provide a suggestive precedent for understanding contemporary regulatory crises generated by other digital marketplace platforms.
Item Type: | Journal Article | ||||||
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Subjects: | H Social Sciences > HG Finance H Social Sciences > HM Sociology |
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Divisions: | Faculty of Social Sciences > Warwick Business School > Accounting Faculty of Social Sciences > Warwick Business School |
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Library of Congress Subject Headings (LCSH): | Electronic trading of securities -- Law and legislation, Stock exchanges -- Law and legislation, Electronic commerce -- Law and legislation | ||||||
Journal or Publication Title: | Economy and Society | ||||||
Publisher: | Routledge | ||||||
ISSN: | 0308-5147 | ||||||
Official Date: | 26 September 2016 | ||||||
Dates: |
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Volume: | 45 | ||||||
Number: | 2 | ||||||
Page Range: | pp. 166-200 | ||||||
DOI: | 10.1080/03085147.2016.1213985 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||
Date of first compliant deposit: | 1 March 2018 | ||||||
Date of first compliant Open Access: | 26 March 2018 | ||||||
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