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date: 26 February 2021

Abstract and Keywords

This article looks at the ways in which a financial market is not an empty configuration at all but rather a densely structured and coordinated cultural form. It first looks at existing market concepts, which are based on how we view markets in the primary economy. It argues that financial markets are not like the primary markets of a production economy; if production, consumption, and their interface, exchange, are the three pillars of the economy, finance is a fourth pillar. The next two sections clarify this, and the following two look at the architecture of global financial markets. The next section explores how such markets, which are systems outside organizations, intersect with firms. The last section illustrates the temporal vectors of financial markets: it discusses analytic time as a feature of a market that runs forward at its own speed and schedules; the market flow across time zones; and the global communities of time the regime of attention creates.

Keywords: financial markets, cultural form, firms, temporal vectors, analytic time, primary economy

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