Knowledge Spaces of Financial Markets

Transcription

1 Knowledge Spaces of Financial Markets The Architecture of Trading Rooms von Pe-Ru Tsen 1. Auflage Knowledge Spaces of Financial Markets Tsen schnell und portofrei erhältlich bei beck-shop.de DIE FACHBUCHHANDLUNG Thematische Gliederung: Internationale Finanzmärkte Tectum 2012 Verlag C.H. Beck im Internet: ISBN

2 Pe-Ru Tsen Knowledge Spaces of Financial Markets: The Architecture of Trading Rooms Tectum Verlag Marburg, 2012 Zugl. Diss. Univ. TU Dresden 2009 ISBN: Umschlagabbildung: Christos Georghiou, AshDesign shutterstock.com Druck und Bindung: CPI buchbücher.de, Birkach Printed in Germany Alle Rechte vorbehalten Besuchen Sie uns im Internet Bibliografische Informationen der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Angaben sind im Internet über abrufbar.

3 Table of Contents Acknowledgements... 5 Preface... 7 List of Tables List of Illustrations List of Photos and Plans List of Abbreviations Introduction a. Motivation b. Research Questions c. Research Field d. Overview of Chapters PART A: FUNDAMENTALS Analytical Framework Introduction Defining the Research Object Existing Literature Using the Concept of Knowledge Spaces The Term Knowledge Space in the Academic Literature A Brief Overview of Workplace Design Studies: Aspects and Approaches Key Dimensions for the Analysis of Trading Rooms as Knowledge Spaces Dimension #1: Organizational Framework Functions in the Market Special Resources Challenges Dimension #2: Communication Structure Actors Activities Modes Dimension #3: Spatial Constitution Spatial Requirements Existing Spaces Summary

4 Knowledge Spaces of Financial Markets 2 Terminologies of Financial Markets Introduction Definition and Key Economic Functions of Financial Markets Overview of Trading Processes Market Structure Types of Market Places On-exchange Markets (Exchanges) Over-the-Counter (OTC) Markets Types of Market Models Order-Driven Markets Quote-Driven Markets Traded Financial Products Types of Financial Instruments Cash Instruments Derivatives Instruments Types of Asset Classes Trading Activities Types of Trading Motivations Speculation Hedging Arbitrage Types of Trading Approaches Fundamental Analysis Technical Analysis Order Flow Analysis Summary PART B: HISTORICAL OVERVIEW Transformation of Trading Spaces Introduction Genius Loci: From Fairs to Financial Exchanges Etymological Origin Early Exchanges in Europe Early Exchanges in the United States Trading Technologies Social Connectivity Tubes, Tickers and Telephones

5 Table of Contents Networked Spaces The Emergence of Global Financial Markets Automation of Trading Floors The Rise of Electronic Trading Consolidation of Financial Markets Summary Spatial Dimensions of Trading Floors Introduction Typologies of Trading Floors Trading Posts Trading Pits Abstract Numbers and Ambient Noise Actors Activities Modes Shaping the Buzz of the Market Transparency Equality Zoning Summary PART C: EMPIRICAL ANALYSIS Specification of the Cases Studies Introduction Selection of Case Studies Research Methods Access to the Financial Industry Interviews Survey Site Visits Additional Sources Overall Structure of Case Studies Summary Trading Rooms of Banks Introduction

6 Knowledge Spaces of Financial Markets 6.1 Organizational Framework: Trading Along the Chinese Wall Functions in the Market Special Resources Challenges Communication Structure: Orchestrating the Space of Flows Actors Activities Modes Spatial Requirements: In Pursuit of the Miesian Box Transparency Flexibility Minimalism Existing Spaces: Football Field, Square Donut, Flowing Bend & Theater Configuration Co-location Contextualization Design Considerations: Trading Rooms as Seismographs Deconstructing the Metaphor of the Seismograph Building Geometry Building Structure Space Planning Technical Infrastructure Summary Trading Rooms of Proprietary Trading Firms Introduction Organizational Framework: A Business without Clients Functions in the Market Special Resources Organizational Challenges Communication Structure: The Sound of Silence Actors Activities Modes Spatial Requirements: Defining the Electronic Pit Transparency Clustering

7 Table of Contents Zoning Existing Spaces: Fish Tanks, Pool Tables & Other Curiosities Configuration Co-location Contextualization Design Considerations: The Trading Room as a Cockpit Deconstructing the Metaphor of the Cockpit Building Geometry Building Structure Space Planning Technical Infrastructure Summary PART D: CONCLUSION Learning from the Financial Industry Introduction Negotiating the Virtual Managing the Time Dimension Adapting to Dynamic Markets Epilogue a. Revisiting Location Factors b. Implications for Practice c. Further Research APPENDIX Photos and Plans Code of Interview Partners Guideline for Interview Questions Overview of Survey Questions Literature Other Sources Archive and Unpublished Documents Photo Credits