12,832
Views
27
CrossRef citations to date
0
Altmetric
Articles

From National Marketplaces to Global Providers of Financial Infrastructures: Exchanges, Infrastructures and Structural Power in Global Finance

ORCID Icon

References

  • Abolafia, M.Y., 1996. Making markets: opportunism and restraint on wall street. Cambridge: Harvard University Press.
  • Aggarwal, R., 2002. Demutualization and corporate governance of stock exchanges. Journal of applied corporate finance, 15 (1), 105–113.
  • Alloway, T., Burger, D., and Evans, R., 2017. Index providers rule the world—for now, at least. Bloomberg, 27 Nov.
  • Baker, W.E., 1984. The social structure of a national securities market. American journal of sociology, 89 (4), 775–811.
  • Bernards, N. and Campbell-Verduyn, M., 2019. Understanding technological change in global finance through infrastructures. Review of international political economy, 26 (5), 773–789.
  • Biglari, H., 2007. Strategic view: exchanges seek a new model. Financial Times, 16 Nov.
  • Botzem, S. and Dahl, M., 2014. Trust in transparency: value dynamics and the reorganization of the Baltic financial markets. In: S. Alexius and K.T. Hallström, eds. Configuring value conflicts in markets. Cheltenham: Edward Elgar, 63–81.
  • Bowker, G.C. and Star, S.L., 1999. Sorting things out: classification and its consequences. Cambridge: MIT Press.
  • Braudel, F., 1983. Civilization and capitalism, 15th–18th century: the wheels of commerce. New York: Harper & Row.
  • Braun, B., 2016. From performativity to political economy: index investing, ETFs and asset manager capitalism. New political economy, 21 (3), 257–273.
  • Braun, B., 2018. Central banking and the infrastructural power of finance: the case of ECB support for repo and securitization markets. Socio-economic review, 1–24.
  • Braun, B. and Gabor, D., 2020. Central banking, shadow banking, and infrastructural power. In: P. Mader, D. Mertens, and N. Van der Zwan, eds. The Routledge international handbook of financialization. London: Routledge, 241–252.
  • Burton-Taylor, 2018a. Exchange global share & segment sizing 2018. Osprey: Burton-Taylor International Consulting/TC-ICAP.
  • Burton-Taylor, 2018b. Index industry: global share & segment sizing 2018. Osprey: Burton-Taylor International Consulting/TC-ICAP.
  • Campbell-Verduyn, M., 2016. Merely TINCering around: the shifting private authority of technology, information and news corporations. Business and politics, 18 (2), 143–170.
  • Campbell-Verduyn, M., Goguen, M., and Porter, T., 2019. Finding fault lines in long chains of financial information. Review of international political economy, 26 (5), 911–937.
  • Castelle, M., et al., 2016. Where do electronic markets come from? Regulation and the transformation of financial exchanges. Economy & society, 45 (2), 166–200.
  • Cerny, P.G., 1989. The ‘little big bang’ in Paris: financial market deregulation in a dirigiste system. European journal of political research, 17 (2), 169–192.
  • Cohen, B.J., 1977. Organizing the world’s money: the political economy of international monetary relations. London: Macmillan Press.
  • Coombs, N., 2016. What is an algorithm? Financial regulation in the era of high-frequency trading. Economy and society, 45 (2), 278–302.
  • Del Castillo, M., 2019. Nasdaq is now working with seven cryptocurrency exchanges. Forbes, 30 Jan.
  • Domanski, D., Gambacorta, L., and Picillo, C., 2015. Central clearing: trends and current issues. BIS Quarterly Review, Dec, 59–76.
  • Domowitz, I., 1995. Electronic derivatives exchanges: implicit mergers, network externalities, and standardization. The quarterly review of economics and finance, 35 (2), 163–175.
  • The Economist, 2017. Financial-market index-makers are growing in power. The Economist, 24 Aug.
  • Edwards, P., 2003. Infrastructure and modernity: force, time and social organization in the history of sociotechnical systems. In: T. Misa, P. Bray, and A. Feenberg, eds. Modernity and technology. Cambridge: MIT Press, 185–225.
