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Technology and the Architecture of Markets: Reconfiguring the Canadian Equity Market

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  • Niall Majury

    (School of Geography, Queen's University Belfast, Belfast BT7 1NN, Northern Ireland)

Abstract

This paper examines the relation between technical possibilities, liberal logics, and the concrete reconfiguration of markets. It focuses on the enrolling of innovations in communication and information technologies into the markets traditionally dominated by stock exchanges. With the development of capacities to trade on-screen, the power of incumbent market makers has been challenged as a less stable array of competing quasi-public and private marketplaces emerges. Developing a case study of the Toronto Stock Exchange, I argue that narrative emphasis on the performative power of sociotechnical innovations, the deterritorialisation of financial relations, and the erosion of state capacities needs qualification. A case is made for the importance of developing an understanding of: the spaces of encounter between emerging social technologies and property rights, rules of exchange, and structures of governance; and the interplay of orderings of different institutional composition and spatial reach in the reconfiguration of market architectures. Only then can a better grasp be gained of the evolving dynamics between making markets, the regulatory powers of the state, and their delimitations.

Suggested Citation

  • Niall Majury, 2007. "Technology and the Architecture of Markets: Reconfiguring the Canadian Equity Market," Environment and Planning A, , vol. 39(9), pages 2187-2206, September.
    • Handle: RePEc:sae:envira:v:39:y:2007:i:9:p:2187-2206
    DOI: 10.1068/a38287
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    References listed on IDEAS

    as
    1. Joshua D. Coval & Tobias J. Moskowitz, 1999. "Home Bias at Home: Local Equity Preference in Domestic Portfolios," Journal of Finance, American Finance Association, vol. 54(6), pages 2045-2073, December.
    2. Michael Moran, 1991. "The Politics of the Financial Services Revolution," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37789-9.
    3. Alex Preda, 2004. "Informative Prices, Rational Investors: The Emergence of the Random Walk Hypothesis and the Nineteenth-Century “Science of Financial Investments”," History of Political Economy, Duke University Press, vol. 36(2), pages 351-386, Summer.
    4. Gordon Clark, 1997. "Rogues and Regulation in Global Finance: Maxwell, Leeson and the City of London," Regional Studies, Taylor & Francis Journals, vol. 31(3), pages 221-236.
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