Erik Theissen
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199253166
- eISBN:
- 9780191601651
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199253161.003.0005
- Subject:
- Economics and Finance, Financial Economics
Tries to assess the institutional structure and the current and past performance of the German equity markets. Information about market volumes and a description of the organisation, governance, and ...
More
Tries to assess the institutional structure and the current and past performance of the German equity markets. Information about market volumes and a description of the organisation, governance, and micro-structure are provided. Further discusses recent evidence on the operational efficiency and liquidity across various market segments, including specific issues like floor versus screen trading, the impact of specialists on market liquidity and transactions costs, and the role of anonymity in market organisation.Less
Tries to assess the institutional structure and the current and past performance of the German equity markets. Information about market volumes and a description of the organisation, governance, and micro-structure are provided. Further discusses recent evidence on the operational efficiency and liquidity across various market segments, including specific issues like floor versus screen trading, the impact of specialists on market liquidity and transactions costs, and the role of anonymity in market organisation.
Alex Preda
- Published in print:
- 2017
- Published Online:
- September 2017
- ISBN:
- 9780226427348
- eISBN:
- 9780226427515
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226427515.003.0005
- Subject:
- Business and Management, Finance, Accounting, and Banking
This chapter examines the act of online trading itself—what it means, from the viewpoint of the trader, to use an online technology to conduct financial transactions. It analyzes what happens when ...
More
This chapter examines the act of online trading itself—what it means, from the viewpoint of the trader, to use an online technology to conduct financial transactions. It analyzes what happens when traders place orders on their screens, how orders are handled within the infrastructure of electronic brokerages, and how traders perceive and make sense of their activities. While the orders placed by traders are not always matched against each other, the trading screen is geared toward producing a necessary illusion of relationality—that is, of traders relating to other traders. The chapter examines the types of actions that constitute trading and the ways in which they are shaped by the inherent relationality of the trading screen. Anchored in ethnographic observations, it investigates how various experiences of using the trading screen are articulated and how social hierarchies are produced in this process. Many ethnographies of financial trading have seen it as an egalitarian environment, where traders differ from each other based only on their skills. This chapter investigates how particular forms of trading are not egalitarian at all, but express in their setup hierarchical differences between retail traders, on the one hand, and traders claiming superior status, on the other.Less
This chapter examines the act of online trading itself—what it means, from the viewpoint of the trader, to use an online technology to conduct financial transactions. It analyzes what happens when traders place orders on their screens, how orders are handled within the infrastructure of electronic brokerages, and how traders perceive and make sense of their activities. While the orders placed by traders are not always matched against each other, the trading screen is geared toward producing a necessary illusion of relationality—that is, of traders relating to other traders. The chapter examines the types of actions that constitute trading and the ways in which they are shaped by the inherent relationality of the trading screen. Anchored in ethnographic observations, it investigates how various experiences of using the trading screen are articulated and how social hierarchies are produced in this process. Many ethnographies of financial trading have seen it as an egalitarian environment, where traders differ from each other based only on their skills. This chapter investigates how particular forms of trading are not egalitarian at all, but express in their setup hierarchical differences between retail traders, on the one hand, and traders claiming superior status, on the other.