  • Engelen, E. and Grote, M.H., 2009. Stock exchange virtualisation and the decline of second-tier financial centres: the cases of Amsterdam and Frankfurt. Journal of economic geography, 9 (5), 679–696.
  • Ertürk, I., Leaver, A., and Williams, K., 2010. Hedge funds as ‘war machine’: making the positions work. New political economy, 15 (1), 9–28.
  • Ertürk, I. and Solari, S., 2007. Banks as continuous reinvention. New political economy, 12 (3), 369–388.
  • ESCDA, 2017. European CSD factbook. Brussels: European Central Securities Depositories Association.
  • FIA, 2017. FIA global exchange volume dataset. Brussels: Futures Industry Association.
  • Fichtner, J., Heemskerk, E.M., and Garcia-Bernardo, J., 2017. Hidden power of the big three? Passive index funds, re-concentration of corporate ownership, and new financial risk. Business & politics, 19 (2), 298–326.
  • FSB, et al., 2017. Analysis of central clearing interdependencies. CPMI Papers, 164, 5 July.
  • Gabor, D., 2016. The (impossible) repo trinity: the political economy of repo markets. Review of international political economy, 23 (6), 967–1000.
  • Gabor, D., 2020. Critical macro-finance: a theoretical lens. Finance & society, 6 (1), 45–55.
  • Garratt, T. and Hamilton, K., 2016. The loneliness of the long-term investor: a comment on patience in practice. Socio-economic review, 14 (4), 789–806.
  • Genito, L., 2019a. Mandatory clearing: the infrastructural authority of central counterparty clearing houses in the OTC derivatives market. Review of international political economy, 26 (5), 938–962.
  • Genito, L., 2019b. What markets fear: understanding the European sovereign debt crisis through the lens of repo market liquidity. Thesis (PhD). University of Warwick.
  • Gittelsohn, J., 2019. End of era: passive equity funds surpass active in epic shift. Bloomberg, 11 Sep.
  • Gorham, M. and Singh, N., 2009. Electronic exchanges: the global transformation from pits to bits. Burlington, MA: Elsevier.
  • Gravelle, M.J., 2016. The regulatory ties that bind markets: the political economy of cross-border integration in the exchange industry. Thesis (PhD). University of British Columbia.
  • Hardie, I., 2012. Financialization and government borrowing capacity in emerging markets. Basingstoke: Palgrave Macmillan.
  • Helleiner, E., 1996. States and the reemergence of global finance: from Bretton Woods to the 1990s. Ithaca: Cornell University Press.
  • Helleiner, E., Pagliari, S., and Spagna, I., eds., 2018. Governing the world’s biggest market: the politics of derivatives regulation after the 2008 crisis. Oxford: Oxford University Press.
  • ICE, 2017. Annual report. Altanta: Intercontinental Exchange Group.
  • ISDA, 2019. SwapsInfo third quarter of 2019 review. International Swaps and Derivatives Association, April.
  • J.P. Morgan, 2020. Blockchain, digital currency and cryptocurrency: moving into the mainstream? J.P. Morgan Perspectives, Global Research, 21 Feb.
  • JPX, 2017. Annual report. Tokyo: Japan Exchange Group.
  • Khwaja, A., 2019. 2018 CCP market share statistics. ClarusFT Statistics, 29 Jan.
  • Knafo, S. and Dutta, S.J., 2020. The myth of the shareholder revolution and the financialization of the firm. Review of international political economy, 27 (3), 476–499.
  • Krarup, T., 2019. Between competition and centralization: the new infrastructures of European finance. Economy & society, 48 (1), 107–126.
  • Lagna, A. and Lenglet, M., 2019. The dark side of liquidity: shedding light on dark pools’ marketing and market-making. Consumption markets & culture, 1–16.
  • Lagneau-Ymonet, P. and Riva, A., 2012. Histoire de la bourse. Paris: La Découverte.
  • Lange, A.-C., Lenglet, M., and Seyfert, R., 2016. Cultures of high-frequency trading: mapping the landscape of algorithmic developments in contemporary financial markets. Economy & society, 45 (2), 149–165.
  • Lannoo, K. and Valiante, D., 2010. The MiFID metamorphosis. European Capital Markets Institute, ECMI Policy Brief No. 16/October 2010.
