- List of Figures
- List of Tables
- Global Finance And Its Institutional Spaces
- Politics And Financial Markets
- Finance And Institutional Investors
- Business Groups And Financial Markets As Emergent Phenomena
- Central Banking And The Triumph Of Technical Rationality
- What is a financial market? Global markets as microinstitutional and post-traditional social forms
- Auctions And Finance
- Interactions And Decisions In Trading
- Traders And Market Morality
- The Material Sociology Of Arbitrage
- Seeing Through The Eyes Of Others: Dissonance Within And Across Trading Rooms
- Market Efficiency: A Sociological Perspective
- Financial Analysts
- Rating Agencies
- Accounting And Finance
- The International Monetary Regime And Domestic Political Economy: The Origin Of The Global Financial Crisis
- A Long Strange Trip: The State And Mortgage Securitization, 1968–2010
- Dead Pledges: Mortgaging Time And Space
- Financial Crises As Symbols And Rituals
- The Sociology Of Financial Fraud
- The Disunity Of Finance: Alternative Practices To Western Finance
- Islamic Banking And Finance: Alternative Or Façade?
- Geographies Of Finance: The State-Enterprise Clusters Of China
- The Financialization Of Art
- Historical Sociology Of Modern Finance
- Gender And Finance
- The Role Of Confidence In Finance
- Finance In Modern Economic Thought
- Financial Automation, Past, Present, And Future
Abstract and Keywords
Much of the historical development of financial markets was framed by a type of technological change captured under the rubric of automation. Accordingly, this article provides a historical-sociological sketch of the drivers, manifestations, and possible consequences of automation in financial markets. In providing what is an admittedly partial sketch, it captures recent insights of the sociological literature on the place of technology in finance, arguing that financial markets are intelligible only if both their micro- and macrostructures are framed in the language of sociotechnical dynamics. The article is organized as follows. First it briefly reviews the concepts of technology and automation in finance. It highlights the different drivers and spheres in which automation occurs. It then describes how automation occurred in the different spheres of financial practice, from settlement and clearing to trade execution. Finally, it offers thoughts on the scope of financial automation in the future.
Juan Pablo Pardo-Guerra is Lecturer in Sociology at the London School of Economics and Political Science. Trained in physics and science and technology studies, Juan Pablo's work deals with the sociology of technological innovation in financial markets.
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