  • Lavelle, K.C., 1999. International financial institutions and emerging capital markets in Africa. Review of international political economy, 6 (2), 200–224.
  • Lee, R., 2002. The future of securities exchanges. The Wharton Financial Institutions Center, Working Paper, 02-14.
  • Lewis, M., 2014. Flash boys: a wall street revolt. New York: W.W. Norton & Company.
  • Leyshon, A. and Thrift, N., 2007. The capitalization of almost everything: the future of finance and capitalism. Theory, culture & society, 24 (7–8), 97–115.
  • LSE, 2017. Annual report. London: London Stock Exchange Group.
  • Lütz, S., 1998. The revival of the nation-state? stock exchange regulation in an era of globalized financial markets. Journal of European public policy, 5 (1), 153–168.
  • MacKenzie, D., 2006. An engine, not a camera. Cambridge: MIT Press.
  • MacKenzie, D., et al., 2012. Drilling through the Allegheny Mountains. Liquidity, materiality and high-frequency trading. Journal of cultural economy, 5 (3), 279–296.
  • MacKenzie, D., 2018a. ‘Making’, ‘taking’ and the material political economy of algorithmic trading. Economy & society, 47 (4), 501–523.
  • MacKenzie, D., 2018b. Material signals: a historical sociology of high-frequency trading. American journal of sociology, 123 (6), 1635–1683.
  • MacKenzie, D., 2019. Market devices and structural dependency: the origins and development of ‘dark pools’. Finance & society, 5 (1), 1–19.
  • Mann, M., 1984. The autonomous power of the state: its origins, mechanisms and results. European journal of sociology, 25 (2), 185–213.
  • Mattli, W., 2019a. Darkness by design: the hidden power in global capital markets. Oxford: Oxford University Press.
  • Mattli, W., 2019b. Global algorithmic capital markets: high frequency trading, dark pools, and regulatory challenges. Oxford: Oxford University Press.
  • Michie, R., 1999. The London stock exchange: a history. Oxford: Oxford University Press.
  • Millo, Y., 2007. Making things deliverable: the origins of index-based derivatives. The sociological review, 55 (2), 196–214.
  • Moran, M., 1990. The politics of the financial services revolution the USA, UK and Japan. Basingstoke: Palgrave Macmillan.
  • Mügge, D., 2006. Private-public puzzles: inter-firm competition and transnational private regulation. New political economy, 11 (2), 177–200.
  • Mügge, D., 2011. Widen the market, narrow the competition: banker interests and the making of a European capital market. Colchester: ECPR Press.
  • Muniesa, F., 2011. Is a stock exchange a computer solution? Explicitness, algorithms and the Arizona stock exchange. International journal of actor-network theory and technological innovation, 3 (1), 1–15.
  • Muvija, M., 2019. London stock exchange buys data provider beyond ratings in ESG push. Reuters, 3 June.
  • Nasdaq, 2017. Annual report (form 10-k). New York: Nasdaq Group.
  • Pagliari, S., 2018. The second half: interest group conflicts and coalitions in the implementation of the Dodd-Frank Act derivatives rules. In: E. Helleiner, S. Pagliari, and I. Spagna, eds. Governing the world’s biggest market: the politics of derivatives regulation after the 2008 crisis. Oxford: Oxford University Press, 137–167.
  • Pardo-Guerra, J.P., 2013. Making markets: infrastructures, engineers and the moral technologies of finance. London: London School of Economics and Political Science.
  • Pardo-Guerra, J.P., 2019. Automating finance: infrastructures, engineers, and relation-making in electronic markets. Cambridge: Cambridge University Press.
  • Patterson, S., 2012. Dark pools: the rise of A.I. trading machines and the looming threat to wall street. London: Random House Business Books.
  • Pauly, L., 1997. Who elected the bankers? Surveillance and control in the world economy. Ithaca, NY: Cornell University Press.
  • Petrescu, M. and Wedow, M., 2017. Dark pools in European equity markets: emergence, competition and implications. ECB Occasional Paper Series, No 193 (July), 1–7.
  • Petry, J., 2020a. Financialization with Chinese characteristics? Exchanges, control and capital markets in authoritarian capitalism. Economy and Society, 49 (2), 213–238.
  • Petry, J., 2020b. Securities exchanges: subjects & agents of financialization. In: P. Mader, D. Mertens, and N. van der Zwan, eds. The Routledge international handbook of financialization. London: Routledge, 253–264.
  • Petry, J., Fichtner, J., and Heemskerk, E.M., 2019. Steering capital: the growing private authority of index providers in the age of passive asset management. Review of international political economy, 1–26.
  • Posner, E., 2009. The origins of Europe’s new stock markets. Cambridge: Harvard University Press.
  • Quaglia, L., 2010. Completing the single market in financial services: the politics of competing advocacy coalitions. Journal of European public policy, 17 (7), 1007–1023.
  • Rauterberg, G.V. and Verstein, A., 2013. Index theory: the law, promise and failure of financial indices. Yale journal on regulation, 30 (1), 101–162.
  • Reid, H. and Jessop, S., 2017. Draining the dark pools? EU trading rules face uncertain launch. Reuters, 7 Nov.
  • Riles, A., 2011. Collatral knowledge: legal reasoning in the global financial markets. Chicago: University of Chicago Press.
  • Robertson, B. and Lam, E., 2019. UBS sees $121 billion of EM flows amid ‘seismic’ index shifts. Bloomberg, 11 Feb.
  • Rooney, K., 2019. Wall street’s trading powerhouses look to shake up US stock exchanges. CNBC, 7 Jan.
  • Scott, S.V. and Barrett, M.I., 2005. Strategic risk positioning as sensemaking in crisis: the adoption of electronic trading at the London international financial futures and options exchange. The journal of strategic information systems, 14 (1), 45–68.
  • Seddon, J., 2020. Merchants against the bankers: the financialization of a commodity market. Review of international political economy, 27 (3), 525–555.
  • Sgambati, S., 2019. The art of leverage: a study of bank power, money-making and debt finance. Review of international political economy, 26 (2), 287–312.
  • SGX, 2018. Annual report. Singapore: Singapore Exchange Group.
  • SIFMA, 2019. Trends in capital markets. New York: SIFMA.
  • Sinclair, T.J., 2005. The new masters of capital: American bond rating agencies and the politics of creditworthiness. Ithaca: Cornell University Press.
  • SIX Group, 2020. Data is the fuel of financial markets. 8 May.
  • Skeete, H., 2008. A new breed of exchange. The Banker, 5 May.
  • Star, S.L., 1999. The ethnography of infrastructure. American behavioral scientist, 43 (3), 377–391.
  • Strange, S., 1986. Casino capitalism. Manchester: Manchester University Press.
  • Strange, S., 1987. The persistent myth of lost hegemony. International organization, 41 (4), 551–574.
  • Strange, S., 1988. States and markets. London: Pinter.
  • Thompson, G.F., 2017. Time, trading and algorithms in financial sector security. New political economy, 22 (1), 1–11.
  • Watson, M., 2005. Hedge funds, the Deutsche Börse affair and predatory Anglo-American capitalism. The political quarterly, 76 (4), 516–528.
  • Weitzman, H., 2011. Chicago’s decade of innovation: 1972–1982. In: L. Harris, ed. Regulated exchanges: dynamic agents of economic growth. Oxford: Oxford University Press, 174–201.
  • Wendt, F., 2015. Central counterparties: addressing their too important to fail nature. IMF Working Paper, WP/15/21 (January), 1–24.
  • WFE, 2017. Statistics: monthly report December 2017. London: World Federation of Exchanges.
  • Wójcik, D., 2012. The global stock market: issuers, investors, and intermediaries in an uneven world. Oxford: Oxford University Press.
  • Yukhananov, A. and Viswanatha, A., 2014. Deutsche Boerse to pay $152 million in U.S. Sanctions probe. Reuters, 23 Jan.
  • Zaloom, C., 2006. Out of the pits: traders and technology from Chicago to London. Chicago: University Chicago Press.
  • Zuboff, S., 2019. The age of surveillance capitalism: the fight for a human future at the new frontier of power. New York: PublicAffairs.
  • Zysman, J., 1983. Government, markets and growth: financial systems and the politics of industrial change. Ithaca: Cornell University Press.